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Unit Standard No.12164Page 55

ROLE PLAYERS IN THE FAIS LEGISLATION

ROLE PLAYER

Acronym

Definition from Act

Possible person/entity

Financial Services Provider

FSP

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

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

Financial Planner /Advisor

Intermediary

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; or

(b) a corporate body or trust consisting of only one natural person as member, director, shareholder or trustee, means any such natural person

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

Auditor

Means an auditor registered in terms of the Public Accountants’ and Auditors’ Act, 1991

Auditors of books of account

Compliance

C.O.

Means a compliance officer for an authorised financial services provider referred to

Internal Compliance Officer

INSMAT final materials31/10/03

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