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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 8 : Licensing

Part 1 : Licensing requirements

111. Licence requirement in respect of providers of financial products and financial services, and market infrastructures

 

(1) A person may not provide, as a business or part of a business, a financial product, financial service or market infrastructure except—
(a) in accordance with a licence in terms of a specific financial sector law, the National Credit Act or the National Payment System Act; or
(b) if no specific financial sector law provides for such a licence, in accordance with a licence in terms of this Act.

[Section 111(1)(b) take effect on 1 April 2020 - Notice 142 of 2019, GG 42314, dated 18 March 2019]

 

(2) A person may not provide, as a business or part of a business, a financial product designated in terms of section 2, or a financial service designated in terms of section 3, except in accordance with a licence in terms of this Chapter.

 

(3) Subsections (1) and (2) only apply to a contractor if a responsible authority specifically, in a standard, requires that contractor to be licensed.

 

(4) A person may not describe or hold itself out as being licensed in terms of a financial sector law, including being licensed to provide particular financial products, financial services or market infrastructure, unless that person is so licensed.

 

(5) A person may not permit another person to identify the first person as licensed in terms of a financial sector law, including licensed in terms of a financial sector law to provide particular financial products, financial services or market infrastructure, unless the first person is so licensed.

 

(6) For the purposes of subsections (4) and (5), a person whose licence has been suspended or revoked is not licensed.

 

(7) Except to the extent expressly provided by this Act, this Act does not affect the provisions of the specific financial sector laws with respect to licensing in relation to financial products, financial services and market infrastructures.