Secondary

what-u-need-to-know

Compliance Officer RE Obligations

We requested clarity from the FSB on the interpretation of the various publications on this matter. Two of my colleagues at Moonstone Compliance then very kindly drew up the table below which certainly contributes greatly to understanding of what is required by whom, and when….

 

Compliance Officer

 

Approved before 1 September 2016 Approved on or after 1 September 2016
Must pass RE exams by 31 August 2017.

 

Must have passed the RE exams before approval, unless working under supervision.
 

Compliance Officer (under supervision)

 

Approved prior to

31 August 2013

Working under supervision on 1 September 2016 and approved between 1 September 2013 and

31 August 2015

Working under supervision on 1 September 2016 and approved between 1 September 2015 and

31 August 2016

Approved on or after

1 September 2016

 

Should already have completed the maximum period under supervision (3 years). Must pass the RE exams by

31 August 2017.

Must pass the RE exams by

31 August 2017.

 

24 months from the date of approval to complete RE exams.

 

Regulatory Exams (RE) applicable

REs are dependent on the category for which the particular FSP is authorised to render.

Example 1
I am a compliance officer for a Cat I FSP, which exam should I write? RE1.

Example 2
I am a compliance officer for a Cat I, II and IIA FSP, which exam should I write? RE1 and RE3.

Example 3
I am a compliance officer for a Cat III FSP, which exam should I write? RE1 and RE4. 

Example 4
I am a compliance officer for a Cat IV FSP, which exam should I write? RE1.

,

Comments are closed.