Update of Regulatory Examinations
The FSB has released a circular (FAIS INFORMATION CIRCULAR 1/2018) to provide information and clarity in respect of the version update of the regulatory examinations insofar as the following two examinations are concerned:
RE1: Regulatory Examination: FSPs and Key Individuals in all categories of FSPs
RE5: Regulatory Examination: Representatives in all categories of FSPs
Only the two examinations listed above will be affected and will be updated.
The Determination of Fit and Proper Requirements for Financial Services Providers, 2017, was published in Government Gazette No 41321 on 15 December 2017 (Board Notice 194 of 2017).
These requirements will come into effect on 1 April 2018.
As a result the questions contained in the RE1 and RE5 must be aligned with the amended requirements. It is important to take note of the time lines that will be applied to transition from the old version of the regulatory examination to the updated version.
Current Version of RE1 and RE5
Persons already registered to write the regulatory examination BEFORE or on 29 March 2018, will still write the current version of the regulatory examination (without the updated questions included). The last date for registration of the examinations taking place on 29 March 2018 is close of business on 13 March 2018.
Updated Version of the RE1 and RE5
Persons who registered to write the regulatory examination ON or AFTER Tuesday, 03 April 2018 are obliged to write the new version of the regulatory examination, which will contain the updated questions.
It is important to take note of the time lines involved for registration, as well as amendments to the exam dates. The standard cancellation policy will apply to all registrations for the regulatory examinations. Candidates who wish to re-schedule their examinations should take careful cognisance of the FSB’s cancellation policy.
Click on the image below for the full FSB Media release.