Category II and IIA financial services providers (FSPs) are required to submit Bi-Annual Compliance Reports to the Financial Services Board (FSB). The bi-annual reporting period ended on 30 June 2015 and the Bi-Annual Compliance Report must be submitted to the FSB on or before 31 August 2015.
In the case where an FSP is authorised for more than one licence category, only one report needs to be submitted. The FSP needs to submit the report that applies to the highest category it is licensed for. For example, a FSP that is licensed for Category I and II only needs to submit the Category II report.
Your Masthead Compliance Officer will prepare the Bi-Annual Compliance Report for submission to the FSB based on the Compliance Reports which have been provided to the FSP during the reporting period.
Amongst other things, the Compliance Officer is required to include information about Assets Under Management (AUM) for Discretionary and Hedge Fund FSPs at 30 June 2015. Please ensure that this information is made available to the Compliance Officer to include in your report. It is important that the AUM figures are correct as the FSB will require a Category II and IIA FSP to submit these again for the purposes of calculating the FSB levy.
The Bi-Annual Compliance Report for Category II and IIA Financial Services Providers came into operation on 1 June 2015.
Click here to download a copy of FAIS Notice 28 of 2015.