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

Financial Advisory And Intermediary Services Regulations, 2003

Chapter V : Matters relating to Administrative and Discretionary FSPs (Section 35(1)(d) and (e) of Act)

7. Independent nominees of administrative FSPs

 

 

1) An administrative FSP must prior to commencing business apply to the registrar for approval of its independent nominee which complies with regulation 9.

 

2) The application must be made in accordance with section 3(2) of the Act and be accompanied by the latest audited annual financial statements relating to the independent nominee.

 

3) The administrative FSP remains responsible for ensuring that its independent nominee executes its duties in accordance with these Regulations.