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

Exemption in respect of Services under Supervision in terms of Requirements and Conditions, 2008

6. Miscellaneous

 

 

1) Repeals

 

The Amendment Notice of the Exemption of Authorised Financial Services Providers as regards Representatives, No.1 of 2008, published by BN 565 of 2008 in Gazette No. 31244 of 14 July 2008, is hereby repealed.

 

2) Transitional arrangements

 

For the purposes of this Exemption, the following transitional arrangements apply:

a) A supervisor who does not meet the qualification requirements or has not completed the relevant first or second level Regulatory Examination(s), in relation to a specific Category or subcategory that he or she was appointed for before the date of coming into operation of this Exemption, may continue to function as a supervisor until he or she has met the requirements as set out in the Determination of Fit and Proper Requirements, 2008, as they apply.
b) Paragraph 4(9)(b), (d) and (e) in respect of a representative, exempted from the obligation under 13(2) of the Act, will only come into effect six (6) months after the date of coming into operation of this Exemption: Provided that during the transitional period-
i) such representative must render services under supervision until the required minimum experience has been attained to the satisfaction of the provider;
ii) such representative must inform clients prior to the rendering of the financial service that he or she renders services under supervision;
iii) the provider must have procedures in place to ensure that a representative is appropriately supervised; and
iv) the provider must maintain and retain records of how the supervision of a representative is carried out, the assessments and reviews of the financial services rendered and the approvals by the supervisor.