Wikiprocedure

South Africa - Apply for Approval as Compliance Officer

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ProcedureEdit

Apply In-Person:

  1. To Apply for Approval as Compliance Officer, the applicant must go to the Financial Sector Conduct Authority’s (FSCA) office in South Africa. Contact Link
  2. There are 2 application forms for the Approval as Compliance Officer, namely, Phase -1 Approval and Phase 2 Approval.
  3. The application form must be obtained from the authorities at the FSCA office, or else it can also be downloaded from the official website linked here.
  4. The applicant must have the Phase 1 Approval as a Compliance Officer from the FSCA board to apply for the Phase 2 Approval as a Compliance Officer.
  5. Make sure that you have all the documents that are mentioned in the “Required Documents” section of this page.
  6. The application form must be filled with all the necessary details, and along with the required documents it must be submitted to the Registrar at the FSCA office.
  7. After that the application will be verified by the registrar for the eligibility requirements.
  8. If the details and the documents submitted by the applicant is valid and legitimate, and then the Compliance Officer Approval will be given by the Registrar of FSCA department.
  9. After the approval, the applicant will be issued with the approval number.
  10. The approval information and number will be communicated to the Email Address given by the applicant. (If the mail communication fails, the FSCA will send the approval confirmation via Postal address given by the applicant)
  11. The fee details depend upon the type of application submitted; therefore, the applicant will be intimated while applying at the FSCA office.
  12. The processing time to get the approval as a Compliance officer will be intimated to the applicant after applying.



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Required DocumentsEdit

  • Application Form (s).
  • Confirmation from the supervisor that he/she has the required operational ability to supervise the rendering of compliance services by the applicant.
  • A copy of the supervision agreement.
  • A copy of the identification document of the applicant (if he/she is a South African citizen) or passport (if he/she is not a South African Citizen).
  • Phase – 1 approval confirmation document. (If the applicant is applying for Phase – 2 approval application)



Office Locations & ContactsEdit

FINANCE SECTOR CONDUCT AUTHORITY (FSCA)
Contact Centre: 0800 20 37 22
Switchboard: +27 12 428 8000
Fascimile: +27 12 346 6941
Media Queries: +27 12 422 2823
Postal Address: P.O. Box 35655, Menlo Park, 0102
Media Queries: [email protected]
Information Centre: [email protected]
Anonymous Fraud & Ethics email: [email protected]
For Technical queries: [email protected]
Liaison between regulators: [email protected]
Address & Contact Link
Location Link

EligibilityEdit

  • The applicant applying for Phase I approval, the eligibility criteria are as follows:
    • They should hold a qualification on the list of recognised compliance qualifications.
    • They should have passed the regulatory examination.
    • They should have at least three years' experience in performing a compliance or risk management function.
    • They should comply with the same requirements determined by the registrar under the Act in respect of personal character qualities of honesty and integrity.
    • They should have at least one year's experience in performing a compliance or risk management function in respect of the specific category of providers the applicant seeks to obtain approval to render compliance services.
    • They should not be an unrehabilitated insolvent, have entered into a compromise with creditors, or have been provisionally sequestrated or liquidated.
    • They should have adequate access to communication facilities, including at least a telephone or cell phone service and typing and document duplication facilities.
  • A person applying for approval as an external compliance officer, the eligibility criteria are as follows:
    • They should have a fixed business address.
    • They should maintain the operational ability to render compliance services efficiently, including - adequate storage and filing systems for the safe-keeping of records, business communications and correspondence.
    • They should control structures, processes and procedures with reference to:
      • Segregation of duties where such segregation is appropriate from an Operational risk mitigation perspective.
      • Control of access to the premises.
      • Access rights and data security on electronic data.
      • Physical security of the compliance officer's records.
      • Business policies and controls.
      • System application testing.
      • Disaster recovery and backup procedures on electronic data.
    • They should have a business continuity plan.
    • Individuals must comply with the same requirements determined by the registrar under the act in respect of personal character qualities of honesty and integrity.
    • They should not be an unrehabilitated insolvent.
    • They should have entered into a compromise with creditors or have been provisionally sequestrated or liquidated.
  • The applicant applying for Phase 2 approval must have Phase -1 approval confirmation document from FSCA.



FeesEdit

  • The fee details depend upon the type of application submitted; therefore, the applicant will be intimated while applying at the FSCA office.



ValidityEdit

  • The validity period of the compliance approval will be intimated to the applicant in the approval confirmation.



Documents to UseEdit



Sample DocumentsEdit

Please attach sample completed documents that would help other people.



Processing TimeEdit

  • The processing time to get the approval as a Compliance officer will be intimated to the applicant after applying.



Related VideosEdit

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.



InstructionsEdit

Please provide other instructions related to the certificate/documents.
e.g., The state office holds birth records since January 1908.


Required InformationEdit

APPLICATION FOR APPROVAL AS COMPLIANCE OFFICER PHASE 1 APPROVAL

  • Applicant Name
  • Type of applicant
  • Internal or external compliance officer
  • Category of FSPs in respect of which compliance services will be rendered
  • Personal information
  • Compliance practice
  • Contact details of applicant
  • Honesty and integrity
  • General Disclosure Question
  • Qualifications
  • Experience
  • Regulatory Examinations
  • Services under supervision
  • General requirements
  • Additional requirements applicable to external compliance officers
  • Consent
  • Name of the applicant
  • Signature
  • Date


COMPLIANCE OFFICER FOR FSP – PHASE 2 APPROVAL

  • FSP Number
  • Applicant Name
  • Compliance officer requirement
  • Internal / External compliance officer
  • Rendering of compliance services under supervision
  • Additional information relating to independence, competency and operational ability
  • Declaration by compliance officer
  • Name of Compliance officer
  • Signature of Compliance officer
  • Date



Need for the DocumentEdit

  • In order to supervise and handle issues related to compliance with laws or regulations in a company, and to keep up to date with the company’s license requirements, there must be an approved compliance officer. Any individual who needs to officially works as a Compliance Officer in a company must get approval from the registrar of the FSCA department.



Information which might helpEdit

Enter other information which might help.


Other uses of the Document/CertificateEdit

Please explain what are other uses of obtaining this document/certificate.
E.g., Birth Certificate can be used as proof of identity.


External LinksEdit

External Link

OthersEdit

More information which might help people.



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