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Developments @ SAIFM
By Karin van Wyk
CEO, SAIFM

October 2012

he regulatory examinations introduced by the Financial Services Board under the FAIS Act have been a source of considerable anxiety to financial market advisers and intermediaries practicing under the FSB’s regulatory jurisdiction. The Regulatory exams Level 1 (dealing with legislation) are nearly complete and the spectre of the Regulatory exams Level 2 (dealing with product specific exams) is looming on the horizon.

Registered Person Exam holders are understandably concerned that they may have to do the Level 2 examinations even though they are already qualified by having successfully completed the RPE. These concerns may now be laid to rest as it will be possible to apply for exemption from these exams to the FSB. The RPE has been granted SP-status by the FSB which means that the RPE will be accepted as a qualification that provides exemption from the RE level 2 examinations of the FSB. SP-status is awarded when 100% coverage of the criteria determined by the FSB is achieved in a qualification. The RPE also enjoys S-status with regard to practitioners appointed during the transition period ending December 2009. S-status is similar to SP-status except that only 80% coverage of the FSB-criteria was required.

SAIFM offers two new examinations:

  • STRATE Money Market Settlement Officer: live 31 July 2012
  • JSE Bonds Settlement Officer Exam for the Fixed Interest Rate and Currency market: live 14 August 2012

Various developments with regard to our current examinations have taken place:

  • Money Market Exam: New learning material and exam went live on 3 September 2012.
  • JSE Registered Securities Trader Exam: The new JSE Registered Securities Trader Exam went live on 23 July 2012.

The next edition of this magazine will be published in April/May 2013. Contributions are welcome. If you are interested, please forward your topic with a brief outline by 23 February 2013 for consideration by our editorial committee.

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