18 Questions
Why is it crucial for a compliance officer to be free from conflicts of interest?
To ensure accurate reporting of non-compliance and irregularities
In which section of the FAIS Act are the definitions provided?
Section 1
Which activity will a compliance officer struggle to perform if a conflict of interest exists?
Identifying instances of non-compliance
What is the definition of 'direct marketing' as provided in the General Code extracts?
Rendering financial services through various channels excluding advertisements
Which activity does the FAIS Act primarily focus on in Section 14?
Defining key terms in the legislation
Why does the FAIS Act exclude publication of an advertisement from its definition of 'direct marketing'?
To differentiate between marketing channels and promotional activities
What is a key responsibility of a Financial Service Provider according to the text?
Monitoring changes in legislation and ensuring adherence to it
Who is responsible for ensuring compliance within the Financial Service Provider?
The key individual
Which role-player provides the Financial Product to the Financial Services Provider?
The Product Supplier
What is the primary duty of a Financial Services Provider regarding technological systems?
Ensuring the systems eliminate risks to clients and other role-players
What is the key function of a Compliance Officer within a Financial Service Provider?
Driving compliance and ensuring adherence to all applicable legislation
What is the main obligation of a Financial Service Provider toward their representatives?
Mandating them to provide financial services to clients
What is the primary responsibility of the FSP and key individuals regarding the compliance officer?
Ensuring the compliance officer has adequate resources to meet FAIS Act requirements
Which of the following is a requirement for the compliance officer according to the general code?
Establishing specific control measures as part of the risk management framework
What is one of the duties of the compliance officer regarding reporting to the FSCA?
Providing written reports on compliance monitoring duties and recommendations
What must the compliance officer do regarding non-compliance incidents?
Keep records of all non-compliance incidents and reasons for non-compliance
What is required of the compliance function according to the legislation?
It must be exercised with diligence, care, and a reasonable degree of competency
Under what condition can the FSP outsource the compliance function?
The outsourced compliance practice must have adequate staff, resources, and skills, and be approved by the Commissioner
Test your knowledge on the functions of a compliance officer such as monitoring, supervising, and reporting, and how conflicts of interest can affect their objectivity. Understand the importance of being able to identify and report instances of non-compliance and irregularities. This quiz is relevant for Regulatory Exam preparation.
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