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

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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