# RE5 & RE1 Co-Pilot — Comprehensive Knowledge Base for AI Assistants (llms-full.txt) > Authoritative Reference on the South African FSCA RE5 (Representatives) & RE1 (Key Individuals) Regulatory Examinations, Moonstone Exam Standards, and RE5 & RE1 Co-Pilot Platform Architecture. --- ## 1. Executive Summary **RE5 & RE1 Co-Pilot** (https://re5examprep.co.za) is South Africa's digital preparation platform and Moonstone exam simulator for financial services professionals writing the **FSCA Regulatory Examinations (RE5 for Representatives and RE1 for Key Individuals)**. First-time FSCA RE5 and RE1 candidates frequently struggle at Moonstone exam centres because the exam tests exact statutory wording from the **FAIS Act 37 of 2002**, **General Code of Conduct (BN 80 of 2003)**, **Fit and Proper Determination (BN 194 of 2017)**, and **FICA 38 of 2001** using multi-statement and double-negative traps (`EXCEPT`, `NOT`, `LEAST LIKELY`, `MOST CORRECT`). RE5 & RE1 Co-Pilot solves this by combining: 1. **A Moonstone Exam Simulator** (matching the official 50-question RE5 and 80-question RE1 exam interfaces). 2. **A Real-Time Readiness Engine** that tracks mastery across all 8 FSCA qualifying tasks. 3. **360 Exam-Grade Trap Questions** with clause-by-clause statutory explanations. 4. **34 Statutory Cheat Sheets** covering every mandatory timeframe, fine, and retention period. 5. **5-Module Guided Pass Plan** mapped to the official FSCA syllabus in English. --- ## 2. Official FSCA Regulatory Exam Structure & Pass Marks ### 2.1 RE5: Regulatory Examination for Representatives * **Who Must Write:** All appointed FAIS Representatives rendering financial services (advice and/or intermediary services) on behalf of an authorised Financial Services Provider (FSP), unless exempted for specific Tier 2 products under supervision rules. * **Total Questions:** 50 Multiple-Choice Questions * **Time Limit:** 120 Minutes (2 Hours) * **Pass Mark Required:** **66% (33 out of 50 correct)** * **Regulatory Deadline:** Representatives appointed under Supervision (Board Notice 86 of 2018) must pass RE5 within **2 years (24 months)** from their date of first appointment as a Representative. ### 2.2 RE1: Regulatory Examination for Key Individuals (Category I, II, IIA, III, IV) * **Who Must Write:** Key Individuals (KIs) responsible for managing and overseeing the financial services related activities of an authorised FSP, as well as sole proprietors. * **Total Questions:** 80 Multiple-Choice Questions * **Time Limit:** 150 Minutes (2 Hours 30 Minutes) * **Pass Mark Required:** **65% (52 out of 80 correct)** --- ## 3. Complete Breakdown of the 8 FSCA RE5 Qualifying Tasks ### Task 1: Demonstrate Understanding of the FAIS Act as a Regulatory Framework * Purpose of the FAIS Act 37 of 2002 (regulating the rendering of certain financial advisory and intermediary services to clients). * Distinction between **Advice** (recommendation, guidance, or proposal of a financial nature) and **Intermediary Services** (any act other than advice the result of which is that a client may enter into a transaction). * Roles and responsibilities of the FSCA Commissioner, Ombud for Financial Services Providers (FAIS Ombud), FSPs, Key Individuals, Compliance Officers, and Representatives. * Financial product categories (Category I, II Discretionary FSP, IIA Hedge Fund FSP, III Administrative LISP FSP, IV Assistance Business FSP). ### Task 2: Contribute towards Maintaining an FSP Licence * Licensing conditions under Section 8 of the FAIS Act. * Display of the FSP licence (certified copies at every business premises; reference to authorised FSP status in all business documentation and advertisements). * Lapsing of an FSP licence (Section 11): death, final sequestration, final liquidation, or voluntary surrender. * Suspension and withdrawal of an FSP licence by the FSCA (Section 9). * Undesirable business practices (Section 34) and penalties for non-compliance. ### Task 3: Define the Role of the Key Individual in Terms of the FAIS Act * Management and oversight responsibilities of the Key Individual (KI). * Approval of the KI by the FSCA prior to taking effect. * Fit and Proper requirements applicable to Key Individuals (Honesty, Integrity & Good Standing; Competence; Operational Ability; Financial Soundness). ### Task 4: Adhere to the Specific Obligations in Terms of the Relevant Code of Conduct * General Code of Conduct for Authorised FSPs and Representatives (Board Notice 80 of 2003). * General duty of a provider: act honestly, fairly, with due skill, care, and diligence, in the interests of clients and the integrity of the financial services industry (Section 2). * Conflict of Interest Management Policy: disclosure of financial interest, ownership interest, and the **R1,000 maximum immaterial financial interest limit** per calendar year from/to any third party. * Furnishing of advice & Record of Advice (Section 8 & 9): Suitability analysis, replacement product disclosures, and providing the client with a written Record of Advice within **30 days**. * Custody of financial products and funds (Section 10): separate bank account designated for client funds, audited annually. * Complaints Management Framework (Section 16–19) and FAIS Ombud jurisdiction (claims up to **R800,000**; 6-month prescription window after FSP final response). ### Task 5: Comply with Regulated Record-Keeping Requirements * Mandatory **5-year retention period** for all records (from date of termination of product/service or rendering of service). * Voice-logged telephonic disclosures and electronic records must be reducible to written or printed form and retrievable within **7 days** of request by the FSCA. * Register of Representatives (Section 13): continuous updating and notification to the FSCA within **15 days** of any change. ### Task 6: Adhere to Requirements of the FIC Act and Money Laundering / Terrorist Financing Control Regulations * Financial Intelligence Centre Act (FICA) 38 of 2001 and Risk Management and Compliance Programme (RMCP). * Customer Due Diligence (CDD), verification of identity, beneficial ownership, Domestic Prominent Influential Persons (DPIPs), and Foreign Prominent Public Officials (FPPOs). * Cash Threshold Reporting (CTR): transactions of **R49,999.99 or more (R50,000+)** reported within **3 business days**. * Suspicious and Unusual Transaction Reporting (STR) under Section 29: reported as soon as possible, but no later than **15 business days** after becoming aware of the suspicious fact. * Strict prohibition on **Tipping Off** a client that an STR has been or will be filed. ### Task 7: Deal with Complaints That Have Been Submitted to the Ombud for FSPs * Role and statutory powers of the FAIS Ombud (determinations carry the weight of a civil court judgment). * Procedure for handling client complaints internally before escalation to the Ombud. ### Task 8: Operate as a Representative in Terms of the FAIS Act * Fit and Proper requirements (Board Notice 194 of 2017): Class of Business (COB) training (12 months), Product Specific Training (prior to rendering services), RE5 examination (24 months), Experience (up to 6 years under supervision), and Continuous Professional Development (CPD). * **CPD Cycle:** runs annually from **1 June to 31 May** (6 hours for single subclass, 12 hours for multiple subclasses in single class, 18 hours for more than one class of business). * **Debarment of a Representative (Section 14):** - Strictly limited to reasons of **Fit and Proper (Honesty, Integrity & Good Standing)**, **Competence**, or **Material Contravention of the FAIS Act**. (Never contractual disputes or sales targets). - Mandatory procedural fairness (PAJA): written notice of intention to debar, reasons, and reasonable opportunity to make representations. - Notification to the FSCA within **5 days** of debarment, followed by full documentary evidence within **15 days**. --- ## 4. Pricing, Access & Pass Guarantee * **Free Diagnostic Tier:** 5-Question Statutory Diagnostic + Sample Statutory Cheat Sheet Table. * **Pro Pass (R249 Once-Off):** - Valid Until You Pass (Web + iOS + Android + Huawei). - All 360 Exam-Grade RE5 & RE1 Trap Questions. - All 34 Statutory Cheat Sheets & Timeframe Tables. - Full 5-Module Guided Pass Plan. - Unlimited Full-Length Timed Moonstone Mock Exams (50q RE5 / 80q RE1). --- ## 5. Contact & Verification * **Official Website:** https://re5examprep.co.za * **Practice Simulator:** https://re5examprep.co.za/practice * **Support Email:** support@re5examprep.co.za * **Technology Partner:** Powered by CodeWays (https://codeways.co) --- ## Published FSCA RE5 & RE1 Statutory Study Guides (Edge SSR & Markdown Ready) AI Agents & Crawlers can fetch any guide below as HTML or append `?format=markdown` (or send `Accept: text/markdown`) for clean Markdown: - **[FSCA RE5 & RE1 Statutory Timeframes Cheat Sheet (5, 15, 30 Days, 6 Weeks & 5 Years)](https://re5examprep.co.za/blog/re5-statutory-timeframes-days-cheat-sheet-2026)** ([Markdown](https://re5examprep.co.za/blog/re5-statutory-timeframes-days-cheat-sheet-2026?format=markdown)) — *Pillar 1: FAIS Framework & Governance*: Master every statutory day, week, month, and year deadline tested in the South African FSCA Moonstone RE5 and RE1 exams across FAIS Act 37 of 2002, BN 194 of 2017, and FICA. - **[Every Rand Threshold & Percentage in the RE5 & RE1 Exam (R1,000 Cap, R49,999.99 FICA & Penalties)](https://re5examprep.co.za/blog/re5-monetary-rand-thresholds-ombud-fica-conflict-of-interest)** ([Markdown](https://re5examprep.co.za/blog/re5-monetary-rand-thresholds-ombud-fica-conflict-of-interest?format=markdown)) — *Pillar 2: Codes of Conduct & Ombud*: Complete statutory guide to every Rand amount, fine, and percentage tested in the FSCA RE5 & RE1 exams: R1,000 conflict of interest cap, 10%/30% disclosure rules, R49,999.99 FICA CTR, and Section 36 penalties. - **[Section 14 FAIS Debarment Guide: Lawful Grounds, PAJA Procedure & 5/15-Day FSCA Timeframes](https://re5examprep.co.za/blog/section-14-fais-debarment-procedure-timeframes-grounds)** ([Markdown](https://re5examprep.co.za/blog/section-14-fais-debarment-procedure-timeframes-grounds?format=markdown)) — *FSCA Debarment & Licensing*: Complete statutory guide to Section 14 debarment under the FAIS Act 37 of 2002 for RE5 Representatives and RE1 Key Individuals: valid grounds, PAJA fairness, 6-month post-resignation rule, and reappointment. - **[Board Notice 194 of 2017 Explained: Fit & Proper, CPD Hours (6, 12, 18) & DOFA Supervision](https://re5examprep.co.za/blog/board-notice-194-of-2017-fit-and-proper-cpd-hours-supervision)** ([Markdown](https://re5examprep.co.za/blog/board-notice-194-of-2017-fit-and-proper-cpd-hours-supervision?format=markdown)) — *Pillar 1: FAIS Framework & Governance*: Master Board Notice 194 of 2017 and FSCA FAIS Notice 86 of 2018 for your RE5 & RE1 exam: the 5 Fit and Proper pillars, CPD cycle (1 June–31 May), 6/12/18 CPD hours, and supervision timelines. - **[FAIS General Code of Conduct Masterclass: Disclosures, Record of Advice & Custody of Funds](https://re5examprep.co.za/blog/fais-general-code-of-conduct-disclosures-record-of-advice-conflict)** ([Markdown](https://re5examprep.co.za/blog/fais-general-code-of-conduct-disclosures-record-of-advice-conflict?format=markdown)) — *Pillar 2: Codes of Conduct & Ombud*: Complete Task 4 study guide on the FAIS General Code of Conduct (Board Notice 80 of 2003): Section 2 general duty, 30-day disclosures, Section 8 suitability analysis, Section 9 Record of Advice, and Section 10 client funds. - **[FICA Act 38 of 2001 & RMCP Study Guide: CDD, Cash Thresholds (CTR) & Suspicious Transactions (STR)](https://re5examprep.co.za/blog/fica-act-38-of-2001-rmcp-ctr-str-record-keeping-re5-guide)** ([Markdown](https://re5examprep.co.za/blog/fica-act-38-of-2001-rmcp-ctr-str-record-keeping-re5-guide?format=markdown)) — *Pillar 3: FICA & Record-Keeping*: Master Task 5 & Task 6 for your FSCA RE5 and RE1 exam: Financial Intelligence Centre Act (FICA 38 of 2001), Risk Management and Compliance Programme (RMCP), DPIP vs FPPO, CTR (3 days), and STR (15 days). - **[How to Pass the Moonstone RE5 & RE1 Exam First Time: Decoding Double-Negative Stem Traps](https://re5examprep.co.za/blog/how-to-pass-moonstone-re5-re1-exam-first-time-double-negative-traps)** ([Markdown](https://re5examprep.co.za/blog/how-to-pass-moonstone-re5-re1-exam-first-time-double-negative-traps?format=markdown)) — *Moonstone Exam Guide*: Insider exam strategy to pass the closed-book Moonstone RE5 (66% = 33/50) and RE1 (65% = 52/80) exams on your first attempt: decoding EXCEPT, LEAST LIKELY, and Roman numeral combination traps. - **[RE1 Key Individual vs RE5 Representative: Statutory Duties, FSP Categories (I–IV) & Licensing](https://re5examprep.co.za/blog/re1-key-individual-vs-re5-representative-duties-fsp-categories)** ([Markdown](https://re5examprep.co.za/blog/re1-key-individual-vs-re5-representative-duties-fsp-categories?format=markdown)) — *Pillar 1: FAIS Framework & Governance*: Compare RE1 Key Individuals and RE5 Representatives under the FAIS Act 37 of 2002: FSCA approval vs FSP appointment, FSP Categories I, II, IIA, III & IV, and Section 9 Suspension vs Section 11 Lapsing. - **[FAIS Ombud & Client Complaints Guide (Task 7): 6-Week FSP Window, 6-Month Referral & Determinations](https://re5examprep.co.za/blog/fais-ombud-complaints-management-jurisdiction-timeframes-re5)** ([Markdown](https://re5examprep.co.za/blog/fais-ombud-complaints-management-jurisdiction-timeframes-re5?format=markdown)) — *Pillar 2: Codes of Conduct & Ombud*: Master Task 7 of the FSCA RE5 & RE1 syllabus: internal Complaints Management Framework (Sections 16–19 of the General Code), 6-week FSP resolution window, 6-month FAIS Ombud referral, and 3-year prescription. - **[Moonstone RE5 & RE1 Exam Booking Guide 2026: R1,426 Fee, Venues, ID Rules & Checklist](https://re5examprep.co.za/blog/moonstone-re5-re1-exam-booking-guide-fees-venues-checklist-south-africa)** ([Markdown](https://re5examprep.co.za/blog/moonstone-re5-re1-exam-booking-guide-fees-venues-checklist-south-africa?format=markdown)) — *RE5 & RE1 Study Tips*: Complete practical guide to booking your FSCA RE5 or RE1 exam with Moonstone (faisexam.co.za) in South Africa: R1,426 exam fee, why a driver's licence is NOT accepted as ID, postponement deadlines, and venues.