Compliance Monitoring Systems presents the Guide to the 2007 Compliance Report
04 October 2007 | Compliance - Regulatory | General
Internal Compliance Officers and Financial Service Providers who are responsible for their own compliance are, once again, faced with the task of completing the annual Compliance Report. If your business has a February year end, then you have until the end of October to file the Report.The questions in the Report are not user-friendly. Most questions simply ask whether there has been compliance with this or that section of the FAIS Act or the Code of Conduct or with some or other Board Notice or Exemption.
No detail is given in the question which means that you need a copy of all the relevant legislation open and next to you while answering the various questions. To make matters more difficult, some questions ask if there has been compliance with a section of the Code of Conduct; then when you look up that section of the Code, you will find further references to sections of the Act or the Regulations.
The answer to the question itself is often quite simple and straightforward but getting to the point of being able to answer is anything but simple and straightforward. Putting the whole picture together can be a very time-consuming and frustrating undertaking.
Our Guide to the 2007 Compliance Report has been written with the sole purpose of taking the uncertainty and hassle out of answering the questions in the Report.
Whats in the Guide?
Everything you need is at your fingertips. Every question is explained and the explanation contains all the details you will need to answer that question. And you don't have to be a lawyer or accountant to understand the language we use either.
If the question asks about compliance with a particular section of the Act, that section is quoted in full in the explanation to the question. If the question asks about compliance with any particular Board Notice, that Board Notice or the part of it that is relevant to the question - is given in full. And every question that refers to sections of the Act where non-compliance is an offence carries a warning to this effect.
You will not need to consult any other reference.
There are three separate Guides this year:
*A Guide for all Compliance Officers (Schedule A)
*A Guide for Compliance Officers of Administrative, Discretionary and Forex Providers (Schedule A)
*A Guide for Providers who have no Compliance Officer - including Discretionary and Forex Providers (Schedule B)
The Guide you need is available on our website at www.cmsys.co.za where it can be downloaded in Adobe PDF format for only R399 (including VAT).
