A regulated firm shall, in respect of a person for whom the firm is responsible under Regulation 3 and who avails of the transitional arrangements referred to in Section 1.8 of the Minimum Competency Code -
(a) monitor compliance with the conditions applicable to those transitional arrangements, and
(b) where an opportunity to sit an examination is not availed of by a person availing of the transitional arrangements, ensure that the reasons are documented in writing.