On 5 August 2022, the Financial Sector Conduct Authority (“FSCA”) published for public comment the draft Notice proposing to amend the Exemption by the FSCA of certain persons from Joint Standard 1 of 2020 (“draft Amendment”).

After receiving, considering, and responding to the comments received from the different commentators on the draft Amendment Notice, the FSCA finally amended the Exemption, effective as of 16 September 2022.

In terms of this Notice a significant owner of an authorised financial services provider (“FSP”) as defined in the Financial Advisory and Intermediary Services Act 37 of 2002, other than an FSP that is also an eligible financial institution; and a manager as defined in the Collective Investment Schemes Control Act 45 of 2002, is hereby exempt from paragraph 6.1 of Joint Standard 1 of 2020, insofar as it relates to having the necessary competence and financial standing required to support the business of a financial institution of which it is a significant owner.

To download Joint Standard 1 of 2020, click here.

For further information regarding this Communication please contact the Regulatory Framework Department of the FSCA by emailing Hannelie Hattingh at Hannelie.hattingh@fsca.co.za.