Compliance Report 2012: Shark scare for Sole Prop

A Moonstone Protector client received a notification from the FSB regarding the submission of his annual compliance report. The following sentence concerned him, and he contacted us:

“In terms of the provisions of Section 17(4) of the Act read together with Board Notice 89 of 2012, all authorised Category I Financial Services Providers (“FSP’s”) with an approved compliance officer are required to submit their 2012 annual compliance report to the Registrar between
1 June 2012 and 15 August 2012.”

Being a FSP with only one Key Individual and no additional Representatives he is used to submitting the Compliance Report “without CO” at the end of February. As a Moonstone Protector client, he receives a variety of compliance assistance services from us, but we are not his “approved compliance officer.”

It is therefore evident that the dates listed above does not apply to him. It appears that a number of FSPs who do not make use of a compliance officer also received this notification.

We list below a table containing the applicable reporting and submission dates for the various categories of FSPs:

Moonstone’s Protector clients subscribe to a support service that assists them with a wide variety of compliance assistance services, including templates and an annual workshop on the completion of their compliance reports. Members are also advised timeously of important dates, e.g. the submission of financial reports.

If you are interested in joining the Protector service, please contact Lara Hughes on 021 883 8000 or for more details.

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