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

Determinations

Amendment of the Determination of Fit and Proper Requirements, 2020

Chapter 6 : Financial Soundness

Part 2 : Requirements for specific Category I FSPs and their juristic representatives

45. Application of Part and Requirement
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(1)This part applies to a Category I FSP and a juristic representative of a Category I FSP that does not hold, control or has access to client assets or that does not collect, hold or receive premiums or other monies in respect of a financial product.

 

(2)The assets of a –
(a)Category I FSP; and
(b)juristic representative of a Category I FSP,

must at all times exceed the liabilities of that FSP or that juristic representative.

 

[Section 45 will become effective from 1 March 2019, but only insofar it relates to a juristic representative, in terms of section 53(1) of this Notice]