| (1) | Subject to subsection (2) and (3), the competence requirements relating to class of business and product specific training contained in this Part apply to all FSPs, key individuals and representatives. |
| (2) | The competence requirements relating to class of business training contained in this Part do not apply to— |
| (a) | a Category I FSP, its key individuals and representatives that are authorised, approved or appointed only to render financial services or manage or oversee financial services in respect of the financial products: Long-term Insurance subcategory A and/or Friendly Society Benefits; and |
| (b) | a representative of a Category I FSP that is appointed to only— |
| (i) | perform the execution of sales in respect of a Tier 1 financial product provided that the requirements in section 22(b)(ii) are complied with; and/or |
| (ii) | render financial services in respect of a Tier 2 financial product. |
| (3) | The competency requirements relating to product specific training contained in this Part do not apply to— |
| (a) | a Category II, Category IIA or a Category III FSP or its representatives; and |
| (b) | key individuals of all categories of FSPs, |
provided they comply with section 12.
| (4) | The competency requirements relating to class of business training apply to key individuals only in respect of the classes of business for which they are approved to act as key individuals or in respect of which approval is sought. |
