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

Codes of Conduct

Code of Conduct for Authorised Financial Services Providers and their Representatives, involved in Forex Investment Business, 2004

Part IV : Special Provisions applying to Forex Investment Advisors

10. Records of advice


(1) A forex investment advisor must, subject to and in addition to the duties imposed by section 18 of the Act, maintain a record of any advice furnished to a client, and which record must reflect the basis on which the advice was given, and in particular—
(a) a brief summary of the information and material on which the advice was based;
(b) the financial products which were considered; and
(c) a description of the particular forex investment that was recommended and an explanation of why a forex investments is likely to satisfy the client’s identified needs and objectives.


(2) A forex investment advisor must provide a client with a copy of the record contemplated in subsection (1) in writing.


(3) A forex investment advisor must maintain records recording the investments owned by each client individually.


(4) The agreement between the forex investment advisor and any forex investment intermediary must provide for the furnishing of a written report corresponding with the report provided to a client in terms of section 6(1)(b).