EXEMPTION OF CERTAIN PERSONS FROM CLASS OF BUSINESS TRAINING REQUIREMENTS

In terms of section 52(13) of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017, a person who is authorised, approved or appointed after 1 April 2018 but prior to 1 August 2018 has until 1 August 2019 to comply with the class of business training requirements.

On 20 July 2018, the FSCA published the Exemption of Certain Persons from Class of Business Training Requirements under FSCA FAIS Notice 42 of 2018.

In terms of the Exemption, a person who, prior to 1 August 2018, has applied for –

(a) authorisation as a financial services provider; or

(b) approval as a key individual,

is exempted from the class of business training requirements until 1 August 2019.

The purpose of the Exemption is accordingly to extend the effect of section 52(13) to persons who have applied or who applies for authorisation as FSPs or approval as key individuals prior to 1 August 2018.

Please contact your compliance officer at ICS should you have any queries regarding the above.

 

 

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