Secondary

Application for Exemption

The FSB website contains a fair number of FAIS Notices regarding individuals and others who were granted exemptions from complying with certain regulatory requirements. Some of the examples listed include:

  1. Fees Payable to Registrar
  2. Qualifications deadline requirements
  3. Level 1 Regulatory exam deadline extensions

The cost of the last two applications is R1 590 per person. In the case of the  Regulatory exams, groups of 10 or more will pay R 1 100 per applicant.

By way of example: FAIS Notice 39 of 2015, published on 20 April 2015, lists a number of individuals who were exempted from qualification requirements, and lists the following conditions:

The applicants for exemption referred to in Table A hereunder are exempted from the Transitional Provisions in paragraph 10 of the Determination of Fit and Proper Requirements insofar it relates to the qualification requirements until 31 January 2016, subject to the conditions that they must:

  1. on or before 15 May 2015 furnish the Registrar with evidence that they have enrolled for a recognised qualification;
  2. immediately inform the Registrar of any matter that may impact on their ability to comply with the qualification requirement on expiry of the Exemption;
  3. immediately advise the Registrar of any change to the particulars furnished in and relating to their application for exemption; and
  4. prior to rendering any financial service to a client, disclose prominently in writing that they have been exempted from the qualification requirement as prescribed under the Act.

The exemption automatically lapses upon failure to comply with any condition referred to above.

We suggest that you consult the FSB Contact Details page and make enquiries to the relevant department regarding the correct procedure and forms for submission.

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