Financial Advisory and Intermediary Services Act, 2002

 

To regulate the rendering of certain financial advisory and intermediary services to clients; to repeal or amend certain laws; and to provide for matters incidental thereto.

 

 

Latest Developments:

 

Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No 12 of 2022), Schedule: Amendment of Laws: Section 4 has updated and made Amendments to:

Pension Funds Act 1956

Banks Act 1990

Mutual Banks Act 1993

Financial Advisory and Intermediary Services Act 2002; and

Financial Sector Regulation Act 2017,

as per Notice No. 1512, of GG47696, dated 9 December 2022

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), has been updated with the Amendment of the Qualifications, Experience and Criteria for the Approval as a Compliance Officer, 2022 - Effective 2 December 2022, as per Notice No. 2815 of GG47632 dated 2 December 2022.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), has been updated with a Declaration of Crypto Asset as Financial Product under the Act, as per Notice No. 1350 of GG47324 dated 19 October 2022.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) amends BN194 of 2017 – Determination of Fit and Proper Requirements of FSP’s, 2017, as per Notice No. 707 per  Gazette Number 43474, dated 26 June 2020.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Amendments to BN80 of 2003 General Code of Conduct for Authorised FSP’s and Representatives, as per Notice No. 706 per Gazette Number 43474, dated 26 June 2020.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Notice on the Form of Licence, as per Notice No. 89 per Gazette Number 41738, dated 26 June 2018.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been amended as per Schedule 4 of the Financial Sector Regulation Act, 2017. Gazette Number 41549 - Notice 169 dated 29 March 2018.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Determination of Fees payable to the Registrar of Financial Services Providers, as per Notice No. 89 per Gazette Number 41432, dated 9 February 2018.

 

The Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002), has been updated by the addition of the Determination of Fit and Proper Requirements for Financial Services Providers, as per Board Notice No. 194 of 2017 dated 15 December 2017.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Determination of Fees payable to the Registrar of Financial Services Providers, as per Notice No. 1586 per Gazette Number 40515, dated 23 December2016.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) amending BN127: Qualifications, Experience and Criteria for approval of Compliance Offices, as per Notice No. 77 per Gazette Number 38665, dated 21 March 2015.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been amended by The Financial Services Board, Amendment of the General Code of Conduct for Authorised Financial Services Providers and Representatives, Board Notice 146 of 2014, Government Gazette 38278, dated 4 December 2014.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been amended by Financial Services Laws General Amendment Act, 2013. Government Gazette 37351 dated 18 February 2014.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) publishes the Bi-Annual Compliance Report for Categories III FSPs, as per Notice No. 108 per Gazette Number 36499, dated 29 May 2013.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) was amended by the Financial Markets Act, 2012 (Act No. 19 of 2012) Government Gazette 36121, dated 1 February 2013.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) updates the Specific Code of Conduct for Authorised FSPs and Representatives conducting Short-term Deposit Business, as per Notice No. 102 per Gazette Number 26844, dated 29 September 2004.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) amendments to Rules under BN81 of 2003: proceedings of the Office of the Ombud for Financial Services Providers Amendment Rules, 2004, as per Board Notice No. 100 per Gazette Number 26844, dated 29 September 2004.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been updated by Government Gazette 33133, dated 19 April 2010 - Notice 58; Amendment of General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) Government Gazette 34826 dated 06 December 2011 – Board Notice 199; General Exemptions

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been updated by:

Government Gazette 33238 Notice 76, 78, 79, 80, 81

Government Gazette 33537 Notice 126, 127

Government Gazette 34729 Board Notice 176

 

The Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) has been amended; corrections made to Determination.

 

The Act has been updated with Notices 171 of 2009 – Amendment Notice, Notice 172 of 2009 – Exemption of Banks, and Notice 173 of 2009 –Exemption of certain FSPs and Representatives from Qualification Requirements, all in Government Gazette No. 32846 dated December 2009.

 

The Act has been updated with:

Application for Authorisation – Board Notice No. 60 of 2009, printed in Government Gazette No. 32227 dated 15 May 2009;

Board Notices No.103, 104, 105 and 106 regarding Financial Service Providers, printed in Government Gazette No. 31514 dated 15 October 2008.

Determination of Compliance Report – Notice 122 of 2009;

Notice on Requirements for Professional Indemnity and Fidelity Insurance Cover for Providers – Notice 123 of 2009, and

Determination of Compliance Report for Authorised Foreign Financial Service Providers –Notice 124 of 2009, printed in Government Gazette No. 32587 dated 21 September 2009.

 

The Act has been updated with a Board Notice regarding requirements for professional indemnity and fidelity insurance cover for providers, 2009, published in Government Gazette No. 32037 dated 25 March 2009.

 

The Financial Advisory and Intermediary Act, 2002 (Act No. 37 of 2002) has been amended by Government Gazette 31054, Board Notice 43 of 2008, Amendment Notice on the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2008, dated 14 May 2008.

 

The Financial Advisory and Intermediary Act, 2002 (Act No. 37 of 2002) has been amended by Government Gazette 31755, Amendment Notice on the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2008, dated 29 December 2008.

 

The Act has been amended by the Financial Services Laws General Amendment Act, 2008 (Act No. 22 of 2008).

 

The Act has been updated by :-

Determination of Fees in Notice No. 536 of Government Gazette No. 24761 dated 15 April 2003;

Regulations, 2003 printed in Notice No. 879 in Government Gazette No. 25092 dated 13 June 2003;

Determination of Date in Notice No. 270 in Government Gazette No. 26080 dated 3 March 2004;

An Amendment to the Regulations, 2002, in Notice No. 297 in Government Gazette No. 26112 dated 12 March 2004;

Code of Conduct in Notice No. 39 of 2004 in Government Gazette No. 26201 dated 30 March 2004;

Determination of Fees in Notice No. 240 of Government Gazette No. 28627 dated 17 March 2006;

Determination of Requirements in Notice No. 91 of 2006, printed in Government Gazette No. 29132 dated 16 August 2006;

Notice on Codes of Conduct in Notice No. 89 of 2007 in Government Gazette No. 30228 dated 29 August 2007;

Amendment of Determination in Notice No. 87 of 2007 in Government Gazette No. 30228 dated 29 August 2007;

Determination of Compliance Reports in Notice No. 90 of 2007 in Government Gazette No. 30228 dated 29 August 2007.

 

The following have been added to the Act: ( all GG 25299 dated 8 August, 2003)

The Criteria and Guidelines for Approval of Compliance Officers

Qualifications and Experience of Compliance Officers in respect of Financial Services Business

Determination of requirements for re-appointment of debarred Representatives, 2003

Rules on Proceedings of the Office of the Ombud for Financial Service Providers, 2003

General Code of Conduct for authorised Financial Service Providers and Representatives

Codes of Conduct for Administrative and Discretionary FSP’s.

 

The Financial Advisory and Intermediary Services Act, 2002 (Act 37 of 2002) has been added to the site as published in Government Gazette 24079 dated 15 November, 2002. A commencement date is still to follow.