Public Service Commission Act, 1997
R 385
Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Board NoticesExemption of Banks, 20092. Extent of exemption and conditions |
Banks are exempted until 31 May 2010 from section 7(3) of the Act when conducting financial services related business with an intermediary, subject to the following conditions:
| (a) | The banks may only conduct financial services related business with an intermediary whilst the intermediary embark on the process of— |
| (i) | transferring the business of rendering financial services in respect of forward exchange contracts to an authorised financial services provider; or |
| (ii) | closing down the business of rendering financial services in respect of forward exchange contracts; and |
| (b) | the banks may not conduct new financial services related business with the intermediary. |
