Regulatory Alerts2022-03-24
FSCA Communication 11 of 2022 (FAIS) Extension of Representative Register Submission Deadline
The Financial Sector Conduct Authority (FSCA) has extended the mandatory integration deadline for financial services providers to submit representative registers electronically via its web service. Originally required by 31 March 2022, the new compliance date is now set for 30 June 2022 following numerous industry requests. Licensed providers must complete their system integration by this date to ensure continuous electronic submissions, replacing the previously accepted Microsoft Excel format.
FSCA COMMUNICATION 11 OF 2022 (FAIS) Extension of period referred to in FSCA COMMUNICATION 19 OF 2021 - Submission of representative register
- PURPOSE The purpose of this Communication is to inform licensed financial services providers (“FSPs”) of the Financial Sector Conduct Authority’s (FSCA) decision to extend the timeline to integrate their systems with the FSCA web service by using the SOAP API (simple object access protocol application programming interface) of the FSCA.
- BACKGROUND On 02 November 2021, the FSCA published FSCA Communication 19 of 2021(the communication). The purpose of the communication was to inform FSPs of the change in the method of submission of the representative register to the FSCA in order to comply with section 13 of the Financial Advisory and Intermediary Services Act, 2002 (Act 37 of 2007), read with the licensing conditions imposed on authorised financial services providers. FSPs must, within 15 days of any changes to its representative register, inform the Financial Sector Conduct Authority of any changes affected to the details as contained in that register using the different methods listed in the communication. In terms of the communication, the submission of representative registers in Microsoft Excel format would no longer be accepted after 31 March 2022 as all FSPs were required to integrate their systems with the FSCA web service by no later than 31 March
- EXTENSION OF DEADLINE TO CHANGES TO THE ELECTRONIC SUBMISSION OF REPRESENTATIVE REGISTER The FSCA has received numerous requests to extend the timeline stipulated in FSCA Communication 19 of 2021 (FAIS). After careful consideration of the requests and the reasons provided, the FSCA hereby confirms that an extension has been granted until 30 June 2022. The integration to the FSCA web service must be completed on or before 30 June 2022.
- ENQUIRIES For more information regarding this Communication contact Lerato.Tleane@fsca.co.za.
2 FM Mabaso Divisional Executive: Licensing and Business Centre Financial Sector Conduct Authority Date of publication: 24 March 2022