FAIS Fit
and Proper Requirements
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| In terms of section 8 of the Financial Advisory and Intermediary Services Act the Registrar must after consultation with the Advisory Committee determine the 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. |
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| The Fit and Proper requirements contain the following sections: |
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Honesty and Integrity requirements that are applicable to all FSPs, key individuals, representatives and compliance officers |
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Competency requirements that consist of experience and qualification requirements that are applicable to all FSPs, key individuals and representatives |
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Operational ability requirements that are applicable to all FSPs, key individuals and representatives |
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Solvency requirements that are applicable to the FSP |
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New Fit and Proper Requirements effective from 31 December 2008
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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 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
Please note that these amendments must be read in conjunction with Board Notice 105, 151 of 2008, Board Notice 95 of 2009 and 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 44 of 2010)
Please note that these amendments must be read in conjunction with Board Notice 105, 151 of 2008 and Board Notice 95 of 2009
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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)
Please note that these amendments must be read in conjunction with Board Notice 104 to 106 and 151 of 2008
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Amendments to the 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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New Fit and Proper Requirements was launched at the Fit and Proper Conference on 17 October 2008 (click here to presentations made at the Conference)
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Determination of Fit and Proper Requirements for Financial Services providers (Board Notice 106 of 2008)
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Exemption on Services under Supervision in terms of Requirements and Conditions obtaining experience (Board Notice 104 of 2008)
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Determination for Qualifying criteria and Qualifications (Board Notice 105 of 2008)
Due to the size of the document it is split in 5 parts below
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Part 1
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Part 2
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Part 3
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Part 4
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Part 5
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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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Determination of Continues Professional Development (Board Notice 103 of 2008)
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Application of Representative bodies for recognition by the Registrar (Application for Examination bodies) (Board Notice 153 of 2008)
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Determination of Examination body criteria (Board Notice 154 of 2008)
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| In terms of the Fit and Proper requirements the Registrar has approved the following foreign qualifications: |
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Approval
of foreign qualification: ACI Dealing Certificate (Board Notice 570 of
2008) |
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| Announcements regarding the Fit and Proper Requirements |
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Clarification of FAIS Fit and Proper Related Certification Requirements for the Insurance Industry |
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INSETA
– Fit & Proper Requirements Assessments for FSPs |
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Extension
of The Date By Which Providers Must Comply
With Column Four Requirements In The Determination of FIT and Proper
Requirements |
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BANKSETA - FIT And Proper Requirements Pertaining To The FAIS Act (April 2007) |
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