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ECONOMIST BUSINESS FORUM 14 JULY 2004

ECONOMIST BUSINESS FORUM 14 JULY 2004. GERRY ANDERSON DEPUTY EXECUTIVE OFFICER. CONTENT. 1. INTRODUCTION 2. IMPORTANT DEFINITIONS 3. ADVISORY COMMITTEE ON FINANCIAL SERVICES PROVIDERS (SECTION 5) 4. RECOGNISED BODIES (SECTION 6) 5. FEES (SECTION 41) 6. CATEGORIES OF FSP’s

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ECONOMIST BUSINESS FORUM 14 JULY 2004

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  1. ECONOMIST BUSINESS FORUM 14 JULY 2004 GERRY ANDERSON DEPUTY EXECUTIVE OFFICER

  2. CONTENT 1. INTRODUCTION 2. IMPORTANT DEFINITIONS 3. ADVISORY COMMITTEE ON FINANCIAL SERVICES PROVIDERS (SECTION 5) 4. RECOGNISED BODIES (SECTION 6) 5. FEES (SECTION 41) 6. CATEGORIES OF FSP’s 7. EXEMPTIONS (SECTIONS 12 & 44)

  3. CONTENT (CONTINUED) 8. CODES OF CONDUCT (SECTION 15); 9. OFFICE OF OMBUD FOR FINANCIAL SERVICES PROVIDERS (SECTIONS 20 – 31); 10. REGULATIONS (SECTION 35); 11. EFFECTIVE DATE; 12. LICENSING PROCESS AND PROGRESS 13. PUBLICATIONS IN GAZETTE

  4. 1. INTRODUCTION • PROMULGATION OF MAJORITY OF PROVISIONS OF THE FAIS ACT (15 NOVEMBER 2002) • PROMULGATION OF SECTIONS 20 – 31 RE OFFICE OF THE OMBUD (8 MARCH 2003) • SECTION 13(1)(B) - REPRESENTATIVES

  5. 2. IMPORTANT DEFINITIONS • FINANCIAL SERVICE PROVIDERS • KEY INDIVIDUALS • REPRESENTATIVES • FINANCIAL PRODUCTS • INTERMEDIARY SERVICES • ADVICE

  6. 3. ADVISORY COMMITTEE ON FINANCIAL SERVICES PROVIDERS (SECTION 5) • INITIAL APPOINTMENT OF MEMBERS BY MINISTER (25 NOVEMBER 2002) • ADDITIONAL APPOINTMENTS BY MINISTER (10 MARCH 2003) • MEETINGS OF ADVISORY COMMITTEE (23 AS AT 7 AUGUST 2004)

  7. 4. RECOGNISED BODIES(SECTION 6) • ROLE OF RECOGNISED BODIES AS DELAGATEES • DELEGATED FUNCTIONS (2 MAY 2003) • AUTHORISATIONS APPROVED IN PRINCIPLE

  8. 4. RECOGNISED BODIES(CONTINUED) • NAMES OF APPROVED RECOGNISED BODIES: - THE ARCAY GROUP LIMITED - COMPLIANCE INSTITUTE OF SA - CELESTIS BROKER SERVICES - GROUP ADMINISTORS FORUM - PRICEWATERHOUSECOOPERS - FINANCIAL PLANNING INSTITUTE

  9. 4. RECOGNISED BODIES(CONTINUED) - FOREX INVESTMENT ASSOCIATION - INDEPENDENT BROKERS COUNCIL - MOONSTONE INFORMATION REFINERY (PTY) LTD. - THE SA FINANCIAL SERVICES INTERMEDIARY ASSOCIATION - DEXAFRICA (PTY) LTD. - INSTITUTE OF COMMERCIAL AND FINANCIAL ACCOUNTANTS OF SOUTHERN AFRICA.

  10. 5. FEES (SECTION 41)

  11. 5. FEES (CONTINUED)

  12. 5. FEES (CONTINUED)

  13. 5. FEES (CONTINUED)

  14. 5. FEES (CONTINUED)

  15. 5. FEES (CONTINUED)

  16. 5. FEES (CONTINUED)

  17. 5. FEES (CONTINUED)

  18. 5. FEES (CONTINUED)

  19. 5. FEES (CONTINUED)

  20. 5. FEES (CONTINUED)

  21. 5. FEES (CONTINUED)

  22. 5. FEES (CONTINUED)

  23. 5. FEES (CONTINUED)

  24. 5. FEES (CONTINUED)

  25. 6. CATEGORIES OF FSP’S • CATEGORY (I) - LONG-TERM INSURANCE : CATEGORY A - SHORT-TERM INSURANCE: PERSONAL LINES - LONG-TERM INSURANCE: CATEGORY B - LONG-TERM INSURANCE: CATEGORY C - RETAIL PENSION BENEFITS - SHORT-TERM INSURANCE: COMMERCIAL LINES

  26. CATEGORIES OF FSP’S (CONTINUED) - PENSION FUND BENEFITS (EXCLUDING RETAIL PENSION BENEFITS) - SECURITIES AND INSTRUMENTS - PARTICIPATORY INTERESTS IN COLLECTIVE INVESTMENT SCHEMES - FOREIGN CURRENCY DENOMINATED INVESTMENT INSTRUMENTS - HEALTH SERVICES BENEFITS

  27. 6. CATEGORIES OF FSP’S (CONTINUED) - DEPOSITS DEFINED IN THE BANKS ACT EXCEEDING 12 MONTHS - DEPOSITS DEFINED IN THE BANKS ACT - 12 MONTHS OR LESS - FRIENDLY SOCIETY BENEFITS

  28. 6. CATEGORIES OF FSP’S (CONTINUED) • CATEGORY (II) - DISCRETIONARY FSP • CATEGORY (III) - ADMINISTRATIVE FSP (LISP)

  29. EXEMPTIONS (SECTIONS 12 & 44) • GENERIC EXEMPTIONS • SPECIFIC EXEMPTIONS • GENERIC EXEMPTIONS CONSIDERED OR BEING CONSIDERED - EXPERIENCE REQUIREMENTS OF REPRESENTATIVES.

  30. 7. EXEMPTIONS (SECTIONS 12 & 44) (CONTINUED) - REQUIREMENTS FOR THE APPOINTMENT OF AN AUDITOR (SECTION 19) AND FIDELITY INSURANCE (SECTION 13 OF GENERAL CODE OF CONDUCT). - FIT AND PROPER REQUIREMENTS FOR ADMINISTRATIVE AND DISCRETIONARY FSP’S WITH REGARD TO QUALIFICATIONS AND EXPERIENCE.

  31. 8. CODES OF CONDUCT (SECTION 15) • GENERAL CODE OF CONDUCT (SECTION 15(1); • SPECIFIC CODES OF CONDUCT (SECTION 15(2) • ADMINISTRATIVE FSP’S; • DISCRETIONARY FSP’S;

  32. 8. CODES OF CONDUCT (SECTION 15) (CONTINUED) • BANK DEPOSITS NOT EXCEEDING A PERIOD OF 12 MONTHS (SECTION 15(2)(B); • PERSONS ENGAGED IN FOREIGN CURRENCY TRANSACTIONS;

  33. 9. OFFICE OF OMBUD FOR FSP’S (SECTIONS 20 – 31) • APPOINTMENT OF OMBUD FOR FSP’S; • ESTABLISHMENT OF OFFICE OF OMBUD; • RULES OF FAIS OMBUD (SECTION 26); • PROMOTION OF AWARENESS (SECTION 32); • FULL OPERATION OF OFFICE

  34. 10. REGULATIONS (SECTION 35) • PROMULGATED (13 JUNE 2003) • DEFINITIONS • MATTERS REQUIRED OR PERMITTED BY ACT TO BE PRESCRIBED - PERIOD CONTEMPLATED IN SECTION 45(2(B) OF ACT;

  35. REGULATIONS (SECTION 35)(CONTINUED) • PROHIBITIONS ON CANVASSING FOR, AND MARKETING OR ADVERTISING OF UNAUTHORISED FINANCIAL SERVICES (SECTION 35(1)(B) OF ACT) • COMPLIANCE ARRANGEMENTS - APPLICATION FOR APPROVAL; - ESTABLISHMENT OF COMPLIANCE FUNCTION

  36. REGULATIONS (SECTION 35)(CONTINUED) • MATTERS RELATING TO ADMINISTRATIVE AND DISCRETIONARY FSP’S (SECTION 35(1)(D) AND (E) OF THE ACT - NOMINEE COMPANIES OF DISCRETIONARY FSP’s; - INDEPENDENT NOMINEES OF ADMINISTRATIVE FSP’S;

  37. REGULATIONS (SECTION 35)(CONTINUED) - WRITTEN AGREEMENT WITH INDEPENDENT NOMINEE; - REQUIREMENTS FOR INDEPENDENT NOMINEE; - DUTIES OF INDEPENDENT NOMINEE;; - ENFORCING COURT ORDERS;

  38. REGULATIONS (SECTION 35)(CONTINUED) - CONSTRUCTION OF CERTAIN REFERENCES; - PENALTIES; - POWERS OF REGISTRAR TO CALL FOR INFORMATION. - RECOGNITION OF FOREIGN BROKING ENTITIES

  39. 11. EFFECTIVE DATE • SIGNIFICANCE OF SECTION 7 DATE; • DETERMINATION OF DATE; • CONSIDERATION OF INCENTIVES

  40. 12. LICENSING PROCESS AND PROGRESS • REGISTRATIONS (REFERENCE NUMBER); • APPLICATIONS; • APPROVALS; • AWARNESS CAMPAIGN; • CONTINGENCY PLANS.

  41. 13. PUBLICATIONS IN GAZETTE • DETERMINATION OF FIT & PROPER REQUIREMENTS FOR FSP’s (GAZETTE NO. 25446, 10 SEPTEMBER 2003); • GENERAL CODE OF CONDUCT FOR AUTHORISED FSP’s AND REPRESENTATIVES (GAZETTE NO. 25299, 8 AUGUST 2003);

  42. 13. PUBLICATIONS IN GAZETTE • SPECIFIC CODE OF CONDUCT FOR AUTHORISED FSP’s & REPRESENTATIVES CONDUCTING SHORT-TERM DEPOSIT BUSINESS – GAZETTE NO. 25629, 24 OCTOBER 2003; • CODE OF CONDUCT FOR ADMINISTRATIVE FSP’s - GAZETTE NO. 25299, 8 AUGUST 2003);

  43. 13. PUBLICATIONS IN GAZETTE • CODE OF CONDUCT FOR DISCRETIONARY FSP’s – GAZETTE NO. 24299, 8 AUGUST 2003); • RULES AND PROCEEDINGS OF THE OFFICE OF THE OMBUD FOR FINANCIAL SERVICES PROVIDERS – GAZETTE NO. 25299, 8 AUGUST 2003)

  44. 13. PUBLICATIONS IN GAZETTE • DETERMINATION OF CRITERIA & GUIDELINES FOR THE APPROVAL OF COMPLIANCE OFFICERS – GAZETTE NO. 25299, 8 AUGUST 2003); • DETERMINATION OF FEES PAYABLE TO THE REGISTRAR OF FINANCIAL SERVICES PROVIDERS – GAZETTE NO. 24761, 15 APRIL 2003);

  45. 13. PUBLICATIONS IN GAZETTE • AMENDMENT OF DETERMINATION OF FEES PAYABLE TO THE REGISTRAR OF FSP’s – GAZETTE NO. 26112, 12 MARCH 2004); • FINANCIAL & INTERMEDIARY SERVICES REGULATIONS - GAZETTE NO. 25092, 13 JUNE 2003);

  46. 13. PUBLICATIONS IN GAZETTE • AMENDMENT OF FINANCIAL & INTERMEDIARY SERVICES REGULATIONS – GAZETTE NO. 26112, 12 MARCH 2004; • EXEMPTIONS OF FSP’s AS REGARDS REPRESENTATIVES – GAZETTE NO. 25514, 30 SEPTEMBER 2003;

  47. 13. PUBLICATIONS IN GAZETTE • EXEMPTION OF CERTAIN AUTHORISED FSP’s FROM REQUIREMENTS PERTAINING TO AUDITED FINANCIAL STATEMENTS AND FINANCIAL SOUNDNESS – GAZETTE NO. 25514, 30 SEPTEMBER 2003;

  48. 13. PUBLICATIONS IN GAZETTE • EXEMPTION OF INVESTMENT MANAGERS & LINKED INVESTMENT SERVICES PROVIDERS AND THEIR RELATED FUNCTIONARIES FROM CERTAIN FIT & PROPER REQUIREMENTS – GAZETTE NO. 25514, 30 SEPTEMBER 2003;

  49. 13. PUBLICATIONS IN GAZETTE • EXEMPTION OF LICENSEES AS REGARDS DISPLAY OF CERTIFIED COPIES OF LICENCEES – GAZETTE NO. 26201, 30 MARCH 2004; • DETERMINATION OF PROCEDURE FOR APPROVAL OF KEY INDIVIDUALS – GAZETTE NO. 25628, 24 OCTOBER 2003;

  50. 13. PUBLICATIONS IN GAZETTE • CODE OF CONDUCT FOR AUTHORISED FSP’s AND THEIR REPRESENTATIVES INVOLVED IN FOREX INVESTMENT BUSINESS – GAZETTE NO. 26201, 30 MARCH 2004; • APPLICATION BY FSP’s FOR AUTHORISATION BY THE FSB – GAZETTE NO. 25523, 3 OCTOBER 2003;

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