Statistics Act, 1999
R 385
Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Chapter II : Authorisation of Financial Services Providers7. Authorisation of financial services providers |
| (1) | With effect from a date determined by the Minister by notice in the Gazette, a person may not act or offer to act as a— |
| (a) | financial services provider, unless such person has been issued with a licence under section 8; or |
| (b) | a representative, unless such person has been appointed as a representative of an authorised financial services provider under section 13. |
[Section 7(1) amended by section 181 of Act No. 45 of 2013]
| (2) | Subject to section 40, a transaction concluded on or after the date contemplated in subsection (1) between a product supplier and any client by virtue of any financial service rendered to the client by a person not authorised as a financial services provider, or by any other person acting on behalf of such unauthorised person, is not unenforceable between the product supplier and the client merely by reason of such lack of authorisation. |
| (3) | An authorised financial services provider or representative may only conduct financial services related business with a person rendering financial services if that person has, where lawfully required, been issued with a licence for the rendering of such financial services and the conditions and restrictions of that licence authorises the rendering of those financial services, or is a representative as contemplated in this Act. |
