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Lexis® Practical Guidance: Financial Services

Why Lexis® Practical Guidance: Financial Services?

Users get direct access to critical, up-to-date information and guidance that they can rely on.

Lexis® Practical Guidance Financial Services is a web-based solution that guides users through the practical intricacies of compliance in the financial services sector.

This practice area covers various industries that comprise the financial services market in South Africa – ranging from insurance, medical schemes and pension funds to banks, capital markets and collective investment schemes. Step-by-step guides are offered around pertinent South African Financial Services law, including: Financial Advisory and Intermediary Services Act 37 of 2002, Short-term and Long-term Insurance Acts 53/52 of 1998, Medical Schemes Act 131 of 1998, Financial Markets Act 19 of 2012, Pension Fund Act 24 of 1956, Banks Act 94 of 1990 and Mutual Banks Act 124 of 1993 and Consumer Protection Act 68 of 2008.

The content is authored and updated by expert practitioners and offers convenient online access to checklists, forms and precedents, as well as guidance notes around the various pieces of legislation, board notices and regulations that must be observed by all stakeholders participating in the financial services market.

With Lexis® Practical Guidance: Financial Services you get:


Convenient online access to:
  • 25 Topic Overviews and more than 80 Guidance Notes
  • Over 50 Forms, Precedents and Checklists – ensuring not a single step is missed
  • Legislation & Case Law – access to relevant cases at the click of a button
  • Practice Directives – practical advice on how to interpret the rules of court
  • Almost 60 Other Useful Resources such as external websites and additional readings

Guidance on each step taken in Financial Services:
  • Financial service providers in South Africa
  • The Financial Services Board
  • The registration and application processes
  • Discretionary services
  • Fit and proper requirements
  • The Financial Intelligence Centre Act
  • Money laundering control obligations
  • Treating customers fairly
  • Long and short term insurance
  • Insurance intermediaries
  • Solvency Assessment and Management
  • Reinsurance or underwriting

 

  • Medical schemes
  • Hedge funds
  • Collective investment schemes
  • Securities services in SA
  • Capital markets - equity and debt markets
  • Over the counter and derivative trading
  • Pension and retirement funds
  • Local and foreign banks
  • The Consumer Protection Act and its impact on the financial services market
  • The Protection of Personal Information Act and its impact on the financial services market
  • Complaints and the process involved

Guidance Notes

Useful reference material that offers direct access to relevant case law, legislation and commentary works, and practical know-how on specific areas within Financial Services.
A few key guidance notes are outlined below. The full list can be viewed in the complete table of contents.


How to Submit an Application

Provides step-by-step guidance on how to submit an application for a licence under the Financial Advisory and Intermediary Services Act. It also provides detailed guidance and a step-by-step guide on how to apply for a licence online and how to submit the application forms via the FIAS online application system.


Required Forms to Complete a Licence Application

Provides detailed guidance on forms required to completed in an application for a licence under the Financial Advisory and Intermediary Services Act.

It supplies a list of the required forms, the purposes of each form and clear instruction on which forms may be used for the different licence categories.


What are Discretionary Services under FAIS?

Provides access to various board notices and other key legislation, downloadable forms such as Form FSP 10 – Nominee company of discretionary or administrative FSP, and provides step-by-step guidance on:

  • the definition of a discretionary service under FAIS
  • entering into a written or electronic mandate prior to providing the client with any discretionary financial services
  • the duties of a discretionary financial service provider
  • the requirements to obtain approval to act as a nominee company.

Practical Aids

Precedents, checklists and forms that can be used to offer advice confidently and execute tasks accurately.
A few key resources are listed below. The full list can be viewed in the complete table of contents.

  • Form FSP 1 – Business information of financial services provider
    - Required when applying for a licence regardless of which category of licence is being applied for.
    - Requires the applicant's business information such as its physical address, postal address, contact details, the responsible person's contact details and banking details.
  • Form FSP 2 – Licence categories
    - On which the applicant elects which category of licence and sub-categories of financial products they are applying for.
  • Form FSP 3 – Directors, officers and applicable shareholders
  • Form FSP 4 – Key individuals or sole proprietor
    - Requires inputs that involve the key individual, including personal information, experience and qualifications that are required in terms of Board Notice 106 of 2008.
  • Form FSP 5 – Representatives
  • Form FSP 6 – Compliance officer of FSP
  • Form FSP 7 – Operational ability
  • Form FSP 8 – Financial soundness
  • Form FSP 9 – External auditor
  • Form FSP 10 – Nominee company of discretionary or administrative FSP
  • Form FSP 11 – Clearing firm or foreign forex services providers
  • Form FSP 12 – Application for specific exemptions
  • Form FSP 13 – Application for approval as compliance officer
  • Form FSP 14 – Attachments and forms completed
  • Form FSP 15 – Application for approval as a category IIA FSP
  • Deed for collective investment schemes in hedge funds
  • Pro forma deed for CIS in securities
  • Application for registration as a long-term or short-term insurer in terms of section 9(1) of the Long-term Insurance Act or the Short-term Insurance Act
  • Form C.I.S 3 – Application in terms of section 73 of the Collective Investment Scheme
  • Application for approval of a foreign collective investment scheme in terms of section 65 of the Collective Investment Schemes Control Act
  • Form BA 002 – Application for authorisation to establish a bank or a branch, or registration as a bank or a branch
  • FAIS complaints registration form

Authors










Michelle David
Shawn Barnett

BA, LLB (cum laude) (University of KwaZulu- Natal) (06 May 2006), LLM (Pension Law) (University of South Africa), Certificate (Pension Law).

Michelle is an employee benefits lawyer and Director at Norton Rose Fulbright, South Africa. Michelle advises on the Pension Funds Act, the Medical Schemes Act, the Long-term and Short-term Insurance Acts, the Financial Advisory Intermediary Services Act and the commercial aspects of these laws. She has extensive experience in advising both private and public entities, and has advised schemes and other key stakeholders on numerous areas including prescribed minimum benefit legislation, contractual arrangements, rule amendments and investments


B.Proc, LLB, LLM (University of Johannesburg)

Shawn is a banking and finance lawyer and Director at Norton Rose Fulbright, South Africa. Shawn advises on high-end complex domestic and international banking and finance transactions, and focuses on structured and derivative transactions, general financial market regulation and enterprise risk management advisory work.








Gennel Chettiar-Dayaljee
Christine Rodrigues

LLB (with distinction) (University of Witwatersrand)

Gennel is a banking and finance lawyer and an associate at Norton Rose Fulbright, South Africa. Gennel focuses on opinion and drafting work relating to financial markets, banking and stock exchange regulation, financial products, pension funds, medical schemes, employee incentive schemes and investment management and structures. Gennel has experience and knowledge in insurance law (pure insurance, regulatory aspects and the commercial side), regulatory law, contract law, dispute resolution and drafting of contracts. She is currently advising South Africa's largest pension fund and a large South African Airline on the employee benefits and related issues.


B.Com Honours (First Class) (Insurance and Risk Management) (University of the Witwatersrand), LLB (University of the South Africa)

Christine is a financial services lawyer and Director at Norton Rose Fulbright, South Africa. Christine focuses on regulatory and commercial and corporate transactions affecting the insurance industry. She advises most South African insurance companies, numerous brokers as well as insurance industry bodies on regulatory, governance, corporate and commercial transactions.
Christine is very commercial-orientated in her practice








Sascha Graham



B.Com (Law) (Cum Laude & Herman Bosman Prize), LLB (University of Johannesburg)

Sascha is a financial services lawyer and an associate at Norton Rose Fulbright, South Africa. Sascha forms part of the banking and finance practice with specialisation in regulatory compliance. Her areas of practice include financial services, financial markets regulation, banking regulation, the regulation of stock exchanges, the regulation of local and foreign collective investment schemes and exchange control. Sascha presently advises both domestic and foreign financial services providers, collective investment schemes and banks in relation to corporate and regulatory matters.




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