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

Qualifications, Experience And Criteria For Approval As Compliance Officer

Part  II

2. Application for approval as compliance officer

 

 

1) An applicant and compliance practice must apply on the application forms to the Registrar for Phase I and Phase II approvals.

 

2)
a) The entities that may apply for approval as a compliance practice are-
i) a partnership of which all the partners are natural persons who are themselves approved compliance officers;
ii) a company or close corporation that is incorporated and registered in terms of applicable legislation, and of which only individuals who have Phase 1 approval are directors and members of the company or dose corporation.
b) Where a member of a close corporation dies, the estate of the member may continue to hold the relevant interest for a period of six months as from the date of the death or for such longer period as the Registrar may approve.
c) Where a member of a dose corporation ceases to conform to any requirement of this subparagraph, the member may continue to hold the relevant interest for a period of six months as from the date on which the member ceases so to conform or for such longer period as the Registrar may approve.

 

3) If the Registrar is satisfied that the applicant or compliance practice complies with the criteria for-
a) Phase I approval, the Registrar must grant Phase I approval and issue an approval number on payment of the prescribed fee;
b) Phase II approval, the Registrar must grant Phase II approval on payment of the prescribed fee.

 

4) No person may render compliance services without having obtained Phase I and Phase II approvals, except for the persons referred to in paragraph 8(2)(a)(i) and (ii).