The Financial Service Regulatory Act is in effect and the Financial Services Board has been replaced by the Financial Sector Conduct Authority (FSCA) from 1 April 2018.
FSPs licensed at 1 April 2018 for:
- Short-term or Long-term Deposits must apply to the FSCA to add Structured deposits to their licence before 30 June 2018;
- Collective Investment Schemes must apply to the FSCA to add CIS Hedge Funds to their licence before 30 June 2018.
FSPs can continue to provide financial services in respect of financial products falling into the ‘new’ CIS Hedge Funds and Structured Deposit subcategories as long as an application to add the associated ‘new’ product category has been submitted before the deadline date, until their application has been processed and is approved or declined.
The FSCA has also published FAIS Notice 2 of 2018, exempting certain persons from paying the application fees. Click here to read the full notice.
To obtain the relevant forms and documentation to submit your application, visit the FSCA’s new website by clicking here.