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

Financial Advisory And Intermediary Services Regulations, 2003

Chapter IV : Compliance Arrangements (Section 35(1)(C) of Act)

5. Establishment of compliance function

 

 

1) Subject to the provisions of, an authorised financial services provider shall ensure that a compliance function exists or is established as part of the risk management framework of the business supervised by an approved compliance officer (where required in terms of the Act), or otherwise managed under control and responsibility of the provider alone.

 

2) The compliance function must be exercised with such diligence care and degree of competency as may reasonably be expected from a person responsible for such function.

 

3) An approved compliance officer (where required by the Act) must provide a provider with written reports on the course of, and progress achieved with, compliance monitoring duties and make recommendations to the provider as regards any aspect of the required compliance or monitoring functions.