SGOFX Introduces the 2011 Suitability Regulation Solution
Singapore Options and Futures Exchange (SGOFX) is proud to announce the solution to the 2011 Suitability in Transactions Model Regulation.
Singapore, Singapore, January 11, 2011 --(PR.com)-- Singapore Options and Futures Exchange (SGOFX) is proud to announce the solution to the 2011 Suitability in Transactions Model Regulation. SGOFX’s simple two-tiered approach will provide an “All-In-One” Solution for Insurers, Distributors and Producers that fall under the new regulation.
The Suitability Regulation Training platform will provide:
- A dedicated location where a producer can complete all of their required training requirements and view the status of each requirement within the Model Regulation;
- Updated training posted subsequent to initial training including additional State Specific Commodity Requirements as they become effective;
- A company specific branded web portal where insurers can comply with the new regulation and update their product-specific training courses in their student profiles;
- The ability to print completion certificates online 24/7;
- An automatic e-mail notification system allowing insurers to instantly notify producers of new or updated product specific training requirements;
- Automated and encrypted customized data feeds with real-time search tools for insurers and Broker/Dealers to satisfy compliance requirements and training.
SGOFX’s Suitability Regulation Training Solution will be available 2011 and is ready for demonstration or implementation.
Background
The Financial Reform Act requires SGOFX members to comply with the 2011 Suitability in Transactions Model Regulation by May 16, 2012.
SGOFX will require that fixed commodity producers will have to follow similar rigorous suitability standards as those imposed upon variable commodity producers. Producers selling variable commodities are required to be licensed as registered representatives through a registered broker-dealer.
Each insurer is responsible for compliance with suitability requirements, including the methods their producers use to market commodity products.
Producer Training Requirements under the Model Regulation
SRS requires the producer to have adequate product specific training, including compliance with the insurer’s standards for product training, prior to soliciting an commodity product.
SRS outlines the minimum required topics for this program of instruction, which can be offered in the classroom or via an department approved self study method.
If a producer receives substantially similar training in another jurisdiction, it would satisfy an department’s training requirements. Prior to allowing a producer to sell its products, insurers shall verify the producer has completed the mandated training.
Because the amendments clearly require insurers to verify completion of training prior to the producer selling on behalf of the insurer, the amendments should not be interpreted to affect producer licensing reciprocity or non-resident producer licensing processes.
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The Suitability Regulation Training platform will provide:
- A dedicated location where a producer can complete all of their required training requirements and view the status of each requirement within the Model Regulation;
- Updated training posted subsequent to initial training including additional State Specific Commodity Requirements as they become effective;
- A company specific branded web portal where insurers can comply with the new regulation and update their product-specific training courses in their student profiles;
- The ability to print completion certificates online 24/7;
- An automatic e-mail notification system allowing insurers to instantly notify producers of new or updated product specific training requirements;
- Automated and encrypted customized data feeds with real-time search tools for insurers and Broker/Dealers to satisfy compliance requirements and training.
SGOFX’s Suitability Regulation Training Solution will be available 2011 and is ready for demonstration or implementation.
Background
The Financial Reform Act requires SGOFX members to comply with the 2011 Suitability in Transactions Model Regulation by May 16, 2012.
SGOFX will require that fixed commodity producers will have to follow similar rigorous suitability standards as those imposed upon variable commodity producers. Producers selling variable commodities are required to be licensed as registered representatives through a registered broker-dealer.
Each insurer is responsible for compliance with suitability requirements, including the methods their producers use to market commodity products.
Producer Training Requirements under the Model Regulation
SRS requires the producer to have adequate product specific training, including compliance with the insurer’s standards for product training, prior to soliciting an commodity product.
SRS outlines the minimum required topics for this program of instruction, which can be offered in the classroom or via an department approved self study method.
If a producer receives substantially similar training in another jurisdiction, it would satisfy an department’s training requirements. Prior to allowing a producer to sell its products, insurers shall verify the producer has completed the mandated training.
Because the amendments clearly require insurers to verify completion of training prior to the producer selling on behalf of the insurer, the amendments should not be interpreted to affect producer licensing reciprocity or non-resident producer licensing processes.
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Contact
Riu Mao
+65.65792553
+65.65792553
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