The Fit and Proper Requirements provide for time frames within which a representative must complete the relevant regulatory examinations. These paragraphs must be read with the provisions for the Exemption of Services under Supervision.
The intention of the latter is to allow new entrants, who have not yet completed the regulatory examination, into the industry, to do so while working under supervision.
As discussed in this forum recently, the time frames referred to in the Exemption of Services under Supervision differs from the time frames referred to in the Fit and Proper Requirements. The one indicates a two year period, while the other stipulates that such candidates have until December of the second year after date of first appointment.
The proposed amendment removes the discrepancy and makes it clear that all representatives must at date of first appointment have successfully completed the relevant regulatory examination, unless they are working under supervision in terms of the Exemption of Services under Supervision.
In addition, it is proposed to remove the reference to the second level regulatory examinations in the Exemption of Services under Supervision due to the current non-availability of these examinations. The proposed amendment will allow the supervision restriction to be lifted once such representatives comply with the experience, qualification and level 1 regulatory examination requirements.