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Table of Contents
Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)
Notice No. 1453 of 2002
Act
Introductory Provisions
1. Definitions and application
1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments
Chapter I : Administration of Act
2. [Repealed] Registrar and deputy registrar of financial services providers
3. General provisions concerning registrar
4. Special provisions concerning powers of registrar
5. [Repealed] Advisory Committee on Financial Services Providers
6. Delegations
6A. Fit and proper requirements
Chapter II : Authorisation of Financial Services Providers
7. Authorisation of financial services providers
8. Application for authorisation
8A. Compliance with fit and proper requirements after authorisation
9. Suspension and withdrawal of authorisation
10. (Repealed) Withdrawal of authorisation
11. Lapsing of licence
12. Exemptions in respect of product suppliers
Chapter III : Representatives of authorised Financial Services Providers
13. Qualifications of representatives and duties of authorised financial services providers
14. Debarment of representatives
14A. [Repealed] Debarment by registrar
Chapter IV : Codes of Conduct
15. Publication of codes of conduct
16. Principles of code of conduct
Chapter V : Duties of authorised Financial Services Providers
17. Compliance officers and compliance arrangements
18. Maintenance of records
19. Accounting and audit requirements
Chapter VI : Enforcement
Part 1 : Ombud for financial services providers
20. Office of Ombud for Financial Services Providers
20A. Ombud scheme
21. Appointment of Ombud and deputy ombuds
22. Funding of Office
23. Accountability
24. General administrative powers of Ombud
25. Disestablishment and liquidation of Office
26. Powers of Board
27. Receipt of complaints, prescription, jurisdiction and investigation
28. Determinations by Ombud
29. Record-keeping
30. Report of Ombud
31. Penalties
32. [Repealed] Promotion of client education by registrar
Part 2 : Other enforcement measures
33. [Repealed] Civil remedies
34. Undesirable practices
35. Regulations
36. Offences and penalties
37. Consideration of quantum of fines and penalties [REPEALED]
38. Voluntary sequestration, winding-up and closure
38A. Business rescue
38B. Application by registrar for sequestration or liquidation
38C. Directives
39. Right to consideration of decision
Chapter VII : Miscellaneous
40. Saving of rights
41. Fees and penalties
42. [Repealed] Exchange of information
43. [Repealed] Limitation of liability
44. Exemptions by registrar and Minister
45. Exemptions, and amendment or repeal of laws
46. Commencement and short title
Schedule
Schedule 1 : Laws Amended Or Repealed
Regulations
Financial Advisory And Intermediary Services Regulations, 2003
Notice No. 879 of 2003
Chapter I : Definitions
1. Definitions
Chapter II : Matters required or permitted by Act to be Prescribed (Section 35(1)(a) of Act)
2. Period contemplated in section 45(2)(b) of Act
Chapter III : Prohibitions on Canvassing for, and Marketing or Advertising of Unauthorised Financial Services (Section 35(1)(b) of Act)
3. No person
Chapter IV : Compliance Arrangements (Section 35(1)(C) of Act)
4. Application for approval
5. Establishment of compliance function
Chapter V : Matters relating to Administrative and Discretionary FSPs (Section 35(1)(d) and (e) of Act)
6. Nominee companies of discretionary FSPs
7. Independent nominees of administrative FSPs
8. Written agreement with independent nominee
9. Requirements for independent nominee
10. Duties of independent nominee
11. Enforcing court orders
12. Construction of certain references
Chapter VI : Matters relating to Foreign Forex Services Providers and Clearing Firms
13. Definitions
14. Approval of foreign entities
15. Requirements
16. Granting or refusal of approval
17. Interpretation
Chapter VII : Miscellaneous
18. Penalties
19. Powers of registrar to call for information
20. Short title
Notices
[Repealed] Determination of Fees Payable to the Registrar of Financial Services Providers, 2016
Notice No. 1586 of 2016
Schedule
Determination of Fees Payable to the Registrar of Financial Services Providers, 2017
Notice No. 89 of 2018
Schedule
Declarations
Declaration of a Crypto Asset as a Financial Product under the Financial Advisory and Intermediary Services Act
General Notice No. 1350 of 2022
Board Notices
Qualifications and Experience of Compliance Officers in respect of Financial Services Business, 2002
Board Notice 83 of 2003
1. Definitions
2. Qualifications and experience of compliance officers
3. Short title and commencement
Specific Code of Conduct for Authorised Financial Services Providers and Representatives conducting Short-term Deposit Business, 2004
Board Notice 102 of 2004
Part l : Introductory Provisions
1. Definitions
2. Application of Act
3. Construction
4. Application of Code
Part ll : General Duties of Providers
5. Unsolicited contacting of client
6. General duties of provider
7. Other information and explanations
8. Account operations
Part lll : Confidentiality and Privacy
9. Confidentiality and Privacy
Part IV : Advertising
10. Advertising
Part V : Complaint Resolution
11. General
12. Basic principles of systems and procedures
13. Resolution of complaints
14. Specific obligations
Part VI : Miscellaneous
15. Waiver of rights
16. Short title and commencement
Exemption in respect of Services under Supervision in terms of Requirements and Conditions, 2008
Board Notice 104 of 2008
1. Definitions
2. Objectives of exemption
3. Extent of exemption
4. Requirements and conditions
5. Amendment or withdrawal
6. Miscellaneous
7. Short title and commencement
Application by Financial Services Providers for Authorisation by The Financial Services Board, 2009
Board Notice 60 of 2009
Requirements for Professional Indemnity and Fidelity Insurance Cover for Providers, 2009
Board Notice 123 of 2009
1. Interpretation
2. Application
3. Categories I, II, IIA, III and IV providers
4. Time of licensing
5. Amendments and adjustments
6. Construction of Notice
7. Repeal
8. Short title and commencement
Exemption of Banks, 2009
Board Notice 172 of 2009
1. Definitions
2. Extent of exemption and conditions
3. Amendment of exemption
4. Short title and commencement
Exemption in respect of Services under Supervision by Compliance Officers, 2010
Board Notice 126 of 2010
1. Definitions
2. Objectives of exemption
3. Extent of exemption
4. Requirements and conditions
5. Amendment or withdrawal
5A. Transitional arrangements
6. Short title and commencement
Amendment of Exemptions No. 2, 2011
Board Notice 176 of 2011
General Exemption : Level 1 Regulatory Examination, 2011
Board Notice 199 of 2011
1. Definitions
2. Extent of exemption and condition
3. Amendment and withdrawal of exemption and conditions
4. Short title and commencement
Amendment of the Qualifications, Experience and Criteria for Approval as Compliance Officer, 2022
Board Notice 127 of 2010
Part I
1. Definitions
Part II
2. Application for approval as compliance officer
Part III
3. Criteria for Phase I approval
Part IV
4. Criteria for Phase II approval
Part V
5. Compliance with CPO requirements after approval
6. Recognition and qualifying criteria of compliance qualifications
Part VI
7. Criteria for recognition of a specific and generic compliance qualification
Part VII
8. Delegation of rendering of compliance services
9. Withdrawal and lapsing of approval
10. Transitional provisions
11. Repeals
12. Updating
13. Short title and commencement
Annexures
Annexure 1 : Qualifying Criteria
Annexure 2 : Qualifications recognised for Compliance Officers
Annexure 3 : Appropriate Subject List
Bi-Annual Compliance Report for Categories lll FSPs, 2013
Board Notice 108 of 2013
Schedule
Declaration signed by Compliance Ofrficer(s) submitting Compliance Report
Amendment of the Determination of Fit and Proper Requirements, 2020
Board Notice 194 of 2017
Chapter 1 : Interpretation, Purpose and Application of Determination
1. Definitions
2. Purpose of Determination
3. Categories of FSPs
4. Fit and proper requirements
5. On-going compliance with fit and proper requirements
6. Specific requirement for FSPs and representatives rendering financial services in respect of the financial product: Health Service Benefit
Chapter 2 : Honesty, Integrity and Good Standing
7. Application of Chapter
8. Honesty, integrity and good standing
9. Incidents without indicating when persons are not honest, or lack integrity or good standing
10. Disclosure of information relating to honesty, integrity and good standing
Chapter 3 : Competence Requirements
Part 1 : Application and General Requirements
11. Application of Part
12. General competence requirements
13. Responsibilities of an FSP
Part 2 : Minimum experience
14. Application of Part
15. General experience requirement
16. Lapsing of experience
Minimum experience requirements per Category of FSPs
17. Category I FSPs
18. Category II FSPs
19. Category IIA FSPs
20. Category III FSPs
21. Category IV FSPs
Part 3 : Minimum qualifications
22. Application of Part
23. General requirement
24. Recognition of qualifications
Part 4 : Regulatory examinations
25. Application of Part
26. Regulatory examination requirements
27. Setting and taking of regulatory examinations
Part 5 : Class of business Training and Product Specific Training
28. Application of Part
29. Class of business training and product specific training
30. Record keeping and reporting requirements
Chapter 4 : Continuous Professional Development
31. Application of Chapter
32. General requirements
33. Minimum CPD hours
34. Reduction of CPD hours
Chapter 5 : Operational Ability
35. Application of Chapter
36. General requirements
37. Governance requirements
38. Additional requirements applicable to FSPs that provide automated advice
39. Outsourcing of functions to a person other than a representative of the FSP
40. Appointment of representatives
41. Representatives
42. Key individuals
Chapter 6 : Financial Soundness
Part 1 : Application and General Requirements
43. Application of Chapter
44. General requirements
Part 2 : Requirements for specific Category I FSPs and their juristic representatives
45. Application of Part and Requirement
Part 3 : Requirements applicable to specific Categories of FSPs and juristic representatives
46. Application of Part
47. Definitions
48. Specific requirements
49. Early warning requirements
50. Multiple Category FSPs
Chapter 7 : Miscellaneous: Repeal of previous Board Notices on fit and proper requirements, savings, and transitional provisions
51. Repeals
52. Transitional provisions
53. Short title and commencement
Annexures
Annexure One : Minimum Experience
Table 1: Experience requirements for and in relation to Category I FSPs
Table 2: Experience requirements for and in relation to Category II FSPs
Annexure Two : Appropriate Subject List
Annexure Three : Tier 1 and Tier 2 Financial Products
Annexure Four : Classes of Business
Annexure Five : Regulatory Examinations
Table 1: Regulatory Examination: FSPs and Key Individuals in all Categories of FSPs
Table 2: Regulatory Examination: FSPs and Key Individuals in Categories II and IIA
Table 3: Regulatory Examination: FSPs and Key Individuals in Category III
Table 4: Regulatory Examination: Representatives in all Categories of FSPs
Annexure Six : Form A - Liquidity calculation
Notice on the Form of Licence, 2018
Board Notice 89 of 2018
Schedule
Codes of Conduct
Notice on Codes of Conduct for Administrative and Discretionary FSP's, 2003
Board Notice 79 of 2003
Chapter I : Code of conduct for Administrative FSP's
Part I : Introductory provisions
1. Object and application of Code
2. Definitions
Part II : Operational requirements
3. Prohibitions and duties
4. General functions
5. Dealing with clients
6. Termination of relationship with client
7. Record-keeping
8. Insurance
9. Independent nominees
10. Reporting to clients
Part III : Transitional provision and short title
11. Transitional provision and short title
Chapter II : Code of conduct for discretionary FSP's
Part I : Introductory provisions
1. Object and application of Code
2. Definitions
Part II : Operational requirements
3. Prohibitions
4. Duties of discretionary FSP
5. Mandates
6. Reporting to clients
7. Insurance
8. Nominee companies
Part III : Duties of hedge fund FSPs, transitional provision and short title
8A. Duties of hedge fund FSPs
9. Transitional provision and short title
Amendment of the General Code of Conduct for Authorised FSPs and Representatives, 2020
Board Notice 80 of 2003
Part I : Introductory provisions
Part II : General provisions
Part III : Information on product suppliers
Part IV : Information on providers
Part V : Contacting of client
Part VI : Information about financial service
Part VII : Furnishing of advice
Part VIII : Custody of financial products and funds
Part IX : Risk Management
Part X : Advertising and direct marketing
Part XI : Complaints Management
Part XII : Termination of agreement or business
Part Xlll : Waiver of rights
Part XIV : Short title and commencement
Code of Conduct for Authorised Financial Services Providers, and their Representatives, involved in Forex Investment Business, 2004
Board Notice 39 of 2004
Part I : Introductory Provisions
1. Definitions and application
Part II : General Prohibitions and Duties applying to Forex Investment Intermediaries
2. Prohibitions
3. General duties of a forex investment intermediary
4. Ceasing of business
Part III : Special Provisions applying to Forex Investment Intermediaries
5. Mandate from client
6. Reporting to clients
7. Insurance
Part IV : Special Provisions applying to Forex Investment Advisors
8. General functions
9. Arrangements between forex investment advisors and clients and cost disclosure
10. Records of advice
Part V : Miscellaneous, Title and Commencement
11. Additional applicability of General Code
12. Title and commencement
Rules
Proceedings of the Office of the Ombud for Financial Services Providers Amendment Rules, 2004
Board Notice 81 of 2003
1. Definitions and application
2. Fundamental principles
3. Category of persons qualifying as complainants
4. Type of complaint justiciable by Ombud
5. Rights of complainants in connection with complaints
6. Rights and duties of respondent
7. Summary dismissal of complaints
8. Time limits
9. Case fees, costs and interest
10. Liaison between Ombud and Registrar
11. Administrative and procedural matters
12. Appeals
13. Short title
Minister
means the Minister of Finance;
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