Tag Archives | exemption


Microinsurers – Proposed exemption for Credit Life

The FSCA has published the draft exemption for Microinsurers offering Credit Life from Rule 2A.10.1 of the Policyholder Protection Rules which states “A microinsurance policy or a funeral policy may not prescribe that a policy benefit payable as a sum of money is payable directly to a service provider.” FSCA Communication 6 of 2019 notes that […]

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FSRA Exemption Notice 1 of 2019 (LTIA) – Certain insurers exempted from Rule 19

The FSCA has just released the FSRA Exemption Notice 1 of 2019 (LTIA). According to the notice an insurer that offers assistance policies, funeral policies or micro-insurance policies is exempted, in terms of section 281(1) of the Financial Sector Regulation Act, from the requirements of Rule 19 of the Policyholder Protection Rules and Regulation 3.9A […]

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CPD – two month exemption to comply

Last week the FSCA published the Exemption from Continuous Professional Development Requirements, 2019 – No 2 of 2019 on its website. The purpose of the Exemption is to allow financial services providers, key individuals and representatives who did not comply with the CPD requirement on the 31st of May, until 31July 2019 to comply with requirements set out in the Determination […]

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FSCA denied application for exemption – Was it justified?

In a recent Financial Tribunal case, the applicant, a sole proprietor and key individual of a brokerage, lodged an appeal for reconsideration of an FSCA decision in October 2018 to decline his application for exemption from certain Fit and Proper requirements. These requirements related specifically to the regulatory exams and qualification obligations. As the applicant […]

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Exemption of Certain Representatives from COB Training Requirements

In terms of section 29 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (“Determination”), representatives must, prior to rendering any financial services, complete class of business training (CoB) relevant to the financial products for which they are appointed. This requirement came into effect on 1 August 2018. Although the transitional provisions of […]

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Exemption of services under supervision – part 2

Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption (part 2) The FSCA’s discussion on the substance of the Draft Exemption is structured to highlight the significant differences between the 2008 Exemption and the Draft Exemption rather than to address each and every difference or new requirement. In Monday’s article […]

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Exemption of services under supervision – part 1

Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption The FSCA released the “Consultation Paper: Exemption on services under supervision” last week and mentioned that it is necessary to replace the 2008 Exemption with the Draft Exemption (the replacement) to achieve the objective of the exemption which is to facilitate […]

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Exemption of Services under Supervision Consultation Paper released

The FSCA has released the Exemption on Services under Supervision Consultation Paper. The Consultation Paper relates to the FSCA’s proposed withdrawal of the Notice on the Exemption of Services under Supervision in terms of Requirements and Conditions, 2008 (2008 Exemption), and the replacement of the 2008 Exemption. Interested parties are invited to submit submissions on […]

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Exemption for Compliance Officers

FAIS Notice 119, published on 13 September 2017, contains details of changes to the minimum prescribed intervals of visits and reports by compliance officers as contained in Section 4(4) of the Notice on Compliance Officers. These changes are as a result of feedback from the industry in response to an invitation by the Regulator. In essence, the […]

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BN 120 of 2013: Level 2 Exemptions

This Board Notice, (BN 120 of 213)  published on 5 June, exempts all FSPs from having to write the level 2 REs until further notice. No rationale for this decision is contained in the Board Notice. We expect this will be forthcoming soon. We raised this possibility in an article a few weeks ago, and […]

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