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

Chapter VI : Enforcement

Part 2 : Other enforcement measures

35. Regulations

 

 

1) The Minister may by notice in the Gazette, after consultation with the registrar, make regulations relating to –
a) any matter which is required or permitted to be prescribed under this Act;
b) a prohibition on –
i) canvassing for, or marketing or advertising (whether within or outside the Republic) of any business relating to the rendering of financial services by any person who is not an authorised financial services provider or a representative of such a provider;
ii) the publication by any person, who is not an authorised financial services provider or a representative of such a provider, of any advertisement , communication or announcement directed to clients and which indicates that such person is an authorised financial services provider or a representative of such a provider; and
iii) the use by any person who is not an authorised financial provider or a representative of any such provider, of any name, title or designation indicating that the person is an authorised financial services provider or a representative of such a provider;
c) compliance arrangements, compliance monitoring systems and keeping of records;
d) powers of the registrar to call for information from any person to which this Act applies, including the powers of the Court to issue orders, on application by the registrar, to enforce obligations in that regard; and
e) generally, any matter which it is expedient or necessary to prescribe for the better achievement of the objects of this Act, the generality of this provision not being restricted by the provisions of any foregoing paragraph.

[Subsection 1 amended by section 197 of Act No. 45 of 2013]

 

2) The regulations may provide for offences in cases of contravention or non-compliance with the provisions thereof, and for penalties not exceeding a fine of R500 000 or imprisonment for a period not exceeding five years or to both such fine and such imprisonment.

 

3) Different regulations may be made in respect of different matters or categories of persons.