GENERAL COMPLIANCE MATTERS

CPD DEADLINE: 31 MAY 2020

Please be reminded of the deadline for completion of Continuous Professional Development (CPD), which is 31 May 2020.
 
In terms of the FAIS Fit and Proper Requirements, 2017, key individuals and representatives authorised, approved or appointed to render or manage and oversee the rendering of financial services must maintain the necessary competence to fulfil their roles and comply with the minimum CPD requirements. A CPD activity must be accredited by a Professional Body and allocated an hour value, or part thereof, by the Professional Body.

The minimum CPD requirements for authorised, approved or appointed key individuals and representatives are as follows:

  • for a single subclass of business within a single class of business must complete a minimum of 6 hours of CPD activities per CPD cycle;
  • more than one subclass of business within a single class of business must complete a minimum of 12 hours of CPD activities per CPD cycle; and
  • more than one class of business must complete a minimum of 18 hours of CPD activities per CPD cycle. 

*PLEASE NOTE

FAIS Notice 87 of 2018, which permitted FSPs who only rendered financial services to, for or on behalf of private equity funds to complete a minimum of 50% of the required CPD hours, expired on 31 May 2019 and is therefore no longer valid for the current CPD cycle (1 June 2019 – 31 May 2020).

Key individuals and representatives who do not meet the minimum CPD requirements by 31 May 2020 will be non-compliant with the Fit and Proper Requirements, 2017 and must be removed from the relevant FSPs license. 

REMINDER OF 15-DAY RULE FOR PROFILE CHANGES

In terms of the FAIS licensing conditions, licensed FSPs are required to notify the FSCA of any profile changes (changes to the profile of the FAIS licences of FSP) within 15 days of the change occurring.  As part of its service offering, ICS notifies the FSCA of these profile changes on behalf of its clients.

This is a reminder to kindly notify ICS timeously of any profile changes, so that we can obtain the necessary documents/completed forms before notifying the FSCA within the required 15-day period.

Please note that ICS may submit irregularity reports to the FSCA if we become aware of a breach of the 15-day period or if ICS is not being made aware of profile changes.


REMINDER TO HAVE MANDATES APPROVED BY THE FSCA BEFORE SIGNING

Section 5(2) of the Discretionary Code of Conduct for Authorised Financial Services Providers requires the mandates of discretionary FSPs to “initially be approved by the Registrar”. In other words, you are required to submit a mandate to the FSCA for approval prior to signing such a mandate with a client.

The Registrar may approve the mandate subject to certain conditions and/or require changes to be made to the mandate before approval will be granted.

For more information on the above, please contact your ICS compliance officer.



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