Basic Conditions of Employment Act, 1997
R 385
Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)DeterminationsAmendment of the Determination of Fit and Proper Requirements, 2020Chapter 6 : Financial SoundnessPart 2 : Requirements for specific Category I FSPs and their juristic representatives45. Application of Part and Requirement |
| (1) | This part applies to a Category I FSP and a juristic representative of a Category I FSP that does not hold, control or has access to client assets or that does not collect, hold or receive premiums or other monies in respect of a financial product. |
| (2) | The assets of a – |
| (a) | Category I FSP; and |
| (b) | juristic representative of a Category I FSP, |
must at all times exceed the liabilities of that FSP or that juristic representative.
[Section 45 will become effective from 1 March 2019, but only insofar it relates to a juristic representative, in terms of section 53(1) of this Notice]
