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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

2. Extent and duration of exemption

 

 

a) An FSP and a representative are hereby exempted from section 13(2)(a) of the Act and paragraph 10(3)(a) to (c) of the Determination of Fit and Proper Requirements, respectively, subject to the following conditions:
i) The representative must comply with paragraph 10(3)(a) to (c) of the Determination of Fit and Proper Requirements by 31 December 2011;
ii) the representative must render financial services under the supervision of a key individual of the FSP, as supervisor, and such supervision must be performed in accordance with paragraph 4 of the Exemption of Services under Supervision in terms of Requirements and Conditions, 2008;
iii) the representative must comply with paragraph 10(3)(d) and (e) of the Determination of Fit and Proper Requirements within the periods provided for;
iv) an appropriate qualification, recognised by the registrar, must be developed and registered with SAQA by one or more of the FSPs on or before 31 December 2010;
v) the FSP must, within three months of date of publication of this Exemption, furnish the registrar with a project plan that sets out the development, registration and implementation of the appropriate qualification to ensure that representatives will comply with the prescribed requirements by 31 December 2011; and
vi) the FSP must, within three months of date of publication of this Exemption, furnish the registrar with a list of names and identity numbers of the representatives to whom this Exemption applies.

 

b) This Exemption expires on 31 December 2011.