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

Exemption in respect of Services under Supervision in terms of Requirements and Conditions, 2008

1. Definitions

 

 

In this Schedule "the Act" means the Financial Advisory and Intermediary Services Act, 2002 (Act No 37 of 2002), and any word or expression to which a meaning has been assigned in the Act, or in any measure promulgated under the Act as referred to in the definition of "this Act" in section 1(1) of the Act, shall, unless the context otherwise indicates, have that meaning; and the following words and expressions shall, unless the context otherwise indicates, have the following meanings:

 

"appointment date"

or "date of appointment" or "appointment as a representative" means the date on which a representative was first appointed by any financial services provider to render financial services in relation to a specific Category or subcategory;

 

"direct supervision"

means the supervision of the financial services rendered by a representative under the guidance, instructions and supervision of a supervisor, and which occurs on a regular (ranging between daily and weekly) basis;

 

"investment team meetings"

means morning meetings and/or similarly structured meetings that refer to the practice of discretionary financial service providers where the investment team discusses and decides on the investment policy, strategy or the implementation of a specific investment decision;

 

"ongoing level of supervision"

means the way in which supervision is exercised after the initial period of services under direct supervision has been completed, but the supervisee still requires supervision, and such supervision occurs on at least a biweekly to monthly basis;

 

"product training"

means the way in which a specific product supplier provides training regarding the features, benefits, cost structures, risk profiles and other information required for advice or the rendering of intermediary services for a specific financial product provided;

 

"representative register"

or "register of representatives" means the register of representatives that must be maintained by the financial services provider and submitted to the Registrar in terms of section 13 of the Act;

 

"services under supervision"

means financial services rendered by a representative who does not meet the prescribed experience, qualification and/or regulatory examination requirements and which services are rendered under the guidance, instruction and supervision of a supervisor in terms of the provisions of an exemption by the Registrar under section 44 of the Act;

 

"supervisee"

means the representative who acts under supervision until the requirements for experience and qualifications have been met;

 

"supervision agreement"

means the written agreement regarding the execution of the services under supervision on behalf of the financial services provider, or the arrangement between employer and employee which requires the employee to submit to supervision under certain circumstances;

 

"supervisor"

means -

a) an authorised financial services provider being a natural person; or
b) a representative of the provider who meets, to the satisfaction of the provider, the relevant requirements of this Exemption; or
c) a key individual of the financial services provider who meets, to the satisfaction of the provider, the relevant requirements of this Exemption;

 

"the General Code of Conduct"

means the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003, as amended.