Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

In this Code "the Act" means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 20021, a word or expression to which a meaning has been assigned in the Act shall have that meaning, and, unless the context indicates otherwise—

"advertisement"

in relation to a provider, means any written, printed, electronic or oral communication (including a communication by means of a public radio service) which is directed to the general public, or any section thereof, or to any client on request, by a provider, which is intended merely to call attention to the marketing or promotion of short-term deposit business offered by the provider, and which does not purport to provide detailed information regarding any such business; and “advertising” or “advertises” has a corresponding meaning;

"client"

means a client in respect of short-term deposit business;

"deposit"

means a financial product referred to in the definition of “short-term deposit business”;

"provider"

means an authorised financial services provider which is a bank as defined in the Banks Act, 1990 (Act No. 94 of 1990), or a mutual bank as defined in the Mutual Banks Act, 1993 (Act No. 124 of 1993), conducting short-term deposit business and includes, where appropriate, any representative of the provider;

"short-term deposit business"

in respect of a provider, means the rendering of a financial service in respect of a deposit referred to in paragraph (f) of the definition of “financial product” in section 1(1) of the Act, with a term not exceeding 12 months;

"transaction requirement"

means any application, proposal, order, instruction or other contractual information required to be completed for, or submitted to, a provider by or on behalf of a client, relating to the investment in any deposit, including any amendment or variation thereof;

"writing"

includes communication by telefax or any appropriate electronic medium which is accurately and readily reducible to written or printed form; and “written” has a corresponding meaning.