How to Capture an Exemption. (MSS)

Adding a New Exemption

Step 1: Initiate the Exemption Process

1. On the Exemptions page, click the Add button located in the top-right corner of the screen

2. This will open the "Add Exemption" popup

Step 2: Select the F&P Requirement to Exempt

1. From the dropdown menu, select the Fit and Proper requirement for which you'd like to capture an exemption
   • Available options include:
     • Entry-Level Qualification
     • KI Management & Oversight Exp
     • CMS Accreditation
     • Qualification
     • Financial Product Experience
     • Class of Business Training
     • Regulatory Examination
       
       

2. After selecting the requirement, click the Save icon (disk icon) on the right side of the dropdown

Step 3: Add Financial Product Exemptions

1. After saving the requirement, you'll see it added to the "Exemptions from F&P Requirements" table
2. Click on the requirement row you just added
3. You'll be taken to the "Exempted Financial Products" section
   
   

Step 4: Add Exempted Financial Product Details

1. Click the Add button in the "Exempted Financial Products" section
2. In the "Add Exempted Financial Product(s)" popup, complete the following: a. Staff Member Capacity: Choose one or more from:
   • Key Individual
   • Representative
   • Sole Proprietor
3. Financial Service Type: Select one or more from:
   • Advice
   • Intermediary Services - Other
   • Intermediary Services - Scripted Execution of Sales
4. Financial Products: Select the specific financial products from the dropdown
5. Click the Save icon to save your selections

Step 5: Specify Exemption Conditions (if applicable)

1. After adding financial products, you can specify conditions for the exemption
2. Click on the "Add Condition" button in the "Conditions of Exemption" section
3. A popup will appear with fields to complete:
   • Provisions from which Exemption is Granted: Enter the specific provisions
   • Condition to be Met: Describe any conditions that must be satisfied
   • Date to be Met: Select the deadline for meeting conditions
   • Met Date: Record when the conditions were met (if applicable)

4. Click the Save icon to save the condition details

Types of Exemptions

The system supports three types of exemptions, which can be selected via the tabs at the top of the exemptions section:

1. Conditional Exemptions: Exemptions with specific conditions that must be met
2. Unconditional Exemptions: Exemptions granted without conditions
3. Fully Exempted: Complete exemptions from the requirement

Managing Existing Exemptions

• View Details: Click on any exemption in the table to view its details
• Delete: Use the delete button (bin icon) to remove exemptions or conditions
• Edit: To edit conditions, use the edit button in the Conditions section

Important Notes

• Ensure all mandatory fields (marked with *) are completed
• The system tracks the total number of exempted financial products for each F&P requirement
• Dates should be entered in the format YYYY-MM-DD
• All exemptions are subject to regulatory approval and verification