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.|