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Key Individual Role of the Key Individual in terms of the FAIS Act

Which regulatory examination must a key individual pass that a representative-only role does not require?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

  1. a) The same RE5 and nothing further, identical to a representative.
  2. b) The key individual regulatory examination (RE1), covering management and oversight obligations.Correct
  3. c) No examination at all, since key individuals are exempt.
  4. d) A separate examination set only by the product supplier.

Why this is the answer

Key individuals must pass the RE1 examination, which covers the management and oversight responsibilities of a KI, in addition to meeting the broader fit-and-proper standards. Representatives write RE5.

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