Authorised Dealer in foreign exchange with Limited Authority - Category 3 — South Africa

“…the minimum unimpaired capital requirement of R2 million … for a category one ADLA, R3 million for a category two ADLA, R5 million for a category three ADLA and R8 million for a category four ADLA … An ADLA shall during the lifetime of its operations maintain a minimum unimpaired capital fund … (cc) Category Three: R5 million.”

“a certified copy of the Notice of Incorporation (Form CoR14.1) issued by the CIPC, as proof of the registration of the limited liability company in South Africa under the Companies Act, 2008 (Act No. 71 of 2008) … finalisation and approval of the proposed place of business.”

“…must be met within a period of six months from the date of the conditional approval … failing which such approval may be withdrawn … regarded as cancelled if the applicants concerned do not avail thereof within a period of six months.”

“The unimpaired capital must remain unencumbered and may not be ceded, pledged or used as collateral … All client transactions must be completed within a period of two working days … transactions are limited to R5 000 per transaction per day within a limit of R25 000 per applicant per calendar month … a Risk Management and Compliance Programme … as required in terms of section 42 of the FIC Act.”