Diamonds Act, 1986
R 385
Property Practitioners Act, 2019 (Act No. 22 of 2019)RegulationsProperty Practitioners Regulations, 2022Chapter 8 : Administrative and other matters41. Administrative MattersSchedule 2 - Administrative matters relating to Registrations and Fidelity Fund Certificates |
| 41.22 | Where a natural person acts as a property practitioner in different capacities within the same industry, a single fidelity fund certificate shall be issued to that natural person in respect of all capacities in which they act as a property practitioner within that industry. |
| 41.23 | A fidelity fund certificate will state the industry in respect of which such fidelity fund certificate applies but will not otherwise state the capacity in which the holder holds that fidelity fund certificate. |
| 41.24 | The Authority may not as a precondition to issuing a fidelity fund certificate require a property practitioner to bring into compliance any matter pertaining to any period preceding the date upon which a fidelity fund certificate was previously issued to the property practitioner concerned, unless either (a) that fidelity fund certificate was issued subject to the property practitioner bringing such specific matter into compliance or (b) a complaint has been lodged with the Authority in relation to any such non-compliance by the property practitioner concerned. |
| 41.25 | All fidelity fund certificates, and registration certificates will be issued by uploading the same to the Authority's web portal and making such accessible to the property practitioner concerned. A fidelity fund certificate or a registration certificate will be issued to and come into the possession of a property practitioner once such certificate is made available on the Authority's web portal, such that a copy of it is capable of being downloaded by the property practitioner concerned. Should the Authority not observe the time period contemplated in section 49(1), then in accordance with section 49(3), an application for a fidelity fund certificate is deemed to have been approved by the Authority which must, upon the applicant's written request, issue the fidelity fund certificate within 10 working days. Furthermore, the property practitioner will be deemed to be compliant with all provisions of the Act requiring possession of a fidelity fund certificate, and no action relating to non-possession of a fidelity fund certificate may be taken against such property practitioner. |
| 41.26 | For the purposes of section 56 (5) of the Act, a conveyancer must obtain a copy of both (a) the Fidelity Fund certificate of the business operation concerned issued pursuant to the provisions of regulation 26A and (b) the Fidelity Fund certificate of the natural person property practitioner or natural person property practitioners who were concerned with the transaction in question. |
| 41.27 | A fidelity fund certificate downloaded from the Authority's web portal will, if saved and retained in the original file format together with its original properties, constitute an original fidelity fund certificate for the purposes of the Act and will retain that character if sent unaltered as part of an electronic message as contemplated in the Electronic Communications and Transactions Act, 25 of 2002. A fidelity fund certificate may in accordance with the foregoing be provided electronically to a conveyancer for the purposes of compliance with section 56 (5). |
| 41.28 | Prior to withdrawing a fidelity fund certificate (whether in terms of section 52(1) or otherwise) and without derogating from the requirements of administrative law, the Authority must— |
| 41.28.1 | give notice of its intention to withdraw such fidelity fund certificate; and |
| 41.28.2 | first grant the person in question an opportunity to make representations within a period of 30 days as to why such fidelity fund certificate should not be withdrawn; and |
| 41.28.3 | first grant the person in question an opportunity to apply within a period of 30 days for exemption, should they wish to do so. |
