![Financial Advisory And Intermediary Services Act [No. 37 Of 2002]](/img/30/a37-020.jpg)
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Government GazetteREPUBLIC OF SOUTH AFRICAVol. 449Cape Town15November2002No. 24079THE PRESIDENCYNo. 145315 December 2002It is hereby notified that the President hasassented to the following Act, which isherebypublishedforgeneralinformation:–No. 37 of 2002: Financial Advisory andIntermediary Services Act, 2002.AIDS HELPLINE: 0800-123-22 Prevention is the cure
(English text signed by the President.)(Assented lo 15 November 2002.)ACTTo regulate therendering of certain financial advisoryand intermediary services toclients; to repeal or amend certain laws; and to provide for matters incidentalthereto.BE IT ENACTED by theParliamentfollows:-of the Republic of South Africa.asTABLE OF CONTENTSINTRODUCTORY PROVISIONSSectionI.Definitions and applicationCHAPTER IADMINISTRATION OF ACT2.3.4.5.6.Registrar and deputy registrar of financial services providersGeneral provisions concerning registrarSpecial provisions Concerning powers of registrarAdvisory Committee on Financial Services ProvidersDelegations and authorisations10CHAPTER I1AUTHORISATION OF FINANCIAL SERVICES PROVIDERS7.8.9.10.11.12.Authorisation of financial services providersApplication for authorisationSuspension of authorisationWithdrawal of authorisationLapsing of licenceExemptions in respect of product suppliersIS20CHAPTER I11REPRESENTATIVES OF AUTHORISED FINANCIAL SERVICESPROVIDERS13.Qualificationsof representativesanddutiesproviders14. Debarment of representativesof authorisedfinancialservices25
CHAPTER IVCODES OF CONDUCT15.Publicationof codes of conduct16. Principles of codes of conductCHAPTER V5DUTIES OF AUTHORISED FINANCIAL SERVICES PROVIDERS17.18.19.Compliance officers andcompliancearrangementsMaintenance of recordsAccountingandauditrequirementsCHAPTER VI10ENFORCEMENTPART ZOmbud for nanciul services fice of Ombud for Financial Services ProvidersAppointment of Ombud and deputy ombudsFunding of OfficeAccountabilityGeneral administrative powers of OmbudDisestablishment and liquidation of OfficePowers of BoardReceipt of complaints, prescription, jurisdiction and investigationDeterminations by OmbudRecord-keepingReport of OmbudPenaltiesPromotion of client education by registrar15202.5PART I1Other enforcement measures33. 36.Offencesand penalties37.Considerationof quantum of fines dclosure39. Right of appeal3035CHAPTER VI1MISCELLANEOUS40,Savingof rights41. Feesandpenalties42.Exchangeof information43.Limitationof liability44.Exemptionsby peal46.Commencementandshort titleScheduleLaws amended or repealed40of laws4s
INTRODUCTORY PROVISIONSDefinitions and application1. (1) In this Act, unless the context indicates otherwise“advice” means, subject tosubsection (3)(a),any recommendation. guidanceor proposal of a financial nature furnished, by any means or medium, to any 5client or group of clients( a ) in respect of the purchase of any financial product; or(b) in respect of the investment in any financial product: or(c) on the conclusion of any other transaction, including a loan or cession.aimed at the incurring of any liability or the acquisition of any right or I Obenefit in respect of any financial product; or(d) on the variation of any term or condition applying to a financial product,on the replacement of any such product, or on the termination of anypurchase of or investment in any such product,irrespectiveandof whether or not such advice15(i) is furnished in thecourse of or incidental to financialplanning inconnection with the affairs of the client; or(ii) results in any such purchase, investment. transaction. variation. replacement or termination, as the case may be, being effected;“Advisory Committee” meansthe Advisory Committee onFinancial Services 20Providers referred to in section 5;“application”, in relation to the performance of anyact by theregistrar,means, except where in a specific case other specific provision is made, anapplication referred to in section 3(2);“auditor” means anauditor registered in terms of the Public Accountants’ and 25Auditors’ Act, 1991 (Act No. 80 of 1991);“authorised financial services provider” or “provider” means a person whohas been granted an authorisation as a financial services provider by the issueto that person of a licence under section 8;“Board” means the Financial Services Board established by section 2 of the 30Financial Services Board Act;“board of appeal” means theboard of appeal established by section 26( 1) ofthe Financial Services Board Act;“client” means a specific person or group of persons, excluding the generalpublic, whoisor maybecomethesubjectto whom afinancialservice is 35rendered intentionally, or is the successor in title of such person or thebeneficiary of such service;“code of conduct” means any published code of conduct contemplated insection 15;“collective investment scheme”means acollectiveinvestmentscheme as 40defined in the Collective Investment Schemes ControlAct, 2002;“complainant” means, subject to section 26(l)(a)(ii), a specific client whosubmits a complaint to the Ombud;“Complaint” means,subject to section26( l)(a)(iii), aspecificcomplaintrelating to deror 35representative to the complainant on or after the date of commencement ofthis Act,andin which complaint it is allegedthattheproviderorrepresentative(a) has contravened or failed to comply with a provision of this Act and thatas a resultthereof the complainant has suffered or is likely to suffer 50financial prejudice or damage;( b ) has wilfully or negligently rendered a financial service to the complainant which has causedprejudice or damage tothe complainant or which islikely to result in such prejudice or damage; or(c) has treated the complainantunfairly;55“compliance officer” means a compliance officer for an authorised financialservices provider referred to in section 17;“Court” means any court having jurisdiction;“exempt” means to exempt, on application by a person or on the registrar’sown initiative, on any of the grounds mentionedin section 44( I)(a), ( 6 )or (c) 60and (4)fa);
No. 230798 GOVERNMENTGAZElTE.15 NOVEMBER 2002 Act No. , 2002“financial product” means, subject to subsection (2)( a ) securities and instruments, includingshares ina company other thana “shareblock company” as definedin the Share Blocks Control Act, 1980 (Act No. 59 of 1980);debentures and securitised debt;any money-market instrument;any warrant, certificate,andother instrument acknowledging,conferring or creating rights to subscribe to, acquire, dispose of. orconvert securities and instruments referred to in subparagraphs (i),(ii) and (iii);any “securities” as defined in section 1 of the Securities ServicesAct, 2002;a participatory interest in one or more collective investment schemes;a long-term ora short-term insurance contract or policy, referred to in theLong-term Insurance Act, 1998 (Act No. 52 of 1998), and the Short-termInsurance Act, 1998 (Act No. 53 of 1998). respectively;a benefit provided by(i) a pension fund organisation as defined in section 1 (1 ) of the PensionFundsAct, 1956 (Act No. 24 of 1956), to the members of theorganisation by virtue of membership; or(ii) a friendlysocietyreferred to in the FriendlySocietiesAct, 1956(Act No. 25 of 1956), to the members of the society by virtue ofmembership;aforeign currency denominatedinvestmentinstrument,includingaforeign currency deposit;a deposit as definedin section 1(1 ) of the Banks Act. 1990 (ActNo. 9 1 of1990);ahealth service benefit provided by a medical scheme as defined insection 1 (1) of the Medical Schemes Act. 1998 (Act No. 131 of 1998):any other product similar in nature to any financial product referred to inparagraphs ( a ) to (g), inclusive.declaredby theregistrar.afterconsultation with the AdvisoryCommittee, by notice in the Gazette to bea financial product for the purposes of this Act;any combined product containing one or more of the financial productsreferred to in paragraphs ( a ) to ( / I ) . inclusive;any financialproductissuedby anyforeignproductsupplierandmarketed in the Republicand which innature and character is essentiallysimilar or corresponding toa financial product referred to in paragraphs( a )to ( i ) , inclusive;“financial service” means any service contemplated in paragraph (a). ( 0 )or( c )of the definition of “financial services provider”, including any categoryof such services;“Financial Services BoardAct”meanstheFinancialServices BoardAct,1990 (Act No. 97 of 1990);“financial services provider” means any person, other than a representative,who as a regular feature of the business of such person( a ) furnishes advice; or(b) furnishes advice and renders any intermediary service; or(c) renders an intermediary service;“intermediary service” means, subject to subsection (3)(6). any act other thanthe furnishing of advice, performed by a person for or on behalf of a client orproduct supplier( a ) the result of which is that a client may enter into, offers to enter into orenters into anytransaction in respect of a financial product with a productsupplier; or(b) with a view t(i) buying, selling or otherwise dealing in (whether on a discretionaryor non-discretionary basis), managing, administering,keeping insafe custody, maintainingor servicing a financial product purchasedby a client from a product supplier or inwhich the client hasinvested;51015202530354045505560i
ction-IONo. 21079Act No. 37,2002under. .GOVERNMENTGAZETTE,15 NOVEMBER 2002FINANCIALADVISORYANDINTERMEDIARYSERVICESACT, 2002(ii) collecting or accounting for premiums or other moneys payable bythe client to a product supplier in respect of a financial product: or(iii) receiving, submitting or processing the claims of a client against aproduct supplier;“key individual”, in relation to an authorised financial services provider. or arepresentative, carrying on business as( a ) a corporate or unincorporated body, a trust or a partnership. means anynatural person responsible for managing or overseeing, either alone ortogether withother so responsible persons, the activitiesof the body, trustor partnershiprelating to the rendering of any financial service; or( 6 ) a corporatebody or trust consisting of only one naturalperson asmember, director, shareholder or trustee, means any such natural person:“licence” means a licence contemplated in section 7( 1);“licensee” means a financial services provider to whom a licence has beenissued8;“Minister” means the Minister of Finance;“Office” means the Office of the Ombud established by section 20( 1);“Ombud” means( a ) the Ombudfor Financial Services Providersappointedin terms ofsection 21(1); and( h ) for the purposes of sections 2 7 , 2 8 , 3 1 and 39. includes a deputy ombud:“person” means any natural person, partnership or trust. and includes( a ) any organ of state as defined in section 239 of the Constitution of theRepublic of South Africa. 1996 (Act No. 108 of 1996);( 6 ) any companyincorporated or registered as suchunder any law:(c) any body of persons corporate or unincorporate;“prescribe” means prescribe by regulation;“product supplier” meansany person who issues a financial product by virtueof an authority,approval or rightgranted to suchpersonunderany law,.including the Companies Act. 1973 (Act No. 61 of 1973);30“registrar”means theregistrar ordeputy registrar of financialservicesproviders referred to in section 2;”regulation” means a regulation made under section 35;“representative” means any person who renders a financial service to a clientfor or on behalf of a financial services provider, in terms of conditions ofemploymentor any other mandatoryagreement,but excludes a personrendering clerical. technical, administrative, legal. accountingor other servicein 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 financialproduct in response to general enquiries;“rule” means a rule made by the Board under section 26;“this Act” includes any regulation, rule or code of conduct, and any noticegiven. approval or exemption granted, determination made, requirement orcondition determined or imposed, or any other decision referred to in section3( 1).( 2 ) For the purposes of this Act a financial product does not include any financialproduct exempted fromthe provisions of this Act by the registrar, after consultationwiththe Advisory Committee, by notice in the Gazerre, taking into consideration the extentto which the rendering of financial services in respect of the product is regulated by anyother law.(3) For the purposes of this Act( a ) advice does not includefactual advice given merely(aa) on the procedure for entering into a transaction in respectof anyfinancial product;( b b ) in relation to the description of a financial product;(cc) in answer to routine administrative queries;(dd) in the form of objective information about a particular financialproduct; or(ee) by the display or distribution of promotional material;510152025354045505560
.GOVERNMENT24079I?GAZETTE.No.Act No. 37,200215 ESACT, 2002(ii) an analysis or report on afinancialproductwithoutany express orimplied recommendation, guidance or proposal that any particulartransactioninrespectof theproduct is appropriate to the particularinvestment objectives, financial situation or particular needs of a client:(iii) advicegiven by(aaj the board of management, or any board member, of any pensionfund organisation or friendly society referred to in paragraph ( d ) ofthe definition of “financial product” in subsection ( I ) to themembers of theorganisation or society on benefits enjoyed or to beenjoyed by such members; orfbbi the board of trustees of any medical scheme referred to in paragraph(g) of the saiddefinition of “financial product”,or any boardmember, to the members of the medical scheme, on health carebenefits enjoyed or to be enjoyed by such members; or(iv) any other advisory activity exempted from the provisions of this Act bythe registrar, after consultation with the Advisory Committee, by noticein the Gazette;( 6 ) intermediaryservice does not include(i) the rendering by a bank or mutual bank of a service contemplated inparagraph (b)(ii) of the definition of ‘‘intermediary service” where thebank or mutual bank actsmerely as a conduit betweenaclientandanother product supplier;(ii) an intermediary service rendered by a product supplier(aa) who is authorised under a particular law to conduct business as afinancial institution; and(bb) where the rendering of such service is regulated by or under suchlaw;(iii) any other service exemptedfrom theprovisions of this Act by theregistrar. after consultation with the Advisory Committee. by notice inthe Gazette.(4) The provisions of this Act only apply to the rendering of a financial service inrespect of a deposit referred to in paragraph (f) of the definition of “financial product”in subsection ( 1 ) with a term not exceeding 12 months by a provider which is a bank asdefined in the Banks Act, 1990, or a mutual bank as defined in the Mutual Banks Act.1993. to the extent that such application is regulated in the code of conduct contemplatedin section 15(2)(b).(5) Provisions of this Act relating to financial services providers, representatives andproduct suppliers apply to any natural person or group of natural persons acting withinthe scope of their official duties in the employ of the State, orany organisational unit ofthe State. or any public entity, unless the Minister by notice in the Gazette determinesotherwise in respect of any such person, group, unit or entity.(6) This Act must be construed as being in addition to any other law not inconsistentwith its provisions and not as replacin& any such law.510152075303540CHAPTER IADMINISTRATION OF ACT45Registrar and deputy registrar of financial services providers2. The executive officer and deputyexecutive officer of the Board are respectively theregistrar and deputy registrar of financial services providers and have the powers andduties provided for by or under this Act or any other law.General provisions concerning registrar3, (1) Subject to the provisions of this Act, any notice given, approval or exemptiongranted. determination made, requirement or condition determined or imposed, or any50
11No. 24079Act No. 37,2002GOVERNMENT GAZETTE. 15 NOVEMBER 7002FINANCIALADVISORYANDINTERMEDIARYSERVICESACT. 2002other decision takenby the registrar under an enabling provision of this Act.is valid onlyif it is reduced to adurablewritten or printed form or,wherecommunicatedelectronically, has been correctly transmitted in a legible form.( 2 )Whenever the performance of any act contemplated in subsection(1) is sought bya person under this Act or any other law, application therefor must, subject to any other 5specific provision of this Act, be made in writing to the registrar and the applicationmust( a ) be made in the form and manner determinedby or in tenns of this Act, or anyother law, or as otherwise required by the registrar;(6) be accompanied by10(i) the fees payable in terms of this Act; and(ii) the information or documents required by the registrar.(3) The registrar must in connection with the application of any provision of this Actto orin respect of any financial productor financial service, consult with any regulatoryor supervisory authority in the Republic. including the Registrar of Medical Schemes. 15referred to insection 42, whois by law empoweredto perform a regulatory orsupervisory function in respect of such product or service.Special provisions concerning powersof registrar4. ( 1 ) When anything is required or permitted to be done by the registrar in terms ofthis Act within a particular period, the registrar may on application or on own initiative 30before the expiry of that period, extend it for any sufficient cause.( 2 ) The registrar may by notice direct an authorised financial services provider orrepresentative to furnishtheregistrar, withinaspecifiedperiod.withspecifiedinformation or documents required by the registrar for the purposes of this Act.(3) ( a ) If any advertisement. brochure or similar documentrelating to the rendering of 25a financial service by an authorised financial services provider or a representative isbeing. or is to be, published by any person, and any such document is misleading. orconfusing. or contains any incorrect statement of fact, the registrar may by notice directthat person not to publish it, to ceasepublishing it or to effect changes thereto.(6) A notice contemplated in paragraph ( a ) takes effect on a date specified in such 30notice after the registrar has(i) provided the person concerned with thereasons for the notice: and(ii) afforded the person concerned a reasonable opportunity to be heard.(4) If there is reason to believe that a person is contravening orfailing to complywith.or has contravened or failed to comply with, a provision of this Act. the registrar may35( a ) by notice direct that person(i) to furnish theregistrar within a specifiedperiod with anyspecifiedinformation or documentsin the possession or under the control of thatperson and which relate to the subject-matter of such contravention orfailure;40(ii) to appearbefore the registrar ata specified time and placefor the purposeof discussing such matter with the registrar; or(iii) to make arrangements forthe discharge of all or any part of that person'sobligations in terms of this Act;(6) if satisfied that in the case concerned significant prejudice or damage to clients 45has occurred or may occur, apply to a Court for an order restraining suchperson from continuing business or dealing with the funds or other propertyheld by such person on behalf of clients or other persons, pending theinstitution by the registrar of an application or action contemplated in section33( 1 ) and (21, or the exercising by the registrar of such other legal remedy as 50may be available to the registrar;( c ) if prejudice or damage may have occurred to a client, refer the matter, together
16No. 21079Act No. 37,2002GOVERNMENTGAZElTE.15 SOVEMBER 1-002FINANCIALADVISORYANDINTERMEDIARYSERVICESACT, 2002with any information or documentation in the registrar’s possession, to theOffice to be dealt with as a complaint by the client concerned.Advisory Committee on Financial Services Providers5. ( 1 ) There is an Advisory Committee onFinancial Services Providers which may onits own initiative, or must at the request of the Minister or the registrar, investigate andreport or advise on any matter relating to financial services providers.( 2 )The Advisory Committee consistsof a chairperson and other members. includinga representative of the Council for Medical Schemes established by section 3 of theMedical Schemes Act, 1998(Act No. 131 of 1998), andpersonsrepresentativeofproduct suppliers, financial services providers and clients involved in the application ofthis Act. appointed by the Minister after consultation with the Board.(3) The registrar is a member of the Advisory Committee by virtue of the office of theregistrar. but without voting power on matters on which the registrar is to be advised bythe Committee.(4)A member of the Advisory Committee, excluding the registrar, holdsoffice for theperiod determined by the Minister when the appointment is made.( 5 )A member of the Advisory Committee. excluding the registrar. who is not in thefull-time employment of the State or the Board must be paid such remuneration andallowances in respect of any expenses incurred in the performance of the functions ofthat committee, as may be determined by the Board.(6) The Advisory Committee may meet or otherwise arrange for the performance ofits functions, and may regulate its meetings as it thinks fit, after consultation with theBoard.(7) The registrar may submit to the Advisory Committee any information which is inthe registrar’s possession, and which is relevant to any matter which the Committee isinvestigating or considering.(8) The Advisory Committee may call to its assistance such person or persons as itmay deem necessary to assist it. or to investigate matters relating to financial servicesproviders.(9)The registrar is responsible for theadministrativeworkincidentalto theperformance of the functions of the Advisory Committee.(10) The expenditure connectedwith the functions of the Advisory Committee mustbe paid out of the funds of the Board, whose approval is required for all expenditureproposed to be incurred. or actually incurred, by the Committee.( I 1) For the purposes of any investigation by the Advisory Committee. the provisionsof the Commissions Act,1947 (Act No.8 of 1947), regarding the summoning andexamination of persons and the administering of oaths or affirmations to them, thecalling for the production of books, documents and objects,and offences by witnesses.apply with the necessary changes.Delegations and authorisations5IO1510253035306. ( 11The Ministermay, on such conditionsas theMinister may determine (which theMinister may at any time thereafter amend or withdraw). delegate any power conferredupon the Minister by this Act, excluding the powerto make regulations under section35.to the head of the National Treasury, any other official in the National Treasury, or theregistrar.35( 2 ) The Board may( a ) on such conditions as the Board may determine (which the Board may at anytime thereafter amend or withdraw), delegate to the chairperson. any othermember of the Board or theregistrar, any power conferred on the Board by orunder this Act. excluding the power to make rules under section 26; or50( 6 ) so authorise the chairperson. any other member of the Board or the registrar,to carry out any duty assigned to the Board by or under this Act.(3) The registrar may( a ) on such conditions as the registrar may determine (which the registrar may atany time thereafter amend or withdraw), delegate to55(i) another member of the executive of the Board:
18GOVERNMENT GAZETTE. IS NOVEMBER 2002No. 24079Act No. , 2002(ii) any person who has been appointed by the Board; or(iii) any person or body recognised by the Board for that purpose,any power conferred upon the registrarby or under this Act. including a powerdelegated to the registrar under this Act; or(b) so authorise such member of the executive, person or body to carry out anyduty assigned to the registrar by or under this Act.(4) For the purposes of recognition by the Boardof a body contemplatedin subsection(3)(a)(iii), the following provisions apply:Any body of persons which represents a group of persons falling within theambit of this Act, may apply to the registrar for recognition by the Board bynotice in the Gazette as a representative body for the purpose of performingthe functions determinedby the registrar, after consultation with the AdvisoryCommittee and the Board;an application for such recognition(i) must be made in the manner determined by the registrar by notice in theGazette;(ii) must be accompanied by the fee determined in terms of this Act;(iii) must be accompanied by informationproving that theapplicant hassufficient financial, management, and manpower resources and experience necessary for performing the functions determined by the registrar.and that the applicant is reasonably representative of the relevant groupof persons which it purports to represent;if theregistraris satisfied that the applicanthascompliedwith allrequirements, the application must be submitted by the registrar to the Boardforthe Board may(i) grant an application unconditionally; or(ii) grant an applicationsubject to suchconditions as it deems necessary.afterhavinggiventheapplicanta reasonableopportunity to makesubmissions on theproposed conditions and having considered any suchsubmissions. and direct the registrar to inform the applicant accordingly:51015202530or(iii) afterhavinggiventheapplicanta reasonableopportunity to makesubmissionsand tionanddirectthe registrar to furnishtheapplicantwith thewritten reasons of the Board for the refusal;a body recognised as a representative body contemplated in this subsectionmay at any time apply to the Board for the withdrawal or amendment of anycondition imposed on the granting of the application;the Board may(i) grant any application, or portion thereof, referred to in paragraph (e) anddirect the registrar to inform the applicant accordingly; or(ii) refuse any such application, or portion thereof, and direct the registrar tofurnish the applicant withthe written reasons of the Board for the refusal.(5) Any delegation or authorisation contemplated in this section does not prohibit theexercise of the power concerned or the carrying out of the dutyconcerned by theMinister, Board or registrar, as the case may be.(6) Anything done or omitted to be done underanydelegationor authorisationcontemplated in this section is deemedto have been done oromitted by the Minister, thetheBoardtheor asregistrar,case may be.35303550CHAPTER I1AUTHORISATION OF FINANCIAL SERVICES PROVIDERSAuthorisation of financial services providers7. ( 1 ) With effect from a date determined by the Minister by notice in the Guzerte. aperson may not act or offer to act as a financial services provider unless such person has 55been issued with a licence under section 8.(2) Subject tosection 40, a transaction concluded on orafter the date contemplated insubsection (1) between a product supplier and any client by virtue of any financialservice rendered to the client by a person not authorised as a financial services provider.
20No. 2-1079Act No. 37.2002GOVERNMENTGAZETTE.15 SOVEMBER 2002FINANCIALADVISORYANDINTERMEDIARYSERVICESACT, 2002Application for authorisation8. (1) An application for an authorisationreferred to in section 7( 1). including an 5application by an applicant not domiciled in the Republic, must be submitted to theregistrar in the form and manner determined by the registrar by notice in the Gazerre,and be accompanied by information to satisfy the registrar that the applicant complieswith the requirements for fit and proper financial services providersor categories ofproviders. determined by the registrar by notice in the Gazette, after consultation with 10the Advisory Committee, in respect of( a ) personal character qualities of honesty and integrity;Ibi the competence andoperationalabilityof theapplicantto fulfil theresponsibilities imposed by this Act; andsoundness:financialapplicant’s(c) the15Provided that wheretheapplicantis a partnership. a trust or a corporateorunincorporated body, the applicantmust, in addition, so satisfy the registrar that any keyindividual in respect of the applicant complies with the said requirements in respect of( i ) personal character qualities of honesty and integrity; andcompetenceability,(ii) operational and20to the extentrequired in order for such key individual to fulfil the responsibilitiesimposed on the key individual by this Act.( 3 )The registrar may( a ) require an applicant to furnish such additional information, or require suchinformation to beverified, as theregistrar may deem necessary:and350 7 ) take into consideration any other information regarding the applicant, derivedfromwhatever source, including theOmbud and any other regulatory orsupervisory authority, if suchinformation isdisclosed to the applicant andthelatter is given a reasonable opportunity to respond thereto.The(3)registrar mustafterconsideration of an application30(0) if satisfied that an applicant complies with the requirements of this Act. grantthe application; orf b ) if
8 No. 23079 GOVERNMENT GAZElTE. 15 NOVEMBER 2002 Act No. 37,2002 FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT, 2002 "financial product" means, subject to subsection (2)- (a) securities and instruments, including- shares in a company other thana "share block company" as defined in the Share Blocks Control Act, 1980 (Act No. 59 of 1980);
