Regulatory Alerts2020-04-16
FSCA Exemption of Financial Services Providers and Juristic Representatives from Certain Financial Soundness Requirements
The Financial Sector Conduct Authority (FSCA) has published an exemption notice relieving Financial Services Providers and juristic representatives from specific financial soundness requirements under the Fit and Proper Requirements Determination. Effective between 1 April 2020 and 31 March 2021, the directive alleviates COVID-19 pandemic pressures by implementing reduced financial thresholds, mandatory reporting obligations, and a temporary prohibition on unapproved payments or asset distributions. Compliance with these conditional exemptions ensures operational continuity for regulated entities during the national lockdown period.
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