Due to the impact of COVID-19 on the financial services industry and the challenges that FSPs, key individuals and representatives might have faced in complying with various regulatory requirements, the Financial Sector Conduct Authority (FSCA) took a decision during April 2020 to grant exemptions and/or extensions regarding the submission of statutory returns and certain fit and proper related deadlines. These exemptions and extensions were communicated by the FSCA in General Notice 2 of 2020 and FSCA FAIS Notice 22 of 2020.
The FSCA is, however, concerned that FSPs, key individuals and representatives may not meet the various deadlines that were extended and has recently reminded the industry to comply with these deadlines.
Submission of Annual Financial Statements
FSPs are reminded that the period for submission of certain financial statements was extended by 4 months. The FSCA General Notice 2 of 2020 contains various extended submission dates based on the FSP’s financial year as per the table below:
Regulatory Examinations, Class of Business, and Qualifications
All Regulatory Exams, Class of Business and Qualification deadlines applicable to supervised reps which fall between 27 March 2020 and 30 November 2020 were extended to a deadline of 15 December 2020.
FSPs, key individuals and representatives are reminded to ensure compliance with the relevant deadlines