FSCA EXTENDS DEADLINES FOR CERTAIN STATUTORY RETURNS

The Financial Sector Conduct Authority (“FSCA”), taking cognisance of the challenges facing many Financial Services Providers (“FSPs”) in light of the COVID-19 pandemic and the pending national lockdown, has granted extensions for the submission of certain statutory returns and deadlines as set out below: 

Annual Financial Statements 

The deadline for submission of annual financial statements has been extended by four months, irrespective of other extensions that may have been granted.  

Regulatory Examinations 

For the duration of the national lockdown (midnight on 25 March 2020 – 16 April 2020) regulatory examinations will not take place and have been suspended.  

Deadlines for representatives who needed to complete regulatory examinations during 2020 in order to comply with the Fit and Proper Requirements, 2017 have been extended to 15 December 2020. 

Class of Business (“COB”) training, Product Specific Training (“PST”) and recognised qualifications

Deadlines for key individuals, representatives and representatives under supervision to complete COB training during 2020 in order to comply with the Fit and Proper Requirements, 2017 have been extended until 15 December 2020. Representatives under supervision must remain under supervision until COB has been completed.  

There are no deadlines in respect of PST and therefore no extensions.

Continuous Professional Development (“CPD”) 

Due to many CPD activities being cancelled, the 2019/2020 CPD deadline of 31 May 2020 has been extended to 31 August 2020. The next CPD cycle will, therefore, commence on 1 September 2020 and run until 31 May 2021. CPD for the 2020/2021 CPD cycle will therefore be calculated pro-rata as follows: 

To read the full FSCA communication, click here

Please contact your ICS compliance officer for more information. 

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