The FSCA recently published extensions to four exemption notices. These are:
- FSCA FAIS Notice 86 of 2019
The FSCA amended the Schedule to the Notice on 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 (subject to conditions), which requires FSPs to maintain in force suitable guarantees or professional indemnity or fidelity insurance cover. The exemption has been extended until 28 February 2021.
- FSCA FAIS Notice 87 of 2019
The FSCA amended the Schedule to the Notice on 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 now exempt until 28 February 2021.
- FSCA FAIS Notice 88 of 2019
The FSCA has extended the exemption of Juristic Representatives from section 13(1)(c) of the FAIS Act until 28 February 2021.
- FSCA FAIS Notice 89 of 2019
The exemption for COs regarding the minimum prescribed intervals of visits and reports, has been extended until 31 December 2021 (originally 31 December 2019).