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

Exemption of Banks

1. Definitions

 

 

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-

 

"bank", means-

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.