Acts Online
GT Shield

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

Chapter I : Administration of Act

4. Special provisions concerning powers of registrar

 

 

1) When anything is required or permitted to be done by the registrar in terms of this Act within a particular period, the registrar may on application or on own initiative before the expiry of that period, extend it for any sufficient cause .

 

2) The registrar may by notice direct an authorised financial services provider, representative or compliance officer to furnish the registrar, within a specified period, with specified information or documents required by the registrar for the purposes of this Act.

[Subsection 2 amended by section 177(a) of Act No. 45 of 2013]

 

3)
a) If any advertisement, brochure or similar document relating to the rendering of a financial service by an authorised financial services provider or a representative is being, or is to be, published by any person, and any such document is misleading, or confusing, or contains any incorrect statement of fact, the registrar may by notice direct that person not to publish it, to cease publishing it or to effect changes thereto.
b) A notice contemplated in paragraph (a) takes effect on a date specified in such notice after the registrar has –
i) provided the person concerned with the reasons for the notice; and
ii) afforded the person concerned a reasonable opportunity to be heard.

 

4) If there is reason to believe that a person is contravening or failing to comply with, or has contravened or failed to comply with, a provision of this Act, the registrar may –
a) by notice direct that person –
i) to furnish the registrar within a specified period with any specified information or documents in the possession or under the control of that person and which relate to the subject-matter of such contravention or failure;
ii) to appear before the registrar at a specified time and place for the purpose of discussing such matter with the registrar; or
iii) to make arrangements for the discharge of all or any part of that person's obligations in terms of this Act;
b) if satisfied that in the case concerned significant prejudice or damage to clients has occurred or may occur, apply to a Court for an order restraining such person from continuing business or dealing with the funds or other property held by such person on behalf of clients or other persons, pending the institution by the registrar of an application or action contemplated in section 33(1) and (2), or the exercising by the registrar of such other legal remedy as may be available to the registrar ; if prejudice or damage may have occurred to a client, refer the matter, together  with any information or documentation in the registrar's possession, to the Office to be dealt with as a complaint by the client concerned.

 

5)
a) The registrar may—
i) conduct an on-site visit under Chapter 1A of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001); or

[Subparagraph (i) amended by section 177(b) of Act No. 45 of 2013]

ii) instruct an inspector to conduct an inspection under the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998).

[Subparagraph (ii) amended by section 177(b) of Act No. 45 of 2013]

b) [Subparagraph (b) deleted by section 177(c) of Act No. 45 of 2013]

 

6) After an on-site visit or inspection has been carried out in terms of subsection (5), the registrar may direct the provider, representative, compliance officer or person concerned to take any steps, or to refrain from performing or continuing to perform any act, to terminate or remedy any contravention of or failure to comply with any provision of this Act: Provided that the registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001).

[Subsection 6 amended by section 177(d) of Act No. 45 of 2013]

 

7) [Subsection 7 deleted by section 177(e) of Act No. 45 of 2013]