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Tag Archives | Fit and Proper

HCWM

2020 Fit and Proper deadlines – Only 50 days left to comply

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 […]

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law

Important changes to General Code of Conduct and Fit and Proper requirements – Moonstone webinar explains impact of changes on you

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 […]

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financial-advisors

Joint Standard for significant owners – Fit and proper criteria explained

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 […]

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COB

Class of Business deadlines – Clarity from the FSCA

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 […]

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deadline

FAIS Fit and Proper requirements – A deadline is looming

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 […]

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F&P-Manager

Manage your Fit and Proper Obligations

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 […]

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finance

Financial Soundness of Representatives

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 […]

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survey1

Good standing

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 […]

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