In terms of the Exemption, a supervisee who does not meet the required experience and regulatory examination requirements on approval, may render compliance services under supervision whilst obtaining the required experience and regulatory examination. The maximum period a person may render services under supervision is three years.
The Exemption is amended to provide that a compliance officer who works under supervision must, within two years of date of approval, successfully complete the applicable regulatory examination. The proposed amendment is to ensure alignment with a similar exemption granted to representatives when rendering services under supervision.
Our interpretation of this is that it means that the supervisee compliance officer must successfully complete the applicable regulatory examination by 30 June after the expiry of 24 months from the date of approval.