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

Determinations

Determination of Fit and Proper Requirements for Financial Services Providers, 2017

Chapter 3 : Competence Requirements

Part 4 : Regulatory examinations

25. Application of Part

 

The competence requirements relating to regulatory examinations contained in this Part—

(a) subject to paragraph (b), apply to all FSPs, key individuals and representatives;
(b) do not apply to—
(i) a Category I FSP, its key individuals and representatives that are authorised, approved or appointed only to render financial services or manage or oversee financial services in respect of the financial products: Long-term Insurance subcategory A and/or Friendly Society Benefits; and
(ii) a representative of a Category I FSP that is appointed only to—
(aa) perform the execution of sales in respect of a Tier 1 financial product provided that the requirements in section 22(b)(ii) are complied with; and/or
(bb) render financial services in respect of a Tier 2 financial product.