SUBMISSION OF FAIS COMPLIANCE REPORTS AND FAIS HAND-OVER REPORTS FOR 2020
ICS previously issued this Compliance Update regarding the suspension of the submission of FAIS Compliance Reports.
The Financial Sector Conduct Authority (FSCA) has confirmed via a formal communication that the submission of FAIS Compliance Reports in terms of section 17(4)(a) of the FAIS Act will not be required during 2020.
In addition, Handover Reports where there has been a change in the compliance arrangement of an FSP do not have to be submitted by the Compliance Officer or Key Individual of a Sole Proprietor, as the case may be.
Instead, the resigning Compliance Officer should notify the FSCA of his/her resignation and provide the reasons therefore. Any material irregularity should be reported to the FSCA by means of an irregularity report by the resigning Compliance Officer.