Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)Board NoticesAmendment on Qualifications, Experience and Criteria for the Approval as a Compliance Officer, 2015Part II2. Application for approval as compliance officer |
| (1) | An applicant and compliance practice must apply on the application forms to the Registrar for Phase I and Phase II approvals. |
| (2) |
| (a) | The entities that may apply for approval as a compliance practice are— |
| (i) | a partnership of which all the partners are natural persons who are themselves approved compliance officers; |
| (ii) | a company or close corporation that is incorporated and registered in terms of applicable legislation, and of which only individuals who have Phase 1 approval are directors and members of the company or dose corporation. |
| (b) | Where a member of a close corporation dies, the estate of the member may continue to hold the relevant interest for a period of six months as from the date of the death or for such longer period as the Registrar may approve. |
| (c) | Where a member of a dose corporation ceases to conform to any requirement of this subparagraph, the member may continue to hold the relevant interest for a period of six months as from the date on which the member ceases so to conform or for such longer period as the Registrar may approve. |
| (3) | If the Registrar is satisfied that the applicant or compliance practice complies with the criteria for— |
| (a) | Phase I approval, the Registrar must grant Phase I approval and issue an approval number on payment of the prescribed fee; |
| (b) | Phase II approval, the Registrar must grant Phase II approval on payment of the prescribed fee. |
| (4) | No person may render compliance services without having obtained Phase I and Phase II approvals, except for the persons referred to in paragraph 8(2)(a)(i) and (ii). |