FAIS Circular 7, issued by the FSB this week, contains details of a new debarment notification document which comes into effect tomorrow, 1 November 2013.
The background to this new form was discussed in detail in an article titled: Debarments: a Sorry State of Affairs which we published on 10 September 2013.
The new form requires more information than the old one. We compared the two documents, and are of the view that many of the problems experienced by the Regulator in the past will be addressed by the new form.
It will also greatly assist FSPs in understanding exactly what they are required to do, and hopefully put a damper on malicious debarments.
Notifications in terms of Section 14A debarment notifications can be submitted in hard copy format or via e-mail to firstname.lastname@example.org.
Sec 14(1) debarment requests should preferably be submitted via the FAIS online reporting system, although the methods above are also in order.
Please click here to download the new form.