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Tag Archives | Fit and Proper

regulations

Summary of regulatory updates in December – Make sure you noted them all

As 2020 winded down, the FSCA published various regulatory updates. Comments on most of these updates are due mid-February 2021. Here is a reminder of these amendments and updates: Proposed amendments to the General Code of Conduct for Authorised financial services providers and representatives of 2003 Proposed Amendments to the Fit and Proper Requirements Draft […]

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Fit&proper

Fit and Proper requirements – FSCA publishes proposed amendments for comment

Since the implementation of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 on 1 April 2018, various exemptions were issued to deal with new requirements. According to the FSCA certain provisions of the Determination also required further clarification. As a result, the FSCA just released “Proposed Amendments to the Fit and Proper Requirements” […]

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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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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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