Subject Title - INSETA

any change in directors any change in members any change in foreign clearing any change of compliance officerfirm or foreign forex serviceprovider involved any change in auditor any change in the representativesCondition 2 – Reporting changes relating to key individualsThis condition requires that there must be a key individual appointed in termsof a licence at all times and that the key individual's details and changes inpersonal circumstances of key individuals that affect his honesty and integrityare maintained and updated.In the example of licensing conditions we see that Condition 2 stipulates thatthe FSP must inform the Registrar if and when there are changes to theapproved key individual position(s). This means that when a key individualleaves the employment of the FSP, the necessary profile change must bedone WITHIN 15 DAYS of the change.In addition, Section 8(4)(b) of the FAIS Act requires that when a keyindividual leaves the employ, or is replaced, or there are changes in theperson's personal circumstances of a key individual which makes him nolonger fit and proper, the key individual must not be allowed to take part inthe conduct or management or oversight of the licensee‟s business in relationto the rendering of financial services.Condition 3 - Submit representative registerA newly authorised FSP must submit the representative register within 15days of authorisation. Thereafter updates to the register must be sent to theRegistrar within 15 days.Condition 4 – Change of business nameIf there is a change in the name of the business, the requirements ofCondition 4 (above) must be met – which are the following:Ensure that the name change is not in conflict with any other law andcomplies with other applicable laws (such as the Companies Act orthe Banks Act in relation to banks).© INSETA - Section 1 12a 195