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

Board Notices

Amendment on Qualifications, Experience and Criteria for the Approval as a Compliance Officer, 2015

Part  VII

9. Withdrawal and lapsing of approval
Purchase cart Previous page Return to chapter overview Next page

 

(1)The Registrar may withdraw—
(i)a compliance officer's approval if such officer no longer complies with any provision of this Notice; and
(ii)the Phase I approval granted to an individual referred to in paragraph 2(2)(a) if such individual no longer complies with the criteria for Phase 1 approval and paragraph 5.

 

(2)Phase I approval of an applicant or compliance practice lapses if the applicant or compliance practice fails to obtain Phase II approval within twelve months of the date of Phase I approval.

 

(3)Phase I approval granted to an individual referred to in paragraph 2(2)(a) lapses after twenty four months of the date of approval unless such individual reapplies for approval before the expiry of the twenty four months.