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FSCA – Various Exemption Extensions

On 26 February 2021, the Financial Sector Conduct Authority (FSCA) released the following three FAIS Notices:

1. FSCA FAIS Notice 15 of 2021 – Exemption of Juristic Representatives from section 13(1)(c) of the Act:
A juristic representative is exempted from section 13(1)(c) of the Act when rendering a specific financial service on behalf of a particular FSP subject to specific conditions. Section 13(1)(c) provides that a person may not render financial services or contract in respect of financial services, other than in the name of the financial services provider of which such person is a representative.
This exemption expires on 31 December 2023.
2. FSCA FAIS Notice 16 of 2021 – Amendment of the Exemption of Particular FSPs from section 19(3) Audit Report and Liquidity Requirements:
The FSCA amended the Schedule to the Notice on Exemption of Particular FSPs from section 19(3) Audit Report and Liquidity Requirements. Category I FSPs that render a specific financial service and who do not collect, account receive or hold premiums or monies relating to a financial product other than premiums contemplated in the definition of ‘specific financial service’ are now exempt 31 December 2023.
3. FSCA FAIS Notice 17 of 2021 – Amendment of Exemption of Particular FSPs from section 13 of the General Code of Conduct:
Category I or Category IV FSPs that are also underwriting managers and that only render specific financial services are exempt from section 13 (subject to conditions), which requires FSPs to maintain in force suitable guarantees or professional indemnity or fidelity insurance cover.
The FSCA, in terms of paragraph 3(a) of the Exemption of Particular FSPs from section 13 of the General Code of Conduct, 2017, published by FAIS Notice 122 of 2017, as amended by FAIS Notice 86 of 2019, hereby amends the Schedule to that Notice by the substitution of the date “28 February 2021” in paragraph 2(3) with the date “31 December 2023”.

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