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

Codes of Conduct

Code of Conduct for Authorised Financial Services Providers and their Representatives, involved in Forex Investment Business, 2004

Part II : General Prohibitions and Duties applying to Forex Investment Intermediaries

4. Ceasing of business
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(1)A forex investment advisor or intermediary must notify the registrar at once in writing if it is to cease conducting business or if its business is to be wound up or liquidated.

 

(2)
(a)When a forex investment advisor or intermediary ceases to conduct business or its authorisation under the Act lapses, the forex investment advisor or intermediary must within 45 days of such ceasing or lapsing, as the case may be, furnish a report to the registrar. In the case of a winding up or liquidation, the liquidator involved must furnish the report.
(b)Such report must confirm that all cash and documents of title relating to assets and a final statement of account have been delivered to the various clients: Provided that if a forex investment advisor or intermediary is unable to fully comply, the report must contain full particulars concerning the documents which have been delivered, full reasons therefor, as well as a plan with dates on which compliance will be effected.