Financial Advisory and Intermediary Services Act, 2002

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To regulate the rendering of certain financial advisory and intermediary services to clients; to repeal or amend certain laws; and to provide for matters incidental thereto.

 

Last update: February 2014


Copyright: This Act reproduced under Government Printers Copyright Authority 10154 dated 20 March 1996


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Latest Developments:

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been amended by Financial Services Laws General Amendment Act, 2013. Government Gazette 37351 dated 18 February 2014.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) was amended by the Financial Markets Act, 2012 (Act No. 19 of 2012) Government Gazette 36121, dated 1 February 2013.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been updated by Government Gazette 33133, dated 19 April 2010 - Notice 58; Amendment of General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Government Gazette 34826 dated 06 December 2011 – Board Notice 199; General Exemptions

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been updated by:

Government Gazette 33238 Notice 76, 78, 79, 80, 81

Government Gazette 33537 Notice 126, 127

Government Gazette 34729 Board Notice 176

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been amended; corrections made to Determination.

 

The Act has been updated with Notices 171 of 2009 – Amendment Notice, Notice 172 of 2009 – Exemption of Banks, and Notice 173 of 2009 –Exemption of certain FSPs and Representatives from Qualification Requirements, all in Government Gazette No. 32846 dated December 2009.

 

The Act has been updated with:

Application for Authorisation – Board Notice No. 60 of 2009, printed in Government Gazette No. 32227 dated 15 May 2009;

Board Notices No.103, 104, 105 and 106 regarding Financial Service Providers, printed in Government Gazette No. 31514 dated 15 October 2008.

Determination of Compliance Report – Notice 122 of 2009;

Notice on Requirements for Professional Indemnity and Fidelity Insurance Cover for Providers – Notice 123 of 2009, and

Determination of Compliance Report for Authorised Foreign Financial Service Providers –Notice 124 of 2009, printed in Government Gazette No. 32587 dated 21 September 2009.

 

The Act has been updated with a Board Notice regarding requirements for professional indemnity and fidelity insurance cover for providers, 2009, published in Government Gazette No. 32037 dated 25 March 2009.

 

The Act has been amended by the Financial Services Laws General Amendment Act, 2008 (Act No. 22 of 2008).

 

The Act has been updated by :-

Determination of Fees in Notice No. 536 of Government Gazette No. 24761 dated 15 April 2003;

Regulations, 2003 printed in Notice No. 879 in Government Gazette No. 25092 dated 13 June 2003;

Determination of Date in Notice No. 270 in Government Gazette No. 26080 dated 3 March 2004;

An Amendment to the Regulations, 2002, in Notice No. 297 in Government Gazette No. 26112 dated 12 March 2004;

Code of Conduct in Notice No. 39 of 2004 in Government Gazette No. 26201 dated 30 March 2004;

Determination of Fees in Notice No. 240 of Government Gazette No. 28627 dated 17 March 2006;

Determination of Requirements in Notice No. 91 of 2006, printed in Government Gazette No. 29132 dated 16 August 2006;

Notice on Codes of Conduct in Notice No. 89 of 2007 in Government Gazette No. 30228 dated 29 August 2007;

Amendment of Determination in Notice No. 87 of 2007 in Government Gazette No. 30228 dated 29 August 2007;

Determination of Compliance Reports in Notice No. 90 of 2007 in Government Gazette No. 30228 dated 29 August 2007.

 

The following have been added to the Act: ( all GG 25299 dated 8 August, 2003)

The Criteria and Guidelines for Approval of Compliance Officers

Qualifications and Experience of Compliance Officers in respect of Financial Services Business

Determination of requirements for re-appointment of debarred Representatives, 2003

Rules on Proceedings of the Office of the Ombud for Financial Service Providers, 2003

General Code of Conduct for authorised Financial Service Providers and Representatives

Codes of Conduct for Administrative and Discretionary FSP’s.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act 37 of 2002) has been added to the site as published in Government Gazette 24079 dated 15 November, 2002. A commencement date is still to follow.