Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)
Determination of Fit and Proper Requirements for Financial Services Providers, 2006
Part IV : Financial Soundness
5. Financial Soundness
|1)||An applicant must not be an unrehabilitated insolvent or under liquidation or provisional liquidation.|
|2)||The assets of an applicant (excluding goodwill and other intangible assets) must exceed the applicant’s liabilities (excluding loans validly subordinated in favour of all other creditors), subject to any exemptions granted.|
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