Through various communications this year, the Financial Sector Conduct Authority (FSCA) acknowledged the impact of COVID-19 on the financial services industry and the challenges that FSPs, key individuals and representatives might face in complying with various regulatory requirements. As a result, the FSCA granted exemptions and/or extensions in respect of the submission of statutory returns […]
Towards the end of June 2020, the Financial Sector Conduct Authority (FSCA) published the final amendments to the General Code of Conduct as well as Fit and Proper requirements under the FAIS Act. According to the FSCA, the amendments were necessary to contribute to the fulfilment of their legislated objectives and is ultimately intended to promote […]
The Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) published Joint Standard 1 of 2020 earlier this week. The communication focuses on fitness, propriety and other matters relating to significant owners, in terms of the Financial Sector Regulation Act 9 of 2017 (FSR Act). The Joint Standard will become effective on 1 December 2020 and will apply […]
FSCA FAIS Notice 17 of 2020, the Exemption from and extension of period to comply with Fit and Proper Requirements, 2020, has been withdrawn by the FSCA and substituted with FSCA FAIS Notice 22 of 2020. It must be noted that the meaning of “due date” has been amended to now only reflect the periods which […]
The annual CPD cycle ends on 31 May 2019. With only a few days left to attain your required number of FAIS related CPD hours for the current CPD cycle, it’s also a good time to start scheduling your CPD activities for the cycle that commences on 1 June 2019. CPD unpacked In terms of the Fit & Proper […]
The amended Fit and Proper requirements of Board Notice 194 of 2017 determined various requirements that need to be implemented and complied with before specific deadline dates. Since the release of the original Board Notice, various other notices and amendments have been released that provided updates on this. One of these deadlines is the new […]
The Fit and Proper requirements of Board Notice 194 of 2017 need to be implemented and complied with before specific deadline dates. Wednesday, 31 July 2019 is such a deadline. A Representative working under supervision as at 1 April 2018 or appointed in the period 1 April to 31 July 2018, must comply with Class of Business Training requirements by 31 July 2019. Class of […]
Having to interpret and navigate through the endless collection of Board Notices, Circulars and Guidance Notes which regulates the requirements associated with either being approved as a Key Individual, appointed as a Representative, or authorised as a Sole Proprietor, has become a specialist role. Ask anyone attempting to stay up to date by means of […]
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. Natural Persons The financial soundness requirements set out in Chapter 6 of the Board Notice do not apply to any representative who […]
Board Notice 194 of 2017 which contains the latest Fit and Proper requirements introduced a new concept called “Good standing”. This does not refer to your ability to consume copious amounts of alcohol and still stay in tune when joining Elton John in the chorus of “I’m still standing.” Dr Des Leatt, a FAIS and […]
