Secondary

moonstone-appeal-board-decision

Exemption of Services under Supervision Consultation Paper released

The FSCA has released the Exemption on Services under Supervision Consultation Paper.

The Consultation Paper relates to the FSCA’s proposed withdrawal of the Notice on the Exemption of Services under Supervision in terms of Requirements and Conditions, 2008 (2008 Exemption), and the replacement of the 2008 Exemption.

Interested parties are invited to submit submissions on the withdrawal of the 2008 Exemptions and the Draft Exemption to FAIS.Consultation@fsca.co.za.

According to the FSCA it is necessary to replace the 2008 Exemption with the Draft Exemption (the replacement) to achieve the objective of the exemption which is to facilitate the entry of the new participants into the financial services industry without compromising the fair treatment of and good outcomes for clients.

The Draft Exemption, similar to the 2008 Exemption, allows a representative who does not meet all the competency requirements to work under supervision subject to compliance with certain conditions.

Click here to download the Consultation Paper to read more about the substance of the draft Exemption with specific focus on the following:

  • Definition of “date of appointment” and compliance periods
  • Intensity of supervision and direct and ongoing supervision
  • Entry level requirements
  • Supervision agreement
  • Duties of FSP and Supervisor
  • Duties of representative

The closing date for comments and submissions is 31 August 2018

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