Financial Advisory and Intermediary Services-Fit and Proper Requirements
In terms of section 8 of the Financial Advisory and Intermediary Services Act (FAIS) the Registrar must after consultation with the Advisory Committee determine the proper requirements that financial services providers, key individuals and representatives of the provider must comply to.
These requirements are termed the Determination of Fit and Proper Requirements for financial services providers and their representatives. The FAIS fit and proper requirements were update in 2008 and subsequent several amendments have been effected. The requirements set the honesty and integrity, competency and operational ability requirements for all FSPs, key individuals and representatives. It also set out he solvency requirements applicable to FSPs.
The Fit and Proper requirements contain the following sections •Honesty and Integrity requirements that are applicable to all FSPs, key individuals, representatives and compliance officers
- Competency requirements that consist of experience and qualification requirements that are applicable to all FSPs, key individuals and representatives
- Operational ability requirements that are applicable to all FSPs, key individuals and representatives
- Solvency requirements that are applicable to the FSP
New Fit and Proper Requirements effective from 31 December 2008
The amended versions of the fit and proper requirements can be obtained by using the Sabinet online version which includes all amendments (click here) if you wish to search Sabinet online version
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- Amendments Notice of the Determination of Qualifying Criteria and Qualifications for Financial Services Provider BN 268 of 2013
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- Amendment to the Fit and Proper Requirements – Paragraph 9 – Financial Soundness Requirements (Board Notice 202 of 2012)
Please note that these amendments must be read in conjunction with Board Notice 106 of 2008
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- Amendment to the Qualifying Criteria and Qualifications – Qualification list (BN135 of 2012)
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- Amendments to the Fit and Proper Requirements, Exemptions in respect of services under supervision, Determination of Continues Professional Development and Qualifying Criteria and Qualifications (Board Notice 60 of 2010)
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- Amendments to the Qualifying Criteria and Qualifications, Determination of Continues Professional Development and Exemptions in respect of services under supervision (Board Notice 44 of 2010)
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- Amendments to the Qualifying Criteria and Qualifications, Determination of Continues Professional Development and Exemptions in respect of services under supervision (Board Notice 95 of 2009)
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- Amendments to the FAIS Fit and Proper Requirements, Qualifying Criteria and Qualifications and Exemptions in respect of services under supervision (Board Notice 151 of 2008)
Please note that these amendments must be read in conjunction with Board Notice 104 to 106 of 2008
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- Amendment Notice on the Determination of Qualification of Qualifying criteria and qualifications for Financial Services Providers,2008 (Board Notice 64 of 2009)
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- In terms of the Fit and Proper requirements the Registrar has approved the following foreign qualifications
Approval of foreign qualification: ACI Dealing Certificate (Board Notice 570 of 2008)