FAIS COMPLIANCE REPORTS

In terms of section 17(4) of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”), the Financial Sector Conduct Authority (“FSCA”) must determine the manner in which compliance reports for Financial Services Providers (“FSPs”) must be submitted to the FSCA and the matters which the reports must have regard to.

We have received written confirmation from the Conduct of Business: Financial Advisers & Intermediaries Department at the FSCA that no FAIS compliance report will have to be submitted for the following reporting periods: 

Category I FSPs

  • Annual compliance report for the period 1 June 2019 – 31 May 2020.

Foreign FSPs

  • Annual compliance report for the period 1 September 2019 – 31 August 2020.

Category II and IIA Hedge Fund FSPs

  • Bi-annual compliance report for the period 1 July 2019 – 31 December 2019;
  • Bi-annual compliance report for the period 1 January 2020 – 30 June 2020; and
  • Bi-annual compliance report for the period 1 July 2020 – 31 December 2020.

Accordingly, FSPs will not have to submit any FAIS compliance report to the FSCA for these periods.

Our compliance monitoring and sampling will continue as per normal.

This will be discussed at upcoming compliance reviews.

In the interim, please contact your compliance officer for more information.

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