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

Determination of Compliance Report for Financial Services Providers changing Compliance Officers, 2009

 

 

Board Notice 122 of 2009

 

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 of financial services providers that changed compliance officers during the reporting period, must be submitted, 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, conforming to the schedule attached hereto, or in the prescribed electronic format determined by the Registrar, must be submitted by the resigning compliance officer within one month after date of resignation.
b) Should the resigning compliance officer not be able to submit a compliance report (in case of death or immediate dismissal), a letter from the FSP stating the circumstances, will suffice.
c) Should the FSP appoint a compliance officer from compliance practice the resigning compliance officer is from, the resigning officer does not need to submit a compliance report.
d) Should there be more than one compliance officer appointed by the FSP, the resigning compliance officer does not need to submit a compliance report.
e) Answers should not be provided in columns that are shaded in grey in the schedule.
f) 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) "FICA" means the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001);
v) "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;
vi) "FSP" and "financial services provider" means an authorised financial services provider, and includes, where applicable, any representative of the provider;
vii) "General Code of Conduct" or "General Code" means the Code of Conduct for Authorised Financial Services Providers and their Representatives, 2003;
viii) "previous reporting period" means the reporting period of the last annual compliance report submitted;
ix) "Regulations" means the Financial Advisory and Intermediary Services Regulations, 2003;
x) "reporting date" means date on which compliance officer resigns;
xi) "reporting period" means the period from-
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 previous reporting period, whichever is the later date, until the reporting date. If this period is 2 months or shorter, no compliance report needs to be submitted.

 

This Determination is called the Determination of Compliance Report for Financial Services Providers changing Compliance Officers, 2009, and comes into operation on the date of publication thereof.

 

 

D P Tshidi

Registrar of Financial Services Providers