Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Section 17(1)(b) of the Act determines that an approved compliance officer must, inter alia, at all times be competent to act with reference to qualifications and experience requirements contemplated in section 17(1)(b) of the Act. The objective of the exemption is to relieve persons (supervisees) rendering services under supervision of the obligation under section 17(1)(b) as regards the experience and regulatory examination requirements. This implies that a supervisee will, with regard to the experience and regulatory examination requirements, not have to comply with the standards set for the compliance officer at date of first appointment. The registrar is satisfied that the exemption meets the requirements of section 14(4) of the Act, read with section 44(1), (2) and (3) of the Act.