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FAIS Act FAIS Act and Subordinate Legislation
An FSP's financial year ends on 30 June. It submits its annual financial statements to the Authority on 15 January of the following year. Is the submission in time under section 19 of the FAIS Act?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) No. The statements were due within three months of the year-end, which is by 30 September.
- b) Yes. The statements are due within twelve months of the year-end, which is by 30 June.
- c) Yes. The statements are due within nine months of the year-end, which is by 31 March.
- d) No. The statements were due within six months of the year-end, which is by 31 December.Correct
Why this is the answer
Annual financial statements must be submitted to the Authority not later than six months after the end of the financial year. Six months from 30 June is 31 December, so a submission on 15 January is late. Three, nine and twelve months are not the statutory period.
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