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

Determination of Compliance Reports by Compliance Officers and Authorised Financial Services Providers, 2007

 

 

Board Notice 90 of 2007

 

I, Robert James Gourlay Barrow, Registrar of Financial Services Providers, hereby under section 17(4) of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) ("the Act"), determine, after consultation with the Advisory Committee on Financial Services Providers, the compliance report by compliance officers and authorised financial services providers, as set out in the Schedules hereto, and so determine the following provisions in connection therewith:

a)
i) That a report conforming to the report in Schedule A hereto, in written form or in the prescribed electronic format determined from time to time must be submitted to me by the compliance officer concerned two months after the expiration of the reporting date as set out in Column Two of Table A below; or
ii) that a report conforming to the report in Schedule B hereto, in written form or in the prescribed electronic format determined from time to time, must be submitted to me by the provider where the provider need not in terms of the Act have a compliance officer and the provider has not appointed a compliance officer two months after the expiration of the reporting date as set out in Column Two of Table A below;
b)
i) that the categories of FSPs concerned must answer all questions in the relevant sections as indicated below:

Section 1 - all financial services providers

Section 2 - administrative financial services providers

Section 3 - discretionary financial services providers

Section 4 - forex financial services providers

Section 5 - financial services providers authorised for rendering financial services as regards health services benefits

Section 6 - all financial services providers

Section 7 - all financial services providers; and

ii) that documentary proof of compliance must be attached as annexures to the report when specifically so required and the relevant annexure number must be noted in column 5 and listed in section 7 of the Schedules A and B hereto;
iii) that should any questions be identified by the provider as developmental areas this must be noted in column 4 where allowed for;
iv) that answers should only be provided in columns that are not shaded in grey;
v) that if a question is dependent on the answer to another question and is not required to be answered, no answer is required;
c) that in this Notice and the Schedules, unless the context otherwise indicates or it is otherwise clearly inappropriate -
i) any word or expression to which a meaning has been assigned in the Act (including any measure contemplated in the definitions of "this Act" in section 1(1) of the Act), has that meaning;
ii) "Code of Conduct" means any such Code published under section 15 of the Act, including the General Code of Conduct, the Specific Code of Conduct for Authorised Financial Services Providers and Representatives conducting Short-term Deposit-taking Business, 2004, the Codes of Conduct for Administrative and Discretionary FSPs, 2003 and the Forex lnvestment Business Code of Conduct;
iii) "Determination of fit and proper requirements" means the Determination of fit and proper requirements for Financial Services Providers, 2006.
iv) "developmental area" means any control, process or compliance issue that has been identified during the monitoring of 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 lnvestment Business Code of Conduct" means the code of conduct for Authorised Financial Service Providers, and their Representatives, involved in Forex lnvestment Business, 2004;
vii) "FSP" and "financial services provider" means an authorized financial services provider, and includes, where appropriate, 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, where a provider has a financial year-end as referred to in Column One of Table A, the date set out in Column Two of Table A.
xi) "reporting period" means the period from the later of the date of authorisation as financial services provider in terms of section 8 of the Act or first day of the month following the reporting period for the 2006 compliance report, until the reporting date.

 

TABLE A

Column One

Provider’s Financial year-end

Column Two

Reporting Date

31 January 2007

31 August 2007

28 February 2007

31 August 2007

31 March 2007

30 September 2007

30 April 2007

31 October 2007

31 May 2007

30 November 2007

30June2007

31 December 2007

31 July 2007

31 December 2007

31 August 2007

31 December 2007

30 September 2007

31 December 2007

31 October 2007

31 December 2007

30 November 2007

31 December 2007

31 December 2007

31 December 2007

 

This Determination is called the Determination of Compliance Reports by Compliance Officers and Authorised Financial Services Providers, 2007, and comes into operation on the date of publication thereof.