The Amendment Notice of the Exemption of Authorised Financial Services Providers as regards Representatives, No. 1 of 2008, published by BN 565 of 2008 in Gazette No. 31244 of 14 July 2008, is hereby repealed.
| (2) | Transitional arrangements |
For the purposes of this Exemption, the following transitional arrangements apply:
| (a) | A supervisor who does not meet the qualification requirements or has not completed the relevant first or second level Regulatory Examination(s), in relation to a specific Category or subcategory that he or she was appointed for before the date of coming into operation of this Exemption, may continue to function as a supervisor until he or she has met the requirements as set out in the Determination of Fit and Proper Requirements, 2008, as they apply. |
| (b) | Paragraph 4(9)(b), (d) and (e) in respect of a representative, exempted from the obligation under 13(2) of the Act, will only come into effect six (6) months after the date of coming into operation of this Exemption: Provided that during the transitional period- |
| (i) | such representative must render services under supervision until the required minimum experience has been attained to the satisfaction of the provider; |
| (ii) | such representative must inform clients prior to the rendering of the financial service that he or she renders services under supervision; |
| (iii) | the provider must have procedures in place to ensure that a representative is appropriately supervised; and |
| (iv) | the provider must maintain and retain records of how the supervision of a representative is carried out, the assessments and reviews of the financial services rendered and the approvals by the supervisor. |
