Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)
Exemption of Banks
|1)||In this Schedule, "the Act" means the Financial Advisory and Intermediary Services Act, 2002, any word or expression to which a meaning ;s assigned in the Act shall have that meaning, and unless the context otherwise indicates-|
|a)||a 'bank', 'branch', 'branch of a bank', 'mutual bank' or 'representative office' as defined in section 1(1) of the Banks Act, 1990 (Act No. 94 of 1990); or|
|b)||a 'co-operative bank' as defined in section 1(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);|
"intermediary", in relation to a bank, means a person who renders financial services in respect of forward exchange contracts without authorisation, and with whom the bank conducts financial services related business.
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