Official legal/regulatory text with complete Chinese reference translation
General Code of Conduct for Authorised Financial Services Providers and Representatives Amendment Notice, 2014
AI summary
This official Government Gazette notice amends the 2003 General Code of Conduct for authorised financial services providers and representatives. It must be read with the 2003 Code and subsequent amendments.
FSPs and representatives must check whether the 2014 amendments alter the relevant obligations in their compliance manuals, disclosure processes and client communications.
Who this applies to: Financial services providers, representatives, compliance and legal teams
Implementation status: Official legal text; commencement and effect remain subject to the official gazette and later amendments
- Official gazette amendment forming part of the current Code
- Must be read with the 2003 Code and the 2020 and 2022 amendments
- Does not displace other applicable conduct or sector rules
Contents
1
STAATSKOERANT, 4 DESEMBER 2014 No. 38278 3
BOARD NOTICE
BOARD NOTICE 146 OF 2014
FINANCIAL SERVICES BOARD
FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT, 2002 (ACT NO. 37 OF 2002)
AMENDMENT OF THE GENERAL CODE OF CONDUCT FOR AUTHORISED FINANCIAL SERVICES PROVIDERS AND REPRESENTATIVES
I, Caroline Dey Da Silva, Deputy Registrar of Financial Services Providers, hereby under section 15 of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), amend the General Code of Conduct for Authorised Financial Services Providers and Representatives published in Board Notice No. 80 of 2003, Gazette 25299 of 8 August 2003, as set out in the schedule.
CD Da Silva, Deputy Registrar of Financial Services Providers
This gazette is also available free online at www.gpwonline.co.za
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4 No. 38278 GOVERNMENT GAZETTE, 4 DECEMBER 2014
SCHEDULE
Definitions
1. In this schedule, "General Code" means the General Code of Conduct for Authorised Financial Services Providers and Representatives as published in Board Notice No. 80 of 2003.
Amendment of section 1 of the General Code
2. Section 1 of the General Code is hereby amended -
(a) by the insertion in subsection (1) after the definition of "immaterial financial interest" of the following definition:
""new entrant" means a person who has never been authorised as a financial services provider or appointed as a representative by any financial services provider;"; and
(b) by the insertion in subsection (1) after the definition of "provider" of the following definition:
""sign-on bonus" means - (a) any financial interest offered or received directly or indirectly, upfront or deferred, and with or without conditions, as an incentive to become a provider; and (b) a financial interest referred to in paragraph (a) includes but is not limited to- (i) compensation for the- (aa) potential or actual loss of any benefit including any form of income, or part thereof; or (bb) cost associated with the establishment of a provider's business or operations, including the sourcing of business, relating to the rendering of financial services; or (ii) a loan, advance, credit facility or any other similar arrangement. ".
Amendment of section 3A of the General Code
3. Section 3A of the General Code of Conduct is hereby amended by the addition after subsection (1) of the following subsection:
"(1A) (a) A Category I provider that is authorised or appointed to give advice may not receive a sign-on bonus from any person.
(b) No person may offer or provide a sign-on bonus to any person, other than a new entrant, as an incentive to become a Category provider that is I
authorised or appointed to give advice.".
Short title and commencement
4. This Notice is called the General Code of Conduct for Authorised Financial Services Providers and Representatives Amendment Notice, 2014, and comes into operation on the date of publication thereof in the Government Gazette.
Printed by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001 Publications: Tel: (012) 748 6052, 748 6053, 748 6058
38278—1 This gazette is also available free online at www.gpwonline.co.za
Official South African legal or regulatory source text captured from the cited Government Gazette, FSCA or SAFLII source.