PUBLIC NOTICE: IFA ACT AMENDMENTS IN THE STATUTE LAW (MISCELLANEOUS AMENDMENTS) ACT, 2020

4 March 2021  

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ICIFA wishes to alert the public of the following Investment and Financial Analysts Act No. 13 of 2015 Amendments in the Statute Law (Miscellaneous Amendments) Act, 2020 enacted on 11 December 2020.

The Investment and Financial Analysts Act, 2015 (No. 13 of 2015) Amendments:

s. 18(1)(e) Delete the word “public”.

                    Delete  the  phrase  “a  securities  and investment”  and  substituting  therefore the   phrase   “investment (including securities) and financial”.

s. 20 Insert the following new subsections immediately after subsection (1) —

                    “(1A) A person shall not become a Chief Investment Officer, or head of an investment  department  or  function  in  a firm investing public funds, or a firm in the practice of investment and financial analysis, unless the person is registered as  a  certified  investment  and  financial analyst  and   holds  a practicing certificate and an annual licence issued by the Registration Committee.”

                    “(1B)  A  person  shall  not  perform verification,  certification  and  advice of investment of funds in public entity, or a firm in the practice of investment and financial analysis,  unless the person is registered as a certified investment and financial analyst and holds a practicing certificate and an annual licence issued by the Registration Committee.

                    “(1C)  A  person  shall  not  verify investment  returns  declared  by  a  firm investing  public  funds,  or  a  firm  in  the practice  of  investment  and  financial analysis,  unless the person is registered as  a  certified  investment  and  financial analyst   and   holds   a practicing certificate and an annual licence issued by the Registration Committee”.