Dr. Des Leatt kindly provided us with the following clarification from the FSB on this topic.
There appears to be some confusion regarding the Level 1 Regulatory Exams as they apply to Foreign FSPs. I received the following clarification from the office of the Regulator. An important determinant in this matter is Board Notice 119, published in June 2013, which clarifies a range of Regulatory Exam exemptions and deadlines.
In essence, there are two kinds of Foreign FSPs:
- A Foreign FSP which has a branch office or a representative in South Africa: NO exemption applies to key individuals and representatives of that Foreign FSP and they must satisfy the same Regulatory Exam requirements, deadlines etc. as will apply to local FSPs.
- In the case of a Foreign FSP which is NOT domiciled in SA, OR does NOT have a branch or representative office in South Africa, the key individuals and representatives of that Foreign FSP are currently exempt from writing their applicable Level 1 Regulatory Exams until the fee issue is resolved. This exemption is of course not permanent and will be repealed and a revised deadline for these Foreign FSPS will be published as soon as the Minister of Finance has determined the overseas exams fee.