RE5 Applications

There’s a certificate called RE5.
The certificate is in high demand in South Africa. You don’t need tertiary education or commercial subjects to obtain it, anyone can do it.

The FSCA has again extended the exemption on the prescribed visits to FSPs’ business premises by compliance officers.

FAIS Notice 119 of 2017 exempted, until the end of December 2019, compliance officers from the minimum intervals for visits and reports prescribed in section 4(4) of Board Notice 127 of 2010, “Qualifications, experience, and criteria for approval as compliance officer”.

The exemption was extended for another two years, and in 2021, it was extended to the end of December last year.

In terms of FAIS Notice 85 of 2023, published on 18 December, the exemption will now remain in place until 30 June 2026.

The exemption remains subject to a compliance officer’s adhering to the conditions set out in section 2 of Notice 119 of 2017.

The conditions include:

• A compliance officer must conduct “sufficient” visits to an FSP’s business premises. The frequency and number of visits must be determined by considering:
• the nature, scale, and complexity of the business,
• the nature and range of financial services, activities, and ancillary services offered;
• the FSP’s compliance risks considering the nature and range of financial services, activities, and ancillary services offered, the financial products offered, and the market in which the FSP operates;
• the availability and adequacy of off-site monitoring tools; and
• off-site access to the FSP’s business data.
• A compliance officer must implement a monitoring programme that covers all areas of the provider’s financial services, activities, and relevant ancillary services, to ensure that compliance risks, and changes to those risks, are comprehensively monitored.
• The CO must review the monitoring programme regularly, as well as on an ad-hoc basis when necessary, to ensure that emerging risks are taken into consideration.
• The CO must “regularly” report to the provider on at least the following:
• the adequacy and effectiveness of the overall control environment for financial services and activities;
• the risks and deficiencies that have been identified; and
• the remedies undertaken or to be undertaken.
• The CO must inform the FSP that the exemption notice applies to the service he or she provides.

Applications

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A CO who fails to adhere to any of the conditions will lose the exemption.