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Financial Services Act

consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Finance (Miscellaneous Provisions) Act 2017 (Act No 10 of 2017), Finance (Miscellaneous Provisions) Act 2018 (Act No 11 of 2018), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2019 (Act No 9 of 2019), Finance (Miscellaneous Provisions) Act 2019 (Act No 13 of 2019), Anti-Money Laundering and Combatting the Financing of Terrorism (Miscellaneous Provisions) Act 2020, Covid-19 (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2021 (Act No 15 of 2021), Finance (Miscellaneous Provisions) Act 2022 (Act No 15 of 2022), Finance (Miscellaneous Provisions) Act 2023 (Act No 12 of 2023), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024 (Act No. 10 of 2024), Finance (Miscellaneous Provisions) Act 2024 (Act No. 11 of 2024), Finance Act 2025 (Act No. 18 of 2025), Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act 2026 (Act No. 3 of 2026).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. PART II: THE FINANCIAL SERVICES COMMISSION
  4. 3 Establishment of Commission
  5. 4 The Board
  6. 5 Objects of Commission
  7. 6 Functions of Commission
  8. 7 Powers of Commission
  9. 8 Meetings of Board
  10. 9 The Chief Executive
  11. 10 Delegation of powers
  12. 11 Technical committees
  13. PART III: THE FINANCIAL SERVICES CONSULTATIVE COUNCIL
  14. 12 The Council
  15. 13 Objects of Council
  16. PART IV: REGULATION OF FINANCIAL SERVICES
  17. 14
  18. 14A Licensing of moneylenders inserted by Act No 7 of 2020
  19. 14B Regulatory sandbox authorisation inserted by Act No 15 of 2021
  20. PART IV: REGULATION OF FINANCIAL SERVICES
  21. 15 Application of Part IV
  22. 16 Application for licence
  23. 17 Further information and verification
  24. 17A Incomplete applications inserted by Finance (Miscellaneous Provisions) Act
  25. 17A Incomplete applications inserted by Act No 11 of 2024
  26. 17B Determination of application inserted by Finance (Miscellaneous Provisions) Act
  27. 17B Determination of application inserted by Act No 11 of 2024
  28. 17C Application of sections 17A and 17B inserted by Finance (Miscellaneous Provisions) Act
  29. 17C Application of sections 17A and 17B inserted by Act No 11 of 2024
  30. PART IV: REGULATION OF FINANCIAL SERVICES
  31. 18 Granting of applications
  32. 19 False and misleading statements to Commission
  33. 20 Matters related to fit and proper person requirements
  34. 21 Display of licence
  35. 22 Licence fees
  36. 22A Administrative penalties inserted by Act No 12 of 2023
  37. 22B Post licensing fees inserted by Finance (Miscellaneous Provisions) Act
  38. 22B Post licensing fees inserted by Act No 11 of 2024
  39. PART IV: REGULATION OF FINANCIAL SERVICES
  40. 23 Approval of controllers and beneficial owners
  41. 24 Approval of officers
  42. 25 Variation of licence
  43. 25A Application for duplicate licence inserted by Finance (Miscellaneous Provisions) Act
  44. 25A Application for duplicate licence inserted by Act No 11 of 2024
  45. 25B Notification of change of name inserted by Finance (Miscellaneous Provisions) Act
  46. 25B Notification of change of name inserted by Act No 11 of 2024
  47. 25C Application of sections 25A and 25B inserted by Finance (Miscellaneous Provisions) Act
  48. 25C Application of sections 25A and 25B inserted by Act No 11 of 2024
  49. PART IV: REGULATION OF FINANCIAL SERVICES
  50. 26 Register of licensees
  51. 26A Register of trusts inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  52. 26A Register of trusts inserted by Act No 3 of 2026
  53. PART IV: REGULATION OF FINANCIAL SERVICES
  54. 27 Suspension of licence
  55. 28 Termination of licence
  56. PART V: ONGOING OBLIGATIONS OF LICENSEES
  57. 29 Record keeping
  58. 30 Audited financial statements
  59. 30A Extension to file Annual Financial Statement inserted by Act No 7 of 2020
  60. 30B Exemption from filing Annual Financial Statement inserted by Act No 7 of 2020
  61. 30C Duties of auditors inserted by Act No 7 of 2020
  62. PART VI: PROTECTION OF CONSUMERS OF FINANCIAL SERVICES
  63. 31 Advertisement
  64. 32 Protection of consumers of financial services and financial products
  65. PART VII: SELF-REGULATORY ORGANISATIONS
  66. 33 Declaration or recognition of SRO
  67. 34 Rules of SRO
  68. 35 Restriction on decision making
  69. 36 Obligations of and in relation to officers of SRO
  70. 37 Powers to direct SRO
  71. 38 Termination of arrangements and revocation of declaration or recognition
  72. 39 Amendments to constitution of SRO
  73. 40 Protection for SRO
  74. 41 Annual report of SRO
  75. PART VIII: POWERS OF COMMISSION
  76. 42 Request for information
  77. 43 On site inspections
  78. 43 Inspections inserted by The Anti-money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024
  79. 43A Frequency of inspections inserted by The Anti-money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024
  80. 43A Frequency of on site inspections inserted by Act No 5 of 2020
  81. PART VIII: POWERS OF COMMISSION
  82. 44 Investigations
  83. 44A Special investigations
  84. 45 Tampering with evidence
  85. 45A Whistle blowing inserted by Act No 13 of 2019
  86. PART VIII: POWERS OF COMMISSION
  87. 46 Power to give directions
  88. 47 Compliance with directions
  89. 48 Appointment of administrator
  90. 49 Injunctive relief and locus
  91. 50 Freezing of assets
  92. 51 Enforceable undertakings
  93. 51A Compounding of offences
  94. 51B Compliance report inserted by Act No 12 of 2023
  95. PART IX: ENFORCEMENT COMMITTEE AND FINANCIAL SERVICES REVIEW PANEL
  96. 52 Enforcement Committee
  97. 53 Disciplinary proceedings
  98. 53A Settlement Committee inserted by Act No 15 of 2022
  99. PART IX: ENFORCEMENT COMMITTEE AND FINANCIAL SERVICES REVIEW PANEL
  100. 54 Financial Services Review Panel
  101. 55 Membership of Review Panel
  102. 56 Termination of appointment
  103. 57 Staff of Review Panel
  104. 58 Composition of Review Panel for particular matters
  105. 59 Disclosure of interests by members of Review Panel
  106. 60 Decision of Review Panel
  107. 61 Conduct of reviews
  108. 62 Proceedings of Review Panel
  109. 63 Powers of Review Panel
  110. 64 Protection of persons before Review Panel
  111. 65 Offences relating to proceedings of Review Panel
  112. 66 Determination of Review Panel
  113. 67 Judicial review
  114. 68 Financial Services Fund
  115. 69 Administration of Fund
  116. 70 Annual report of Managing Committee
  117. PART X: GLOBAL BUSINESS
  118. 71 Global business
  119. 72 Application for Category 1 Global Business Licence or Category 2 Global
  120. 73 Conduct of global business
  121. 73A Direction inserted by Finance (Miscellaneous Provisions) Act
  122. 73A Direction inserted by Act No 11 of 2024
  123. PART X: GLOBAL BUSINESS
  124. 74 Validity of Category 1 Global Business Licence or Category 2 Global
  125. 75 Power of inquiry
  126. 76 Registered agent
  127. 77 Management licence
  128. 77A Global Legal Advisory Services
  129. 77A Global Legal Advisory Services inserted by Act No 18 of 2016
  130. PART X: GLOBAL BUSINESS
  131. 77B Application for Global Legal Advisory Services licence
  132. 77B Application for Global Legal Advisory Services licence inserted by Act No 18 of 2016
  133. 77C Global activities inserted by Act No 15 of 2022
  134. PART X: GLOBAL BUSINESS
  135. 78 Nominee company
  136. 79 Special provisions for Global Business
  137. PART XA: INVESTMENT BANKING
  138. 79A Application for Investment Banking Licence
  139. 79A Application for Investment Banking Licence inserted by Act No 18 of 2016
  140. PART XI: ADMINISTRATION
  141. 80 Staff of Commission
  142. 81 Conditions of service of employees
  143. 82 General Fund
  144. 82A General Reserve Fund
  145. 83 Confidentiality
  146. 84 Disclosure of interest
  147. 85 Annual report of Commission
  148. PART XIA: THE FINANCIAL SERVICES PROMOTION AGENCY
  149. 85A Application of Part XIA
  150. 85B The Financial Services Promotion Agency
  151. 85C Objects and functions of Agency
  152. 85D Director of Financial Services Promotion Agency
  153. PART XIB: SINGLE WINDOW SYSTEM
  154. 85E Single Window System inserted by Act No 13 of 2019
  155. PART XII: MISCELLANEOUS
  156. 86 Administration of relevant Acts by Commission
  157. 87 Exchange of information and mutual assistance
  158. 87A Records
  159. 87B Filling inserted by Act No 12 of 2023
  160. 87C Exchange of information related to or relevant for AML/CFT inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  161. 87C Exchange of information related to or relevant for inserted by Act No 3 of 2026
  162. PART XII: MISCELLANEOUS
  163. 88 Immunity and protection from liability
  164. 89 Exemption
  165. 89A Extensions inserted by Act No 13 of 2019
  166. 89B No limitation for recovery inserted by Act No 12 of 2023
  167. PART XII: MISCELLANEOUS
  168. 90 Offences and penalties
  169. 91 Prosecution
  170. 92 Jurisdiction
  171. 93 FSC Rules
  172. 94 Regulations