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

Determination of Compliance Report for Category 1 Authorised Financial Services Providers without a Compliance Officer, 2010

 

 

Board Notice No. 76 of 2010

 

Financial Services Board

 

In terms of section 17(4) of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) ("the Act"), I, Dube Phineas Tshidi, Registrar of Financial Services Providers, by this notice with its schedule, determine the manner in which the compliance report must be submitted by Category I Financial Services Providers without a compliance officer, and the matters which it must have regard to. This determination was made after consultation with the Advisory Committee on Financial Services Providers.

 

a) A written report for the reporting period, by completing the schedule attached hereto, or by completing electronically, the schedule on the web site of the Financial Services Board (www.fsb.co.za), must be submitted to the Registrar by 28 February 2011.
b) Answers should not be provided in columns that are shaded in grey in the schedule.
c) In this Notice and the schedule, unless the context indicates otherwise-
i) any word or expression shall have the meaning that it was assigned in the Act (including any measure contemplated in the definitions of "this Act" as defined in section 1 (1) of the Act);
ii) "Code of Conduct" means any Code published under section 15 of the Act;
iii) "Determination of Fit and Proper Requirements" means the Determination of Fit and Proper Requirements for Financial Services Providers, 2008;
iv) "Developmental area" means any control, process or compliance issue that has been identified during the monitoring if compliance as an area in respect of which the need for improvement of such control, process or compliance issue has been identified by the provider, and plans are in place to effect such improvements within a reasonable time;
v) "FICA" means the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001);
vi) "Forex Investment Business Code of Conduct" means the Code of Conduct for Authorised Financial Service Providers, and their Representatives, involved in Forex Investment Business, 2004;
vii) "FSP" and "financial services provider" means an authorised financial services provider, and includes, where applicable, any representative of the provider;
viii) "General Code of Conduct" or "General Code" means the Code of Conduct for Authorised Financial Services Providers and their Representatives, 2003;
ix) "Regulations" means the Financial Advisory and Intermediary Services Regulations, 2003;
x) "reporting date" means 31 December 2010;
xi) "reporting period" means the period from the latter of –
aa) the date of authorisation as financial services provider in terms of section 8 of the Act; or
bb) the first day of the month following the reporting period for the 2009 compliance report, or
cc) the date of appointment of the compliance officer of the FSP:

until the reporting date.

 

This Determination is called the Determination of Compliance Report for Category I Financial Services Providers without a Compliance Officer, 2010, and comes into operation on the date of publication thereof.

 

 

D P Tshidi

Registrar of Financial Services Providers