FAIS Regulatory Exam Roundup
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2012
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09
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In July last year, the FSB published a number of important announcements concerning the regulatory examinations (REs). To date, only two issues raised have been formally validated by means of the publication of a Board Notice: the extension of the final date for writing the Level 1 REs, and an exemption concerning the conflict of interest issues in so far as the provision of training is concerned.
To the best of my knowledge, no further news was received on issues such as the cost of rewriting, Afrikaans REs, and the pass rate. The latter could have other consequences on which we choose not to speculate.
The extension of the final date for the Level 1 REs obviously impacted on the Level 2 REs. This was explained as follows in FAIS Circular 7:
AVAILABILITY AND DEADLINE OF THE LEVEL 2 REGULATORY EXAMINATIONS
The FSB has decided, given the impact of the level 1 regulatory examination on industry, to
postpone the roll-out of the level 2 regulatory examinations. This will enable industry to focus their efforts on the level 1 regulatory examination. The effect of the postponement will impact on the deadlines for the level 2 regulatory examinations. The FSB will monitor the process closely and will communicate the roll-out details and deadlines for the level 2 regulatory examinations once a decision has been reached in this regard.
We summarise below the final article on the REs published in the Moonstone Monitor last year on what readers should consider, given the relatively short time span left.
Extent of exemption and condition
2. (1 ) A provider is exempted from section 10 of the Determination of Fit and Proper Requirements to the extent reference is made to the first level regulatory examination provided that the provider successfully complete the first level regulatory examination by-
(a) 30 June 2012; or
(b) 30 September 2012, subject to the provision that the provider must, on or before 30 June 2012, have had written written the first level regulatory examination and have failed to successfully complete it.
In plain English it means that you have to write all the applicable exams (key individual and/or representative) and pass before 30 June 2012. If you fail, you may write again after this date, but you then only have until 30 September to pass.
In your planning, please take into account that you need to register three weeks before the date on which you wish to write. In the hopefully unlikely event of you failing, there will be at least another three weeks before you can write again, provided there is space.
We foresee huge bottlenecks towards the end of the extension period.
It will not only be the first time candidates who will want to write in this period as most of those who failed will also want to re-write before the cut-off date.
There is no doubt that the pressure will mount as the deadline nears. The smart thing to do is to prepare to write as early as possible, and to register accordingly.
At this stage, your fate is still in your own hands, but as the “Korporaal” in the army said: “Time is few.”
Source: Paul Kruger: Moonstone Information Refinery (Pty) Ltd
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