As a result of the impact of COVID-19 on the financial services industry, several relaxations to regulatory and filing deadlines considering the challenges that regulated entities may face in these trying times, were announced. In March this year, the Financial Sector Conduct Authority (FSCA) released FSCA communication 9 of 2020, granting several extensions to fit and proper related deadlines.
FSCA FAIS Notice 22 of 2020 (replacement to FSCA FAIS Notice 17 of 2020) further clarifies that all RE Exams, COB and Qualification deadlines applicable to supervised reps which fall between 27 March 2020 and 30 November 2020 has been extended to a deadline of 15 December 2020. FSPs and supervised reps that are affected should urgently consider what steps need to be taken to ensure compliance by 15 December 2020. Those that had to qualify pre-27 March are already in breach of the regulations.
The following COB requirements applied pre-COVID:
On 1 February 2019 the new Exemption of Services under Supervision (FSCA FAIS Notice 86 of 2018) came into effect. In terms of this Notice the transitional arrangements regarding representatives were as follows:
| DATE / PERIOD APPOINTED | MUST MEET COB BY: | BOARD NOTICE SECTION |
| Representatives that were working under supervision at 1 April 2018, including Representatives that commenced with Supervision between 1 April 2018 and 1 February 2019 | 31 January 2020 | FSCA Notice 86 – section 4(3) read in conjunction with Board Notice 194 of 2017 – section 52(12) |
| Representatives working under supervision from 1 February 2019 onward | 12 months from the date of first appointment | FSCA Notice 86 – Condition 2(3) |
It is important to note that Moonstone Business School of Excellence (MBSE) is a duly accredited institution and provides training in all nine COB modules stipulated in the Act. Visit the MBSE website or visit the Event page for more detail.
Click here to download the relevant annexure from the Board Notice 194 of 2017 that describes all 9 Classes of Business.
