Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)DeterminationsAmendment of the Determination of Fit and Proper Requirements, 2020Chapter 3 : Competence RequirementsPart 3 : Minimum qualifications24. Recognition of qualifications |
| (1) | The Registrar, on application or on own initiative and subject to subsection (2), may recognise a qualification as appropriate for— |
| (a) | each of the categories of FSPs; |
| (b) | representatives of in each of the categories of FSPs; |
| (c) | key individuals in each of the categories of FSPs; or |
| (d) | different types of financial services and financial products. |
| (2) | The following criteria must be considered by the Registrar in assessing the appropriateness of a qualification: |
| (a) | it must provide a person with the relevant, abilities, knowledge and skills based on an appropriate curriculum framework containing a body of knowledge and learning outcomes that is necessary for the person to discharge his or her responsibilities under the Act; |
| (b) | the curriculum, body of knowledge and learning outcomes referred to in (a) must be quantitatively and qualitatively relevant to the role of and functions to be performed by the person under the Act; |
| (c) | in the case of a non-unit standards based qualification— |
| (i) | it must contain at least three modules/subjects that appear in the Appropriate Subject List in Table 1 in Annexure Two; |
| (ii) | where the qualification is at Certificate or Diploma level and it provides for major subjects, at least one of the subjects referred to in subparagraph (i) must be a major subject at final year level; and |
| (iii) | where the qualification is at Degree level, at least one of the subjects referred to in subparagraph (i) must be a major subject at final year level; |
| (d) | in the case of a unit standards based qualification, the core and elective unit standards must relate to at least three modules/subjects that appear in the Appropriate Subject List in Table 1 in Annexure Two; and |
| (e) | for purposes of a Category II, IIA or III FSP and a key individual, or representative of such FSP, the qualification must be at degree level. |
| (3) | An application for recognition of a qualification must be submitted in the form and manner determined by the Registrar. |