Category II and IIA Financial Services Providers (FSPs) are required to submit their Bi-Annual Compliance Reports to the Financial Services Board (FSB), two (2) months after the reporting date (FAIS Notice 84 of 2016).
The reporting dates for Category II and IIA FSPs are 30 June and 31 December of each year. The Compliance Reports must, therefore, be submitted to the FSB by 28 February 2017.
In the case where an FSP is authorised for more than one licence category, only one report needs to be submitted. The FSP must submit the report that applies to the highest category it is licenced for. For example, an FSP that is licenced for Category I and II, only needs to submit the Category II report.
Category II and IIA FSPs are also required to submit the total Assets Under Management (AUM) of the Category II or IIA licence as at 30 June and 31 December of each year to the FSB. The AUM values, as at 30 June, are used to calculate the levies due by the FSP.
The Compliance Officer will prepare the report and ensure that it is timeously submitted to the FSB. However, there is still a duty on the FSP to ensure the reports are submitted.