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

Chapter V : Duties of authorised Financial Services Providers

17. Compliance officers and compliance arrangements

 

 

1)
a) Any authorised financial services provider with more than one key individual or one or more representatives must, subject to section 35(1)(c) and subsections (1)(b) and (2)(a)(i), appoint one or more compliance officers to oversee the provider's compliance function and to monitor compliance with this Act by the provider and such representative or representatives, particularly in accordance with the procedures contemplated in subsection (3), and to take responsibility for liaison with the registrar.
b) Such person must comply with the fit and proper requirements.
bA) The provisions of section 8A apply with the necessary changes to a compliance officer.
c) The provisions of section 19(4), (5) and (6), relating to an auditor of an authorised financial services provider, apply with the necessary changes to a compliance officer.

[Subsection (1) amended by section 190(a) and (b) of Act No. 45 of 2013]

 

2)
a)
i) A compliance officer must be approved by the registrar in accordance with the criteria and guidelines determined by the registrar.
ii) The registrar may amend such criteria and guidelines, and an approved compliance officer must comply with the amended criteria and guidelines within such period as may be determined by the registrar.
b) The registrar may at any time withdraw the approval if satisfied on the basis of available facts and information that the compliance officer—
i) has contravened or failed to comply with any provision of this Act;
ii) does not meet or no longer meets the fit and proper requirements; or
iii) does not comply or no longer complies with the criteria and guidelines contemplated in paragraph (a).
c) The provisions of section 9(2) and (6) regarding a decision to withdraw an authorisation (excluding such provisions relating to periods and terms) apply with the necessary changes to a withdrawal of an approval contemplated in paragraph (b).
d) The registrar may make known any withdrawal of approval under this subsection and the reasons therefor by notice on the official web site or by means of any other appropriate public media.

[Subsection 2 amended by section 190(c) of Act No. 45 of 2013]

 

3) An authorised financial services provider must establish and maintain procedures to be followed by the provider and any representative concerned, in order to ensure compliance with this Act.

 

4)
a) A compliance officer or, in the absence of such officer, the authorised financial services provider concerned, must submit reports to the registrar in the manner and regarding the matters, as from time to time determined by the registrar by notice on the official web site for different categories of compliance officers.
b) An authorised financial services provider must ensure that the reports referred to in paragraph (a) are submitted in accordance with the provisions of that paragraph.

[Subsection 4 amended by section 190(d) of Act No. 45 of 2013]

 

5) The provisions of subsections (3) and (4) apply with the necessary changes to any authorised financial services provider who carries on a business with only one key individual or without any representative.