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Fit&proper

Fit and Proper Requirements – FSCA provides clarity on exemption and extension period

FSCA FAIS Notice 17 of 2020, the Exemption from and extension of period to comply with Fit and Proper Requirements, 2020, has been withdrawn by the FSCA and substituted with FSCA FAIS Notice 22 of 2020.

It must be noted that the meaning of “due date” has been amended to now only reflect the periods which fall between 27 March 2020 and 30 November 2020.

The notice will result in all representatives who are currently under supervision, with due dates for their regulatory examination, COB training and/or qualification requirements between the period of 27 March 2020 and 30 November 2020, being given until 15 December 2020 to comply with these requirements.

The exemption provisions regarding the CPD requirements, as was provided for in FSCA FAIS Notice 17 of 2020, remain unchanged under this published notice.

FSCA FAIS Notice 22 of 2020 comes into operation today, 16 April 2020.

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