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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Demonstrate knowledge and insight into offshore legislation in the South African investment environment 
SAQA US ID UNIT STANDARD TITLE
242556  Demonstrate knowledge and insight into offshore legislation in the South African investment environment 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 6  Level TBA: Pre-2009 was L6 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
14520  Explain how offshore legislation differs from South African legislation and the implications this has for South African investments  Level 5  Level TBA: Pre-2009 was L5  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard deals with aspects of investment that are required for Category II licensing under the Financial Advisory and Intermediary Services Act (FAIS) and is intended for Product Managers, Compliance Officers, Intermediaries, Investment Administrators Product Developers and learners in marketing.

The qualifying learner is capable of:
  • Applying knowledge and insight into international regulations relating to knowledge of the client.
  • Applying knowledge of South African regulations pertaining to offshore investments.
  • Demonstrating insight into the regulation of offshore funds.
  • Applying knowledge of international law to offshore investments. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4 and are working towards or have a Level 5 Financial Services Qualification or equivalent. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Vehicles for offshore investments include, but are not limited to, Trusts, open-ended schemes, feeder funds, umbrella funds, distribution funds, roll up funds and investment trusts.
  • Implications in cases of joint offshore investments include, but are not limited to, death, divorce, separation, liquidation and the redemption of investments. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Apply knowledge insight into international regulations relating to knowledge of the client. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Issues relating to anti-money laundering and terrorism are discussed with reference to the implications for international investments. 

    ASSESSMENT CRITERION 2 
    Regulations relating to anti-money laundering procedures are explained in terms of local and international requirements for knowing your client. 

    SPECIFIC OUTCOME 2 
    Apply knowledge of South African regulations pertaining to offshore investments. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Legislation regulating personal offshore investing allocations is explained with reference to exchange control, tax and the necessary documentation. 

    ASSESSMENT CRITERION 2 
    The mandate of an offshore fund is analysed and a schedule of differences is drafted to comply with Financial Services Board regulations for the registration of offshore funds. 

    ASSESSMENT CRITERION 3 
    A standard advertisement for an offshore fund is analysed for compliance with the Association of Collective Investments (ACI) code and recommendations are made to rectify irregularities. 

    SPECIFIC OUTCOME 3 
    Demonstrate insight into the regulation of offshore funds. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Vehicles used for offshore investments are named and compared in terms of the basic legal structure of each. 

    ASSESSMENT CRITERION 2 
    The Regulator that is the equivalent of the South African Financial Services Board (FSB) is named for key offshore territories. 

    ASSESSMENT CRITERION 3 
    An approved offshore life policy investment is compared to an approved offshore unit trust investment with reference to product structure, tax implications, approved investment vehicles and product term. 

    SPECIFIC OUTCOME 4 
    Apply knowledge of international law to offshore investments. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of an offshore tax haven is explained with reference to a South African investor and client. 

    ASSESSMENT CRITERION 2 
    The tax implications for citizens, residents and tax domiciled entities are explained with reference to offshore investments. 

    ASSESSMENT CRITERION 3 
    The implications for South Africans who hold joint offshore investments are explained with reference to implications of legal ownership of the investment. 

    ASSESSMENT CRITERION 4 
    The implications of double taxation agreements between countries are explained with reference to tax havens and investor's residency. 

    ASSESSMENT CRITERION 5 
    The potential tax liability for a South African investor offshore is explained for a tax haven with a roll up fund; a tax haven in a non roll up fund/distribution fund; a non tax haven and a deemed income situation. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in researching components of the required assessment portfolio. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in explaining concepts required in the Unit Standard. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems by explaining relationships between the South African and International investment environments. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 14520, "Explain how offshore legislation differs from South African legislation and the implications this has for South African investments", Level 5, 6 credits.

    Search words:
  • Offshore investments. 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  66611   National Certificate: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. Boland Public FET College - Central Office 
    4. CKP Development Agency (Pty) Ltd. 
    5. COLLEGE OF CAPE TOWN 
    6. College of Cape Town - Central Office 
    7. False Bay College 
    8. Intec College 
    9. Masifunde Training Centre (Pty) Ltd 
    10. North Link College 
    11. Old Mutual Life Assurance Company South Africa 
    12. Ray Strodl Consulting (Pty) Ltd 
    13. Ripple Effect 4 (Pty) Ltd 
    14. Sanlam Life Insurance Ltd 
    15. Sanlam Life Insurance Ltd. 
    16. South Cape College 
    17. South Cape Public FET College - Central Office 
    18. The Institute of Health Risk Managers (Pty) Ltd 
    19. Umfolozi FET College - Central Office 
    20. Universal Healthcare Services (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.