The FIC has issued a draft withdrawal notice of exemptions issued in terms of the FIC Act of 2001.
Under the FIC Act of 2001, there are several exemptions from compliance which currently apply to certain accountable institutions. The changes brought by the FIC Amendment of 2017, will require the withdrawal of many of these exemptions. The introduction of a risk-based approach as an integral concept directing compliance with the requirements of the FIC Act, which is proposed to take effect on 2 October 2017, will make these exemptions redundant.
The amendments to the Regulations and the withdrawal of exemptions are proposed to take effect at the same time as relevant sections of the Amendment Act are proposed to take effect.
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