FAIS Notices 81 and 82 of 2015

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In response to a number of enquiries, we provide some clarification on the content of these important notices. We encourage you to read this in conjunction with the actual documents which are linked below for your convenience.

Financial statements must be submitted to the FSB within four months of your financial yearend. In 2011, qualifying FSPs were invited to apply for an exemption from the requirement to submit audited financial statements. In view of possible changes to the structure of the business, the FSB will in future require of such FSPs to submit Annexure A, as published in FAIS Notice 82, on an annual basis as confirmation that the conditions for the exemption still apply.

The publication of these two FAIS Notices aims to clarify the position regarding the submission of financial statements for 2014 and 2015.

  1. The requirements of FAIS Notice 81 will apply to an FSP (who is a eligible person in terms of paragraph 3 of FAIS Notice 81) whose financial yearend fell in 2014. For example, an FSP with a financial yearend of 31 December 2014 had to submit its financial statements by 30 April 2015.
  2. The FSB confirmed that FAIS Notice 82 is not applicable to eligible FSPs in terms of the submission of financial statements for financial yearends before 2015. It does not apply to those who had to submit their financial statements on or before 30 April 2015. Thus, FAIS Notice 82 will only apply to an FSP with a 31 January 2015 yearend or later.

We also obtained clarity from the FSB as to the position of qualifying FSPs with a financial yearend of 28 February 2015, including those who applied for an extension to, say, 31 August 2015:

Such FSPs qualify for the exemption and need not attach Annexure A when they submit their unaudited statements for 2015, as indicated in paragraph 4(6) of FAIS Notice 82.

If the required date of submission of financial statements is after 31 July 2015, you will have to complete and attach Annexure A.

Click here to download a copy of Annexure A: Annual Return for Exemption of Eligible FSPs for future use.