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

Exemption of Certain FSPs and Representatives from Qualification Requirements

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 is assigned in the Act shall have that meaning, and unless the context otherwise indicates-

"Determination of Fit and Proper Requirements" means the Determination of Fit and Proper Requirements for Financial Services Providers, 2008;

 

"financial product" means health policies, disability policies and life policies issued under the Long-term Insurance Act, 1998, which provide only risk benefits, excluding-

a) fund policies and fund member policies;
b) investment policies which guarantee a minimum return of any premium paid at a specified future date or dates, and where such minimum is ascertainable in Rand terms at inception;
c) health policies, disability policies and life policies which provide risk benefits and have a guaranteed investment value or a materially equivalent value;
d) annuities which guarantee a minimum annuity, ascertainable in Rand terms at inception, for the term of the policy; and
e) any long-term policy which combines any of the policy features in paragraphs (b) to (d);

 

"FSP" means JDG Trading (Pty Ltd (FSP 3247), Ellerine Furnishers (Pty) Ltd (FSP 36219), Lewis Stores (Pty) Ltd (FSP 2815) and Shoprite Checkers (Pty) Ltd (FSP 7732);

 

"representative" means an individual appointed during 30 September 2004 and 31 December 2007 to render financial services on behalf of an FSP and who on 31 December 2009 renders financial services in respect of a financial product on behalf of an FSP.

 

2) A reference to the respective policies in the definition of financial product shall have the meaning assigned in the Long-term Insurance Act, 1998, including any subordinate measure made thereunder.