Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)
Financial Advisory And Intermediary Services Regulations, 2003
Chapter V : Matters relating to Administrative and Discretionary FSPs (Section 35(1)(d) and (e) of Act)
7. Independent nominees of administrative FSPs
|(1)||An administrative FSP must prior to commencing business apply to the registrar for approval of its independent nominee which complies with regulation 9.|
|(2)||The application must be made in accordance with section 3(2) of the Act and be accompanied by the latest audited annual financial statements relating to the independent nominee.|
|(3)||The administrative FSP remains responsible for ensuring that its independent nominee executes its duties in accordance with these Regulations.|
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