Subject Title - INSETA

impartial tribunal or forum. This implies that a FSP whose licence has beenwithdrawn may also approach the Court for reinstatement.10.3 OFFENCES10.3.1 OffencesWhen a person commits the offences listed below and is convicted by a court,the court may impose a fine of a maximum of R1 000 000 or a prisonsentence of a maximum of ten (10) years or both. 136The offences, which carry the above penalties, are the following:1. Contravention of or failure to comply with the following Sections inthe Act:Failure to get a licence to operate asan FSP – s.7(1).Conducting financial services-relatedbusiness with a person who is notlicensed for such services and theconditions and restrictions, allow thespecific services or the person is arepresentative as described in the Act– s.7(3).Failure to display a FAIS licence, Failure to ensure that directors,– or to refer to the licence in trustees or partners (excluding keybusiness documentation, individuals) meet the fit and properadvertisements and other honesty and integrity requirementspromotional material– or failure to notify theor failure to have the licenceRegistraravailable when proof isor give the Registrar therequested or when requiredrequired information withinto enter into a business15 days of changes in respectrelationship with the licenseeof these persons –– s.8(8).s.8(10)(a).136 Section 36 of the FAIS Act200 © INSETA - Section 1 12a