FAIS ACT: NEW TERMINOLOGY

With the coming into effect of the Financial Sector Regulation Act (FSRA) and the establishing of two new financial sector regulators – the Financial Sector Conduct Authority (FSCA) and the Prudential Authority, FSPs should take care to use the correct terminology in their compliance documents, disclosure documents, websites, business documentation, contracts, correspondence, etc.

Section 1A of the FAIS Act provides for the relationship between the FAIS Act and the FSRA and provides that a reference in the FAIS Act to the “Board” must be read as a reference to the FSCA. As the Financial Services Board (FSB) became the Financial Sector Conduct Authority (FSCA) on 1 April 2018, please replace the term Financial Services Board (FSB) with Financial Sector Conduct Authority (FSCA) going forward.

Section 1A of the FAIS Act also provides that a reference in the FAIS Act to the “Registrar” must be read as a reference to the FSCA. A commissioner and deputy commissioners will make up the executive committee that will lead the FSCA. In future, please replace the term “Registrar” with “Commissioner” and “Registrar for Financial Services Providers” with “Commissioner of the Financial Sector Conduct Authority”.

 

 

 

 

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