FAIS LICENSE ASSIST SERVICE.
The Client requires Licence Assist Services in respect of the following licence application to the Regulator:
Licence Application as an Authorised Financial Services Provider in terms of the Financial Advisory & Intermediary Services Act, 2002, as amended from time to time(“FAIS”).
Licence Assist Services
The License Assist Services required in terms of this Agreement include the following:
1. FAIS Licence Categories
- FAIS Category I (Not included in the other FAIS Categories e.g. brokers)
- FAIS Category II (Discretionary FSP’s)
- FAIS Category IIA (Hedge fund FSP’s)
- FAIS Category III (Administrative FSP’s)
- FAIS Category IV (Assistance business FSP’s)
- FAIS Foreign FSP
- FAIS License Exemptions
2. FAIS License Assist Service includes:
- Allocating the matter to a CS License Assist Administrator who will be the main point of contact in CS in assisting the Client with the licence application.
- Any complex, compliance related or technical matters will be referred to suitable CS staff to assist with such matters where necessary.
- Consultations with Clients to advice on the licence application process and requirements.
- Telephonic support:CS may be contacted (preferably by the Internal Contact Person of the Client responsible to liaise with CS) during office hours 8:30 – 5:00pm Monday to Thursday and 8:30 – 4:00pm on Fridays (South African time).Calls to the CS Administration team should be made to the main office number +27 (0) 87 897 6970.
- Email Support:CS may be contacted per email (preferably by the Internal Contact Person responsible to liaise with CS) at any time although such queries will typically be addressed during office hours as indicated above.
3. FAIS Licence Assist Service main deliverables include:
- Guidance on the required licence category and product categories;
- Assessment of license submission criteria;
- Reference checks;
- Guidance on Fit & Proper requirements;
- Submit and follow through with SAQA submissions;
- Provide prescribed Application forms and assist the client with templates;
- Provide guidance to the Client on the License Application form, templates and necessary attachments;
- Assist with completion of Licence Application forms;
- Submit Applications to the Regulator;
- Liaise with FAIS registration department on behalf of the Client regarding progress;
- Provide ongoing feedback until final outcome received from the Regulator regarding the Licence Application;
- Regular Email and telephonic communications with Clients to update them on progress.
Should it be necessary for CS to obtain specialist knowledge in respect of matters related to this license assist agreement which does not form part of the normal license application process, then CS shall make use of consultancy services of internal specialists to assist with these matters which may include, without limitation, reviewing, drafting or amending of key risk documentation (e.g. policies, frameworks, plans) and/or compliance advice on complex compliance matters required in terms of the application. These services will be charged separately please note. CS shall inform the Client prior to referring the matter to such consultants.