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Unit Standard No.12164Page 92

(d) has at any time prior to the date of application been disqualified or prohibited by any court of law (whether in the Republic or elsewhere) from taking part in the management of any company or other statutorily created, recognised or regulated body, irrespective of whether such disqualification has since been lifted or not.

(4) An applicant must in the application be candid, frank and accurate and must of own accord disclose all facts or information at the disposal of or which may be accessible to the applicant and which may be relevant for purposes of a decision by the registrar that the applicant complies or does not comply with subparagraph (1).

3.OPERATIONAL ABILITY

The test for operation ability is simple,

The requirement in the determination is as follows:

Operational ability

4. (1) An applicant must have and be able to maintain the operational ability to fulfil the responsibilities imposed by the Act on licensees, including the following minimum requirements:

(a) A fixed business address from which business is conducted and which can also serve as a domicilium citandi et executandi for purposes of entry into contract and any judicial or quasi-judicial proceedings;

(b) adequate communication facilities including at least a full-time telephone or cell phone service, and typing and document duplication facilities;

(c) adequate storage and filing systems for the safe-keeping of records, and business communications and correspondence; and

(d) an account with a registered bank including, where necessary, a specific trust account for client moneys.

(2) An applicant must have in place the appropriate money laundering control systems and provision for training of staff, including identification, record-keeping and reporting procedures required under the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001).

INSMAT final materials31/10/03

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