A reader questioned the requirements in terms of the regulatory exams for new appointees as key individuals (KI) or discretionary fund managers.
Those who want to apply for appointment as Category II or IIA licence holder needs to provide proof of having passed the relevant RE 3, in addition to the RE 1 and RE5, if acting as a representative.
If you want to appoint a new KI, the same applies.
The deciding factor is your Date of First Appointment (DOFA) as discretionary fund manager or key individual. It appears that there was some leniency during the extension period which ended on 31 March 2013.
I just heard about a Category II application which was declined due to the fact that the applicant had not passed the RE 3.