New CO Fit & Proper Proposals

We reported on the 18th of April of two new draft Board Notices which aim to clarify the regulatory exam requirements for compliance officers and COs under supervision.

A compliance officer must successfully complete the first level regulatory examination applicable to the Category of FSP in respect of which he or she renders compliance services.

In practice, this means that a CO of a

  • Cat I or IV FSP must complete the RE 1
  • a Cat II or IIA FSP must complete RE 1 and RE 3 and
  • a Cat III FSP must complete RE 1 and RE 4.

Approved compliance officers will have six months after commencement of the proposed amendments to successfully complete the applicable regulatory examinations.

From enquiries received it is evident that a number of readers experienced problems finding the documents on the Regulator’s website. A number of people also wanted to know the date from which the requirements will become effective.

The following information is taken from the actual invitation to comment:

  • Interested parties are invited to submit written submissions on the proposed amendments to by 15 May 2016.
  • All information (including name and address details) contained in submissions will be made available to the public on the FSB’s official web site.
  • Submissions should include the name of the organization or individual as well as contact details.
  • Submission should be in MS Word format. An additional PDF version may also be submitted.

Naturally, the commencement date can only be established once the formal Board Notices are published.

Those people affected may want to consider writing now, knowing that the requirement is inevitable, and before legislative changes necessitate amendments to the regulatory exams and preparation material.

Full details of regulatory exam dates and venues are contained in the article directly below this one.

Please click here to download the document containing both draft Board Notices

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