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Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)


Amendment of the Determination of Fit and Proper Requirements, 2020

Chapter 6 : Financial Soundness

Part 1 : Application and General Requirements

43. Application of Chapter


The fit and proper requirements relating to financial soundness contained in this Chapter—

(a) subject to paragraph (b), apply to—
(i) all FSPs; and
(ii) juristic representatives;
(b) do not apply to—
(i) a key individual or a representative that is a natural person; and
(ii) an FSP who is a registered Bank as defined in section 1 of the Banks Act, or a registered insurer as defined in sections 1 of the Short-term Insurance Act or Long-term Insurance Act, provided that the FSP complies with the financial soundness requirements prescribed by those Acts.