Broad-Based Black Economic Empowerment Act, 2003
R 385
Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Codes of ConductNotice on Codes of Conduct for Administrative and Discretionary FSP's, 2003Chapter II : Code of Conduct for Discretionary FSP’s, 2003Part II : Operational requirements6. Reporting to clients |
| 6.1 | A discretionary FSP must furnish a written report to a client which complies with subsection 6.2— |
| (a) | on request; and |
| (b) | at regular intervals which may not exceed three months at a time, unless the client consents in writing not to receive the report because such client is able to access the information made available by the discretionary FSP through electronic means, such as the Internet or a facsimile service, on a continuous basis. |
| 6.2 | A report to a client must contain such information as is reasonably necessary to enable the client to— |
| (a) | produce a set of financial statements; |
| (b) | determine the composition of the financial products comprising the investment and the changes therein over the period reported on; and |
| (c) | determine the market value of the financial products comprising the investment and the charges therein over the period reported on. |
| 6.3 | Despite subsection 6.2, the a discretionary FSP must on request by a client, furnish detailed information about the following matters: |
| (a) | Original cost of financial products held, as well as the current market value thereof; |
| (b) | financial products purchased or sold during the period; |
| (c) | cash receipts and payments during the period; |
| (d) | income earned and expenditure incurred during the period; |
| (e) | non-cash transactions during the period including, without limiting the generality of the foregoing, capitalisation issues and scrip dividends and option expiries; |
| (f) | financial products received or delivered to a client or nominee company during the period; |
| (g) | profits and losses realised during the period; |
| (h) | with regard to foreign financial products— |
| (i) | the conditions in terms of which the rendering of intermediary services with regard to a financial product will take place; |
| (ii) | the manner in which such financial product may be acquired; |
| (iii) | the jurisdictions from which the financial products may be acquired; |
| (iv) | the specific licensed exchange or other exchange on which the financial products are listed or traded, if applicable; |
| (v) | the country in which the financial products are licensed or registered, if applicable; |
| (vi) | the name and address of the foreign FSP’s used, if applicable; |
| (vii) | the name and address of the foreign regulator regulating the foreign FSP and if such FSP is approved or registered by such regulator; |
| (viii) | the name and address of the foreign regulator under whose jurisdiction the rendering of intermediary services in relation to specific financial products falls. |
