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FSB Proposes Amendments to 3 Board Notices

In a notice published last week, the FSB requests input from the industry on proposed amendments to three Board Notices:

  • The 2008 Determination of Fit and Proper Requirements
  • The 2008 Determination of Qualifications and Qualifying Criteria and
  • The Exemption of Services under Supervision

Comments on the proposed amendments must be submitted on or before 6 September 2013 to

Purpose of proposed amendments

The proposed amendments to the Fit and Proper Requirements and the Qualifying Criteria are to provide for:

  1. A new category of FSP;
  2. A new definition of “administration of assistance policies”;
  3. A new definition of “continuous professional development”;
  4. Clarity on the date by which new entrants have to complete the relevant REs.
  5. New subcategories of financial products; and
  6. Qualifying criteria for such new subcategories of financial products.

The amendments to the Exemption of Services under Supervision and Qualifying Criteria aim to address anomalies which arose from the indefinite postponement of the level 2 regulatory exams.

We will discuss all of these proposals in more detail in today’s and in following newsletters.

Click here to download the FSB draft proposal document.

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