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

Determination of Fit and Proper Requirements for Financial Services Providers, 2006

Part V : Miscellaneous

7. Transitional provisions

 

 

1) The provisions of this Schedule apply, subject to subparagraphs (2) and (3), only to a person who applies for a licence in terms of the Act as a financial services provider, or who is appointed, in terms of the Act, as a key individual or representative for any financial services provider, on the date of coming into operation of this Schedule or on any date thereafter.

 

2)
a) Subject to subparagraph (b), the provisions of this Schedule do not affect the rights, obligations or privileges of a person who on the date of coming into operation of this Schedule holds a licence as a financial services provider under the Act, or a person who is on that date an existing key individual or existing representative of any such financial services provider.
b) Any licensed financial services provider, any key individual and any representative of such provider, who has on the date referred to in subparagraph (a) not yet fully complied with a condition or restriction applying to that person by virtue of a provision in Column Four of Table A, B or C of the Schedule to the Determination referred to in paragraph 6, may elect to comply with an applicable alternative condition or restriction now referred to in Column Four of the Schedule to this Determination: Provided that any such existing condition or restriction not so having been complied with, or any new alternatively elected condition or restriction must be complied with before or on 31 December 2009.

 

3) Subject to subparagraphs (1) and (2), anything done or omitted under, in terms of or by virtue of a provision of the measures repealed by paragraph 6, is deemed, unless clearly inappropriate, to have been done or omitted under, in terms of or by virtue of a corresponding provision of this Schedule.