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The licensing “fais”

The licensing “fais”. Completing your FAIS license application forms (FSB forms). WHICH FORMS MUST I COMPLETE?. FSP 1 Everyone must complete this form

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The licensing “fais”

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  1. The licensing “fais” Completing your FAIS license application forms (FSB forms)

  2. WHICH FORMS MUST I COMPLETE? • FSP 1 • Everyone must complete this form • Provide basic details of business structure, contact persons, banking account (NB: note the requirements in respect of a “trust account” – not normally applicable to a financial planner)

  3. WHICH FORMS MUST I COMPLETE? • FSP 2 • Everyone must complete this form • Indicate “what” the license is required for – “product based” • “Financial planners” will apply for items in Category I – important to consider the appropriate items and understand differences (see definitions on form and in Act) • Anyone wishing to “manage investments” will apply for a license under Category II

  4. WHICH FORMS MUST I COMPLETE? • FSP 3 • Complete one form for EACH of the following: • Directors • Shareholders • Members • Partners • Trustees

  5. WHICH FORMS MUST I COMPLETE? • FSP 4 • Complete in respect of EACH key individual • Must show fit and proper status of each key individual, to be assessed by FSB

  6. WHICH FORMS MUST I COMPLETE? • FSP 5 • Complete in respect of EACH representative • Only for record-keeping by FSB • FSP responsible for assessing representative’s fit and proper status and keeping register

  7. WHICH FORMS MUST I COMPLETE? • FSP 5A • Complete in respect of each key individual of each representative (i.e. where representative is a juristic person)

  8. WHICH FORMS MUST I COMPLETE? • FSP 6 • Everyone must complete this form • Details of compliance officer • Very important: detail regarding how compliance officer will function independently

  9. WHICH FORMS MUST I COMPLETE? • FSP 7 • Operational ability needs to be shown • Note the number of compliance and FICA questions • See example FICA requirement – internal rules

  10. WHICH FORMS MUST I COMPLETE? • FSP 8 • Financial soundness must be shown • Subject to exemption in Notice 96 of 2003

  11. WHICH FORMS MUST I COMPLETE? • FSP 9 • Details of external auditor to be provided • Subject to exemption in Notice 96 of 2003

  12. WHICH FORMS MUST I COMPLETE? • FSP 10 • Details of nominee company or independent custodian • Only relevant to “investment managers” and “LISPS”

  13. WHICH FORMS MUST I COMPLETE? • FSP 10A • Details of shareholders, directors/trustees of nominee company or independent custodian • Only relevant to “investment managers” and “LISPS”

  14. WHICH FORMS MUST I COMPLETE? • FSP 11 • Only needed for FSP’s involved in forex investment business

  15. WHICH FORMS MUST I COMPLETE? • FSP 12 • Complete only if an exemptions is being applied for

  16. WHICH FORMS MUST I COMPLETE? • FSP 13 • Only submit if in-house compliance officer will be used and compliance officer not yet approved by FSB • Application for approval as a compliance officer

  17. WHICH FORMS MUST I COMPLETE? • FSP 14A • Everyone must complete this form • Checklist of forms and declaration to be signed

  18. WHICH FORMS MUST I COMPLETE? • FSP 14B • Summary of fees payable to FSB (if applying directly to FSB)

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