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

Exemption of Banks

2. Extent of exemption and conditions

 

 

Banks are exempted until 31 May 2010 from section 7(3) of the Act when conducting financial services related business with an intermediary, subject to the following conditions:

a) The banks may only conduct financial services related business with an intermediary whilst the intermediary embark on the process of -
i) transferring the business of rendering financial services in respect of forward exchange contracts to an authorised financial services provider; or
ii) closing down the business of rendering financial services in respect of forward exchange contracts; and
b) the banks may not conduct new financial services related business with the intermediary.