Regulatory Alerts2023-01-01
Circular No. 1 of 2023 - Representative Accreditation to Only One Licensee in the Same Business Activity
The Financial Services Authority (FSA) mandates that accredited representatives must hold accreditation from only one licensee conducting the same business activity at any given time. This requirement, grounded in Section 53(3)(b) of the Securities Act 2007 and Section 12 of the 2008 Regulations, clarifies that representatives cannot simultaneously maintain multiple accreditations with licensees in the same sector unless they formally change employers. Consequently, representatives must surrender their licence within seven days of accreditation termination and ensure exclusive alignment with a single qualifying licensee during business operations.
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