Acts Online
GT Shield

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

Chapter I : Administration of Act

6. Delegations and authorisations

 

 

1) The Minister may, on such conditions as the Minister may determine (which the Minister may at any time thereafter amend or withdraw), delegate any power conferred upon the Minister by this Act, excluding the power to make regulations under section 35 to the head of the National Treasury, any other official in the National Treasury, or the registrar.

 

2) The Board may –
a) on such conditions as the Board may determine (which the Board may at any time thereafter amend or withdraw), delegate to the chairperson, any other member of the Board or the registrar, any power conferred on the Board by or under this Act, excluding the power to make rules under section 26; or
b) so authorise the chairperson, any other member of the Board or the registrar, to carry out any duty assigned to the Board by or under this Act .

 

3) The registrar may –
a) on such conditions as the registrar may determine (which the registrar may at any time thereafter amend or withdraw), delegate to –
i) another member of the executive of the Board;
ii) any person who has been appointed by the Board; or
iii) any person or body recognised by the Board for that purpose, any power conferred upon the registrar by or under this Act, including a power delegated to the registrar under this Act; or
b) so authorise such member of the executive, person or body to carry out any duty assigned to the registrar by or under this Act.

 

4) For the purposes of recognition by the Board of a body contemplated in subsection (3)(a)(iii), the following provisions apply :
a) Any body of persons which represents a group of persons falling within the ambit of this Act, may apply to the registrar for recognition by the Board by notice on the official web site as a representative body for the purpose of performing the functions determined by the registrar;

[Paragraph (a) amended by section 179(a) of Act No. 45 of 2013]

b) an application for such recognition –
i) must be made in the manner determined by the registrar by notice on the official web site;

[Subparagraph (i) amended by section 179(b) of Act No. 45 of 2013]

ii) must be accompanied by the fee determined in terms of this Act;
iii) must be accompanied by information proving that the applicant has sufficient financial, management, and manpower resources and experience necessary for performing the functions determined by the registrar, and that the applicant is reasonably representative of the relevant group of persons which it purports to represent ;
c) if the registrar is satisfied that the applicant has complied with all requirements, the application must be submitted by the registrar to the Board for consideration;
d) the Board may –
i) grant an application unconditionally; or
ii) grant an application subject to such conditions as it deems necessary, after having given the applicant a reasonable opportunity to make submissions on the proposed conditions and having considered any such submissions, and direct the registrar to inform the applicant accordingly; or
iii) after having given the applicant a reasonable opportunity to make submissions and having considered any such submissions, refuse an application and direct the registrar to furnish the applicant with the written reasons of the Board for the refusal ;
e) a body recognised as a representative body contemplated in this subsection may at any time apply to the Board for the withdrawal or amendment of any condition imposed on the granting of the application;
f) the Board may –
i) grant any application, or portion thereof, referred to in paragraph (e) and direct the registrar to inform the applicant accordingly; or (ii) refuse any such application, or portion thereof, and direct the registrar to furnish the applicant with the written reasons of the Board for the refusal .

 

5) Any delegation or authorisation contemplated in this section does not prohibit the exercise of the power concerned or the carrying out of the duty concerned by the Minister, Board or registrar, as the case may be.

 

6) Anything done or omitted to be done under any delegation or authorisation contemplated in this section is deemed to have been done or omitted by the Minister, the Board or the registrar, as the case may be.