Exemption of Services under supervision
The FSCA issued FAIS Notice 86 of 2018 on the 4th of December 2018, which sets out the exemption of services under supervision, to read the full Notice please click here.
The spirit of this exemption granted in FAIS Notice 86 of 2018, allows a representative, that does not comply with all the fit and proper requirements as set out in Board Notice 194 of 2017, to enter the financial industry, and to render services under supervision of a supervisor whilst obtaining the necessary experience, qualification and fulfilling other competency requirements.
In part 1 we shall have a look at the following:
The extent of the exemption;
The effective date of the exemption; and
The first two conditions of the exemption.
Please click here the read the full explanation that forms Part 1 of this discussion.
In Part 2 we shall have a closer look at the remainder of the conditions namely:
Duties of FSP;
Duties of Supervisor;
Duties of the representative; and
Intensity of supervision