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

Determination of Fit and Proper Requirements for Financial Services Providers, 2006

Part II : Personal Character Qualities of Honesty  and Integrity

2. Honesty and Integrity

 

 

1) An applicant must be a person who is honest and has integrity.

 

2) In determining whether the applicant complies with subparagraph (1), the Registrar may refer to any information in possession of the Registrar or brought to the Registrar’s attention.

 

3) Without prejudice to the generality of subparagraphs (2) and (4), any of the following factors constitutes prima facie evidence that the applicant does not qualify in terms of subparagraph (1), namely that the applicant-
a) has within a period of five years preceding the date of application been found guilty in any civil or criminal proceedings by a court of law (whether in the Republic or elsewhere) of having acted fraudulently, dishonestly, unprofessionally, dishonourably or in breach of a fiduciary duty;
b) has within a period of five years preceding the date of application been found guilty by any professional or financial services industry body (whether in the Republic or elsewhere) recognised by the Board, of an act of dishonesty, negligence, incompetence or mismanagement, sufficiently serious to impugn the honesty and integrity of the applicant;
c) has within a period of five years preceding the date of application been denied membership of any body referred to in subparagraph (b) on account of an act of dishonesty, negligence, incompetence or mismanagement, sufficiently serious to impugn the honesty and integrity of the applicant;
d) has within a period of five years preceding the date of application-
i) been found guilty by any regulatory or supervisory body (whether in the Republic or elsewhere), recognised by the Board; or
ii) had its authorisation to carry on business refused, suspended or withdrawn by any such body,

on account of an act of dishonesty, negligence, incompetence or mismanagement sufficiently serious to impugn the honesty and integrity of the applicant;

e) has within a period of five years preceding the date of application, had any licence granted to the applicant by any regulatory or supervisory body referred to in subparagraph (d) suspended or withdrawn by such body on account of an act of dishonesty, negligence, incompetence or mismanagement, sufficiently serious to impugn the honesty and integrity of the applicant; or
f) has at any time prior to the date of application been disqualified or prohibited by any court of law (whether in the Republic or elsewhere) from taking part in the management of any company or other statutorily created, recognised or regulated body, irrespective whether such disqualification has since been lifted or not.

 

4) An applicant must in the application be candid and accurate and must of own accord disclose all facts or information at the disposal of, or which may be accessible to the applicant, and which may be relevant for purposes of a decision by the registrar that the applicant complies or does not comply with subparagraph (1).