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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 2 : Requirements for specific Category I FSPs and their juristic representatives

45. Application of Part and Requirement


(1) This part applies to a Category I FSP and a juristic representative of a Category I FSP that does not hold, control or has access to client assets or that does not collect, hold or receive premiums or other monies in respect of a financial product.


(2) The assets of a –
(a) Category I FSP; and
(b) juristic representative of a Category I FSP,

must at all times exceed the liabilities of that FSP or that juristic representative.


[Section 45 will become effective from 1 March 2019, but only insofar it relates to a juristic representative, in terms of section 53(1) of this Notice]