FSCA FAIS Notice 21 of 2020 Notice contains exemptions from sections 45(2), 48(1) and 48(2) of the Determination, as applicable, for the period 1 April 2020 to 31 March 2021.
The extent of exemptions:
| ● | Category I FSPs that do not hold, control or has access to client assets or that do not collect, hold or receive premiums or other monies in respect of a financial product, and a juristic representative of such a FSP, are exempted from section 45(2) of the Determination for the period 1 April 2020 to 31 March 2021. |
| ● | Specific FSPs and juristic representatives are exempted from section 48(1) and (2) of the Determination for the period 1 April 2020 to 31 March 2021. |
| ● | The exemptions do not apply to an FSP or juristic representative that is a: a) bank as defined in section 1 of the Banks Act; b) insurer as defined in section 1 of the Insurance Act; or c) authorised user as defined in section 1 of the Financial Markets Act. |
These exemptions are subject to various conditions, including:
| ● | specific financial soundness requirements, which are less onerous than those prescribe in sections 45(2), 48(1) and 48(2) of the Determination; |
| ● | certain reporting requirements; and |
| ● | a prohibition on certain payments and distribution of assets unless approved by the Authority. |
