The Financial Sector Conduct Authority (FSCA) recently published three FSCA FAIS Notices relating to various exemptions:
1. FSCA FAIS Notice 15 of 2021 – Exemption of Juristic Representatives from section 13(1)(c) of the FAIS Act
In terms of this Notice, a juristic representative is exempt from section 13(1)(c) of the FAIS Act when rendering a specific financial service (as defined in the Notice) on behalf of a particular FSP (as defined in the Notice). The exemption is subject to specific conditions.
Section 13(1)(c) of the FAIS Act provides that a person may not render financial services or contract in respect of financial services, other than in the name of the FSP of which such person is a representative. This exemption will expire on 31 December 2023.
Read FSCA FAIS Notice 15 of 2021
2. FSCA FAIS NOTICE 16 of 2021 – Amendment of the Exemption of particular FSPs from section 19(3) Audit Report and Liquidity Requirements
Category I FSPs that render a specific financial service and who do not collect, account receive or hold premiums or monies relating to a financial product other than premiums contemplated in the definition of ‘specific financial service’ are exempt from section 19(3) of the FAIS Act and sections 48(2), s48(3)(b) and s49(1)(b) of Board Notice 194 of 2017, subject to conditions. These sections relate to the Financial Soundness Audit Report and Liquidity Requirements.
The previous Notice dealing with this exemption expired on 28 February 2021. This exemption has now been extended until 31 December 2023.
Read FSCA FAIS Notice 16 of 2021
3. FSCA FAIS Notice 17 of 2021 – Amendment of the Exemption of particular FSPs from section 13 of the General Code of Conduct
Category I or Category IV FSPs that are also underwriting managers and that only render specific financial services are exempt from section 13 of the General Code of Conduct, subject to conditions.
Section 13 requires FSPs to maintain in force suitable guarantees or professional indemnity or fidelity insurance cover.
The previous Notice dealing with this exemption expired on 28 February 2021. This exemption has now been extended until 31 December 2023.
Read FSCA FAIS Notice 17 of 2021
To read our previous article on these exemptions, click here.