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Elements and Performance Criteria

1. Identify and apply organisational requirements of legal principles and regulatory obligations
   • Source and access documents for legislation, regulations and policies relevant to provision of financial products and services
   • Interpret and analyse legal principles and organisational implications relating to provision of financial products and services
   • Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements
   • Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy
   • Comply with role authorities and restrictions as identified in position profiles
   • Implement internal monitoring/audit program according to organisational and role requirements
   • Establish mechanisms to ensure maintenance and currency of regulatory literature
2. Identify changes and implications of laws, regulations, rules and circulars
   • Access changed legislation, regulations and policies in a timely manner
   • Identify and communicate changes to regulatory requirements in line with organisational policy
   • Review operational procedures to reflect changes to regulation and legislation
   • Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements
3. Comply with any relevant industry or professional codes
   • Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements
   • Interpret key principles and responsibilities in accordance with industry codes of practice
   • Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons
   • Understand and implement impact of codes of practice on work practices
   • Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour
4. Maintain statutory records
   • Maintain copies of relevant records
   • Keep copies of any relevant agreements on file
   • Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available