The Financial Sector Conduct Authority (the Authority) published the Exemption of Certain Representatives from Class of Business Training Requirements, 2018 (the Exemption) on 6 August 2018.
In terms of Section 29 of the Determination of Fit and Proper Requirements for Financial Services Providers, representatives must, prior to rendering any financial services, complete class of business training relevant to the financial products for which they are appointed. This requirement came into effect on 1 August 2018.
In terms of the Exemption, a representative who has a date of first appointment of 1 August 2018 or thereafter, or a specific representative (as defined therein) who is appointed for a Tier 1 product for the first time on or after 1 August 2018, has until 31 January 2019 to comply with class of business training requirements.
The purpose of the Exemption is to allow representatives appointed on or after 1 August 2018 to continue to render financial services under supervision whilst completing the relevant class of business training, pending the finalisation and publication of the Draft Services under Supervision Exemption.
To read the full Exemption, click here.