1. DISCLAIMER
The material in this PREPARATION GUIDE FOR REGULATORY EXAMINATIONS (RE 1 AND RE 5) and APPENDIX A is made
available for the purpose of providing preparation guidelines and not as professional or educational advice.
The availability of this material is not an endorsement by the FSCA of the material and not an indication of the FSCA’s
commitment to any particular course of action.
Where sections of the Acts, The General Code of Conduct, Board Notices, etc. are referred to they are given merely as a
guideline for candidates preparing for the RE1 and RE5.
The FSCA accepts no responsibility for material contained in this preparation guideline.
2. BACKGROUND TO THE REGULATORY EXAMS
The amended fit and proper requirements announced in 2008 and reviewed in 2017 have introduced the financial services
industry to a new concept – “REGULATORY EXAMINATIONS”. These examinations were introduced together with stricter
minimum formal qualifications in order to better serve clients’ needs across the financial services industry in South Africa.
The regulatory exams are being developed and delivered under the direction and management of the FSCA. Four
examination bodies were appointed to assist with the development of the regulatory exam questions and the delivery on
a national basis. Currently there is one examination body:
Moonstone www.moonstone.co.za
Moonstone - Registration: https://www.faisexam.co.za
3. FORMAT OF THE REGULATORY EXAMS
3.1 Type of examination
The regulatory examinations will be multiple choice questions based on specified
qualifying criteria. Exams are closed book and no material will be allowed in the
examination room.
There will be no limit on the number of attempts made in order to achieve
competence. There will be one national version of any regulatory examination for
any category or subcategory.
There is only one right answer to each question, so please read the questions and answers carefully. There is no negative
marking; an answer is either right, or wrong.
Examinations will be done in paper format as indicated on their registration page.
The regulatory examinations aim to test the application of factual knowledge in relation to the relevant legal provision as
contained in the legislation, subordinate legislation and codes of conduct.
3.2 Qualifying criteria
The qualifying criteria provide the basis of knowledge and skills against which the regulatory examinations are set. The
qualifying criteria were developed in a process of consultation between the FSB (now FSCA) and industry representatives,
spanning from 2006 to 2008.