On 25 March 2020, the Financial Sector Conduct Authority (FSCA) published FSCA Communication 9 of 2020 which sets out the decision taken by the regulator with regard to complying with specific regulatory requirements in light of the impact of COVID-19 on the financial services industry.
The FSCA is aware of the challenges that regulated entities might face in complying with regulatory requirements given the current circumstances with COVID-19, and as a result has communicated various arrangements in respect of the submission of statutory returns and fit and proper related deadlines. Some of these arrangements include:
Financial statements in respect of the FAIS Act
The period for submission of certain financial statements has been extended by 4 months, irrespective of any extensions that may already have been granted to individual FSPs. The FSCA Communication contains the various extended submission dates based on FSP financial year end. This extension will not apply to FSPs that are registered Banks as defined in section 1 of the Banks Act, registered insurers as defined in section 1 of the Insurance Act, or authorised users as defined in section 1 of the Financial Markets Act.
All Regulatory Examinations with a deadline for 2020 will be extended to a deadline of 15 December 2020.
Class of Business Training
Class of Business deadlines that were due for completion in 2020 will be extended to a deadline of 15 December 2020. FSPs will have to extend the supervision period for such affected representatives.
All qualification deadlines that were due for completion during 2020 will be extended to a deadline of 15 December 2020. This date will be subject to review.
Continuous Professional Development (CPD)
– The 2019/2020 CPD cycle (current cycle)
Due to the cancellation of many CPD activities in March and April, FSPs, key individuals and representatives are granted an additional 3 months to meet the CPD requirements for this cycle. Therefore, the deadline for the current CPD cycle has been extended to 31 August 2020.
Although the deadline has been extended, we encourage FSPs, key individuals and representatives to continue to work towards meeting their CPD requirements using online offerings, as it will be one less thing to worry about during this difficult time.
Masthead offers a range of online CPD activities, click here for more information.
– The 2020/2021 CPD Cycle
The FSCA Communication provides some clarity for the next CPD cycle i.e. 2020/2021, stating that this CPD cycle will start on 1 September 2020 and end on 31 May 2021. The CPD hours for this cycle will be calculated on a pro-rata basis, i.e. calculated for 9 months instead of 12 months, and will be reduced pro rata with 3 months.
For the full list of arrangements made by the FSCA, read FSCA Communication 9 of 2020: Impact of COVID-19 on compliance with various regulatory requirements.
Masthead is committed to an uninterrupted delivery of services to you during this challenging time and is available via email should you need to get in touch with us. View our support email addresses.