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

Chapter I : Administration of Act

6A. Fit and proper requirements

 

 

(1)        The registrar, for purposes of this Act, by notice in the Gazette—

(a)        must—

(i) classify financial services providers into different categories;
(ii) determine fit and proper requirements for each category of providers; and
(iii) in each category of providers determine fit and proper requirements for—
(aa) key individuals of providers;
(bb) representatives of providers;
(cc) key individuals of representatives of providers; and
(dd) compliance officers; and
(b) may determine fit and proper requirements for providers, key individuals, representatives, key individuals of representatives and compliance officers in general.

 

(2) Fit and proper requirements may include, but are not limited to, appropriate standards relating to—
(a) personal character qualities of honesty and integrity;
(b) competence, including—
(i) experience;
(ii) qualifications; and
(iii) knowledge tested through examinations determined by the registrar;
(c) operational ability;
(d) financial soundness; and
(e) continuous professional development.

 

(3) Different fit and proper requirements may be determined for providers, representatives and compliance officers that are natural persons and for those that are partnerships, trusts or corporate or unincorporated bodies.

 

(4) The registrar may, by notice in the Gazette, amend the fit and proper requirements from time to time, and a provider, key individual, representative, key individual of a representative and compliance officer must comply therewith such period as determined by the registrar.

 

[Section 6A inserted by section 180 of Act No. 45 of 2013]