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Unit Standard No.12164Page 64

(j) any financial product issued by any foreign product supplier and marketed in the Republic and which in nature and character is essentially similar or corresponding to a financial product referred to in paragraphs (a) to (1), inclusive;

It appears from the above definition that this type of  FSP is most likely to be a Linked Investment Service Provider (LISP),  who is involved the rendering of intermediary services in respect of the mentioned financial products through the method of bulking.

FSP Category I

This Category of FSP has been defined in the Determination of Fit & Proper as:

“All persons, other than persons referred to in Categories II and III, who require licences to render the financial services …”

It appears from the above definition that this is a default category into which FSP’s will fall, if they do not fall into FSP category II or III.

Therefore, if you are an FSP who is involved in all three of the above, you need to apply for three separate licences.

INSMAT final materials31/10/03

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