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Unit Standard No.12164Page 53

Terminology used in the FAIS legislation

FAIS persona

Acronym

Definition from Act

Possible person/entity

Financial Services Provider

FSP

An “authorised financial services provider” or ‘‘provider’’ means a person who has been granted an authorisation as a financial services provider by the issue to that person of a licence under section 8;

Brokerage

Product Supplier

May be a sole proprietor/ partnership/CC/company or business trust

Representative

Rep

The term “representative” means any person who renders a financial service to a client for or on behalf of a financial services provider, in terms of conditions of employment or any other mandatory agreement, but excludes a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity, which service—

(a) does not require judgment on the part of the latter person; or

(b) does not lead a client to any specific transaction in respect of a financial product in response to general enquiries;

Advice giver

Key Individual

K.I.

A “key individual”, in relation to an authorised financial services provider, or a representative, carrying on business as—

(a) a corporate or unincorporated body, a trust or a partnership, means any natural person responsible for managing or overseeing, either alone or together with other so responsible persons, the activities of the body, trust or partnership relating to the rendering of any financial service;

Examples are Director, Heads of Business Units, Managers (who oversee or manage any activity relating to the rendering of any financial service).

INSMAT final materials31/10/03

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