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

Codes of Conduct

Notice on Codes of Conduct for Administrative and Discretionary FSP's, 2003

Chapter I : Code of Conduct for Administrative FSP’s, 2003

Part II : Operational requirements

10. Reporting to clients
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10.1An administrative FSP must furnish a written report, that complies with subsection 10.2, to the client or other FSP (if any)—
(a)on request; and
(b)at regular intervals, which may not exceed three months at a time, unless the client consents in writing not to receive the report because the other FSP or client, as the case may be, is able to access the information continuously, as made available by the administrative FSP through other means such as the Internet or a facsimile service: Provided that administrative FSP may only furnish such a report on behalf of a client to another FSP, on the written instruction of that client.

 

10.2A report to a client or another FSP on behalf of a client must contain such information as is reasonably necessary to enable the other FSP or client to—
(a)produce a set of financial statements;
(b)determine the composition of the financial products comprising the investment and the changes therein over the period reported on; and
(c)determine the market value of the financial products comprising the investment and the changes therein over the period reported on.

 

10.3Despite subsection 10.2, the other FSP or the client, as the case may be, is on request entitled to detailed information about the following matters with regard to all financial products:
(a)All monies received by the administrative FSP from the other FSP or client, as the case may be;
(b)financial products purchased with the monies referred to in paragraph (a) and the price at and date on which purchased;
(c)financial products repurchased on the instructions of the other FSP or client, as the case may be, in order to disinvest from a particular financial product;
(d)payment of the proceeds to the other FSP or the client or the administrative FSP, as the case may be;
(e)financial products purchased with the proceeds and the price at and date on which purchased;
(f)price at and date on which financial products referred to in paragraph {e) were repurchased; and
(g)as at the date of the report, all financial products held on behalf of the client and the current market value thereof.