Regulatory Reporting, Records and Examination Readiness
This domain tests the operational discipline that lets a JSE member evidence compliance to the JSE, FSCA and auditors. It covers records, notifications, reporting deadlines, governance and examination responses.
Core rules and concepts
- Maintain accurate, complete and retrievable records of orders, trades, client instructions, communications, approvals and reconciliations.
- Submit regulatory returns and notifications by the required deadline; late or inaccurate reporting is itself a breach.
- Preserve records for the applicable retention period and protect them from alteration or loss.
- Maintain governance forums, breach logs, remediation plans and evidence of senior management oversight.
- During an examination, provide requested records accurately and consistently; do not reconstruct records after the fact.
Worked example
A compliance officer discovers that a trade was reported late. The correct reasoning is to record the breach in the breach log, assess client and market impact, notify the JSE if required, and remediate the control that caused the delay. Deleting the late report or backdating the record makes the matter worse. The evidence should show the original timestamp, the cause, the remediation owner and the closure date.
Traps that cost marks
- Treating a late return as harmless if the underlying trade was valid.
- Backdating or recreating records to match a deadline.
- Keeping records only in an individual’s mailbox.
- Reporting a breach without a remediation plan or owner.
Exam focus
Record integrity, breach handling and examination evidence are commonly tested.