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Please click to download:Our contact details: Tel. 021 883 8000, Fax 021 883 8005, e-mail editor pkruger@moonstoneinfo.com To Subscribe please click here Website: www.moonstoneinfo.com
THIS WEEK'S E-MAIL From the Crow's Nest Read More Rates Review Read More Regulatory Exams: Facts and Fiction Read More The second in a series of questions and answers on this new requirement which kicks off next year. Valana: basic principles of investment Read More There is a dire need for consumer education, and in this series we hope to assist you in educating your clients. Moonstone Mirth: Read More Why do men lie? We have published this before, but in solidarity with the suppressed species we do so again - they tend to forget. | ||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Exams Did we mention that the trial examinations are free? If not, please note that it is. We received some further good news concerning the trial exams currently available to interested FSPs. Regrettably, the news is not that it has been cancelled, but that those who assist in the trials will be invited, also for free, to write "Pilot" examinations which, if passed, means that you will receive the RE credit therefore. More details will follow in a special mailing next week, but till then, please click here to download the trial exam application form. Readers in areas where we do not offer trial examinations can also send us their details on the application form and we will invite them to the pilots. You should thank that quiet man in Bloemfontein, Rudi Barnard, for this suggestion. Compliance Officer Opportunities Thank you for the response to last week's request. There are, however, still a number of positions available, so please contact us if you, or someone you know, are interested. Healthy growth in the demand for independent compliance services have lead to a serious shortage of suitably qualified people to service our clients. Essentially one requires the following to be approved as a compliance officer by the FSB:
It is advantageous to have experience in the financial services industry, while IT skill is a decided bonus for a Moonstone CO. Please urgently forward a comprehensive CV to Cobus Gresse at cgresse@moonstonecompliance.co.za Sports Roundup If ever there is a "must score four tries" competition, and selection is based on experience, WP will walk it, except if, of course, you are also supposed to be able to do it under pressure. Great late revival by the Lions. The Bulls are formidable, but can be beaten. It is going to be a cracker, as will the other semi-final between the Sharks and the Cheetahs. Don't start placing your bets on a Bulls/Sharks final just yet. The rugby ball is not round. Geniet die week wat voorlê! Paul Kruger
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Quote of the Week: A lack of money is the root of all evil - George Bernard Shaw. | ||||||||||||||||||||||||||||||||||||||||||||||||
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RATES REVIEW 1.Secured Investment Rates: Please note that (G) indicates a Guaranteed and (L) a Linked product. In order to understand the difference between guaranteed and linked rates, kindly click here for an explanation. R100 000
R1 000 000
2. Money Market Funds
Please bear in mind that our figures, though based on the actual quotations that you also use, are for information purposes only, and can never replace the official quotation from the product house. In terms of the guarantees, you are requested to clarify the exact extent of such guarantees with the product house prior to advising clients. | ||||||||||||||||||||||||||||||||||||||||||||||||
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REGULATORY EXAMS: FACTS AND FICTION Question: I note that your trial examinations make provision for various categories e.g. Key Individuals, representatives etcetera. I am a sole proprietor. Where do I fit in? The sole proprietor fulfills a number of roles - he/she is the Key Individual, the representative and the compliance officer of the business (if an external one was not appointed). Similarly, the Regulatory Examinations have to cater for individuals wearing a variety of hats including category I to IV, and all the other variations in between, all with varying regulatory obligations. It is obvious that there cannot be a one-size-fits-all examination. It does appear as if there will be common areas that all will have to prove their basic knowledge in, with variations depending on one's obligations in terms of your specific status and license conditions. Our advice to sole proprietors wishing to take part in the trial exams is to write the examinations for key individuals which focus more on the supervisory obligations. I have appointed an external, independent compliance officer to assist and advise me on compliance related matters. Why should I have to prove my knowledge of regulatory requirements? There are several reasons why people elect to outsource this obligation, the main ones being time and knowledge related. It is virtually impossible to comply with all the requirements and run a practice at the same level as one did before the advent of FAIS. There is also the need to not only understand the Act and the General Code of Conduct, but to also stay abreast of the constant changes and new requirements. Whilst one can use the services of an outside agency to do this for you, you cannot in similar fashion delegate the accountability for non-compliance. It is therefore then a huge risk assuming that your compliance officer has all the knowledge and insight, thereby relieving you of the responsibility. Conversely, having the basic knowledge allows you to make sure that your "investment" is performing to the level you require and, if not, to shift your investment elsewhere where you can get a better return. The task of a compliance officer is to minimize the risk your business is exposed to, not to add to it. | ||||||||||||||||||||||||||||||||||||||||||||||||
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VALANA: BASIC INVESTMENT PRINCIPLES One of the major challenges facing the industry is consumer ignorance, if I may be so blunt. While the industry makes all the right noises about consumer education, and how much money is set aside for this worthy cause, I see extremely little of this being applied in a practical manner. We were approached by Valana, a company who provides value analysis reports for investors, to assist in making articles available to the public via our platform and reader database. We will publish these articles on a monthly basis, and if you are of the opinion that it can add value to your clients, you are welcome to download and distribute these to them. Please click here to download the article. If you want to find out what Valana offers, please click on the banner above to visit their website. | ||||||||||||||||||||||||||||||||||||||||||||||||
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One
day, while a woodcutter was cutting a branch of a tree above a river, his
axe fell into the river. When he cried out, the Lord appeared and asked,
"Why are you crying?" The woodcutter replied that his axe has fallen into
water, and he needed the axe to make his living. The Lord went down in the water and reappeared with a golden axe. "Is this your axe?" the Lord asked. The woodcutter replied, "No." The Lord again went down and came up with a silver axe. "Is this your axe?" the Lord asked. Again, the woodcutter replied, "No." The Lord went down again and came up with an iron axe. "Is this your axe?" the Lord asked. "Yes", he replied. The Lord was pleased with the man's honesty and gave him all three axes to keep, and the woodcutter went home happy. Some time later the woodcutter was walking with his wife along the riverbank, and his wife fell into the river. When he cried out, the Lord again appeared and asked him, "Why are you crying?" "Oh Lord, my wife has fallen into the water!" The Lord went down into the water and came up with Angelina Jolie. "Is this your wife?" the Lord asked. "Yes," cried the woodcutter. The Lord was furious. "You lied! That is an untruth!" The woodcutter fell to his knees and cried, "Oh, forgive me, Lord. It is a misunderstanding. You see, if I had said 'no' to Angelina Jolie, You would have come up with Catherine Zeta-Jones. Then if I also said 'no' to her, you would have come up with my wife. Had I then said 'yes,' you would have given me all three. Lord, I am a poor man, and am not able to take care of all three wives, and I love my wife such that I don't want her to share me with anyone, so THAT'S why I said yes to Angelina Jolie." The moral of this story is: Whenever a man lies, it is for a good and honorable reason, and for the benefit of others... MOSTLY his wife! That's our story, and we're sticking to it!
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