Since the implementation of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 on 1 April 2018, various exemptions were issued to deal with new requirements. According to the FSCA certain provisions of the Determination also required further clarification.
As a result, the FSCA just released “Proposed Amendments to the Fit and Proper Requirements” in order to:
|●||make provision for certain circumstances,|
|●||to limit the need for further exemptions,|
|●||to update incorrect references, and|
|●||to ensure that the Determination is more easily understood and interpreted.|
The amendments include, among others:
|●||the clarification of definitions,|
|●||clarification as to the applicability of the relevant competence requirements in circumstances where only execution of sales is performed by representatives, and|
|●||the recognition of qualifications.|
It is important that FSPs familiarise them with the proposed amendments and provide comments as per the downloadable template.
The proposed amendments are intended to take effect early in 2021.
Click here to download Amendment Notice Fit and Proper Requirements 2020
Click here to download Annexure A Statement (need impact operation) supporting the Proposed Amendments to the F&P 2020
Click here to download the Comments template.