NEWS:

FAIS ACT: UPDATE OF REGULATORY EXAMINATIONS
02/15/2018

FAIS Information Circular 1/2018 was recently published to provide clarity in respect of the version update of the RE 1 Regulatory Examination (FSPs and Key Individuals in all categories of FSPs) and the RE 5 Regulatory Examination (Representatives in all categories of FSPs).

Only the two examinations listed above will be affected and will be updated.

The updated Fit and Proper Requirements were published in December 2017 in Board Notice 194 of 2017 (BN 194). These requirements will come into effect on 1 April 2018. As a result, the questions contained in the RE 1 and RE 5 will be aligned with the amended requirements.

Persons already registered to write the regulatory examination BEFORE or on 29 March 2018, will still write the current version of the regulatory examination (without the updated questions included).

The last date for registration of the examinations taking place on 29 March 2018 is close of business on 13 March 2018.

Persons who registered to write the regulatory examination ON or AFTER 3 April 2018 are obliged to write the new version of the regulatory examination, which will contain the updated questions.

Please refer to Annexure Five in BN 194 (by clicking on the link above) for the amended qualifying criteria – the examination questions will be aligned with these criteria.  Persons who write the level 1 regulatory examination on or after 3 April 2018, must ensure that they use updated preparation material that is aligned with the qualifying criteria in Annexure Five of BN 194.

Please take note of the time lines involved for registration, as well as amendments to the exam dates and refer to FAIS Information Circular 1 for the dates that will apply where amendments to registrations are made.

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