South Africa - Apply for Amalgamation or Transfer of Self Regulatory Organisations and Clearing Houses

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Procedure

Apply In-Person:

1. To Apply for Amalgamation or Transfer of Self-Regulatory Organisations and Clearing Houses, the applicant must go to the Financial Sector Conduct Authority (FSCA) office in South Africa Contact Link
2. The application form must be obtained from the authorities at the FSCA office, or else the application form can be downloaded from the official website linked here Application Form Link
3. Make sure that you have all the documents that are mentioned in the “Required Documents” section of this page.
4. The application form must be filled with all the necessary details, and along with the required documents, it must be submitted to the Registrar of the security services.
5. The application will then be verified by the other officials at the FSCA office and final decision will be made by the registrar.
6. If the details and the documents submitted by the applicant is valid and legitimate, and complies with the Medical Schemes Act, then the application will be approved by the Registrar.
7. Then the applicant will be issued with the approval application certificate of the Amalgamation or Transfer of Self-Regulatory Organisations and Clearing Houses.
8. The prescribed fee must be paid along with the application, and the receipt must be attached along with the application.
9. The fee details and the processing time of the approval will be intimated after applying.
   

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Required Documents

• Application Form Link
• A curriculum vitae in respect of each member of the controlling body of the amalgamated entity / transferee indicating his or her relevant experience and training.
• A statement signed by each member of the controlling body to the effect that he or she knows of no reason why he or she should not fulfil his or her term of office as a member of the controlling body.
• A Copy of –
  • Audited annual financial statements of the amalgamating parties / transferor and transferee as at its latest financial year-end if in existence for more than a year;
  • The budgeted income statement, balance sheet and cash flow statement of the amalgamated entity / transferee for a three-year period from the date of the latest annual financial statements.
• A statement signed by the chief executive officer of the amalgamated entity / transferee specifying the critical assumptions made in the preparation of the amalgamated entity’s / transferee’s budgets and, in particular, the sources where the amalgamated entity / transferee will derive any further funding as outlined in terms of its business plan.
• Where arrangements have been made for the funding of any temporary shortfall in available cash resources, the chief executive officer must provide a statement setting out the extent and terms of the commitment.
• A copy of the amalgamated entity’s / transferee’s certificate of incorporation certified by the Registrar of Companies, where applicable.
• Copies of the quarterly management accounts for the current financial year of the amalgamating parties / transferor and transferee.
• Details of its business plan for the first three years of its operations as an amalgamated entity / transferee.
• Adequacy of management and human resources:
  • An explanation of the management structure of the amalgamated entity including the names of the individuals responsible for the major functional areas and the number of personnel employed in each functional area.
  • A curriculum vitae in respect of each member of the management of the amalgamated entity who is responsible for a major functional area, which indicates his or her relevant experience and training.
    

Office Locations & Contacts

FINANCE SECTOR CONDUCT AUTHORITY (FSCA)
Contact Centre: 0800 20 37 22
Switchboard: +27 12 428 8000
Fascimile: +27 12 346 6941
Media Queries: +27 12 422 2823

The Registrar of Securities Services
Postal Address: P.O. Box 35655, Menlo Park, 0102
Media Queries: [email protected]
Information Centre: [email protected]
Anonymous Fraud & Ethics email: [email protected]
For Technical queries: [email protected]
Liaison between regulators: [email protected]
Address & Contact Link
Location Link

Eligibility

Any self-regulatory organisations and clearing houses are eligible to apply for the amalgamation or transfer application to the FSCA department.

Fees

The prescribed fee details of the application will be intimated while applying at the FSCA office.

Validity

Explain the time until which the certificate/document is valid.
e.g., Birth Certificate Valid Forever

Documents to Use

Application Form Link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

The processing time of the approval will be intimated after applying.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g., The state office holds birth records since January 1908.

Required Information

Administrative information

• The postal, physical and electronic mail addresses of the amalgamated entity’s / transferee’s head office at which it will receive all documents for the purpose of this application.
• The telephone and facsimile numbers of the amalgamated entity / transferee and the name of its Chief Executive Officer.
• A list that reflects the full names, addresses and telephone numbers of persons, if any, who alone or with associates will exercise control over the amalgamated entity / transferee at the date of this application.
• A list which reflects the names, physical and postal addresses, telephone and facsimile numbers of the:
  • Bank
  • Auditor
  • Attorney of the amalgamated entity / transferee
• Details of
  • The expected constitution, structure and ownership of the amalgamated entity / transferee, including its memorandum and articles of association or other founding documentation and any agreement between the amalgamated entity / transferee, its owners or other persons relating to its constitution or governance
  • All business to be conducted by the amalgamated entity / transferee, whether or not a regulated activity
  • Any persons providing corporate finance advice or similar services (such as reporting accountants) to the amalgamated entity / transferee; any relevant functions in relation to regulated business to be outsourced or delegated, with copies of relevant agreements
  • Information technology systems and or arrangements for their supply, management, maintenance, upgrading, and security
  • The business continuity plans and disaster recovery plans in the event of disruption to the business of the amalgamated entity / transferee
  • Internal controls, risk management principles and procedures and insurance cover; internal arrangements to safeguard confidential or privileged information and for handling conflicts of interest, expected changes for monitoring and enforcing compliance with its rules in case of self-regulatory organisations
  • Arrangements for recording transactions effected by, or cleared through, the facilities of the amalgamated entity /transferee
  • Arrangements for detecting and preventing financial crime and market abuse, including arrangements for complying with money laundering legislation
  • The competitors and prospective competitors of the amalgamated entity.
    

Need for the Document

As per the Security Service Act, any transferor/transferee must get the approval from the FSCA registrar for making any type of amalgamation of exchanges or central security deposits or for transferring assets or liabilities.

Information which might help

Enter other information which might help.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
E.g., Birth Certificate can be used as proof of identity.

External Links

External Link

Others

More information which might help people.