Topic: AURORACOIN - Empowering Financial Freedom - page 52. (Read 138034 times)

good news i found the South African FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT 37 OF 2002

and its purpose to


regulate the rendering of certain financial advisory and intermediary services to clients; to repeal or amend certain laws; and to provide for matters incidental thereto.

BE IT ENACTED by the Parliament of the Republic of South Africa

INTRODUCTORY PROVISIONS

    Definitions and application

(1) In this Act, unless the context indicates otherwise -

“advice” means, subject to subsection (3)(a), any recommendation, guidance or proposal of a financial nature furnished, by any means or medium, to any client 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 benefit 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 any purchase of or investment in any such product,

and irrespective of whether or not such advice -

(i) is furnished in the course of or incidental to financial planning in connection 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” ..........

(Definition of “Advisory Committee” deleted by section 175(a) of Act 45 of 2013)

“application”, in relation to the performance of any act by the registrar, means, except where in a specific case other specific provision is made, an application referred to in section 3(2);

“auditor” means an auditor registered in terms of the Auditing Profession Act, 2005 (Act No. 26 of 2005);

(Definition of “auditor” substituted by section 45(a) of Act 22 of 2008)

“authorised financial services provider” or “provider” means a person who has been granted an authorisation as a financial services provider by the issue to that person of a licence under section 8;

“Board” means the Financial Services Board established by section 2 of the Financial Services Board Act;

“board of appeal” means the board of appeal established by section 26(1) of the Financial Services Board Act;

“client” means a specific person or group of persons, excluding the general public, who is or may become the subject to whom a financial service is rendered intentionally, or is the successor in title of such person or the beneficiary of such service;

“code of conduct” means any published code of conduct contemplated in section 15;

“collective investment scheme” means a collective investment scheme as defined in the Collective Investment Schemes Control Act, 2002;

“Companies Act” means the Companies Act, 2008 (Act No. 71 of 2008);

(Definition of “Companies Act” inserted by section 175(b) of Act 45 of 2013)

“complainant” means, subject to section 26(1)(a)(ii), a specific client who submits a complaint to the Ombud;

“complaint” means, subject to section 26(1)(a)(iii), a specific complaint relating to a financial service rendered by a financial services provider or representative to the complainant on or after the date of commencement of this Act, and in which complaint it is alleged that the provider or representative -

(a) has contravened or failed to comply with a provision of this Act and that as a result thereof the complainant has suffered or is likely to suffer financial prejudice or damage;

(b) has wilfully or negligently rendered a financial service to the complainant which has caused prejudice or damage to the complainant or which is likely to result in such prejudice or damage; or

(c) has treated the complainant unfairly;

“compliance officer” means a compliance officer for an authorised financial services provider referred to in section 17;

“continuous professional development” means a process of learning and development with the aim of enabling a financial services provider, key individual, representative or compliance officer to maintain the competency to comply with this Act;

(Definition of “continuous professional development” inserted by section 175(c) of Act 45 of 2013)

“Court” means any court having jurisdiction;

“document” includes a document created, recorded, transmitted or stored in digital or other intangible but readable form by way of electronic, magnetic, optical or any similar means;

(Definition of “document” inserted by section 45(b) of Act 22 of 2008)

“exempt” means to exempt, on application by a person or on the registrar’s own initiative, on any of the grounds mentioned in section 44(1)(a), (b) or (c) and (4)(a);

“financial product” means, subject to subsection (2) -

(a) securities and instruments, including –

(i) shares in a company other than a “share block company” as defined in the Share Blocks Control Act, 1980 (Act No. 59 of 1980);

(ii) debentures and securitised debt;

(iii) any money-market instrument;

(iv) any warrant, certificate, and other instrument acknowledging, conferring or creating rights to subscribe to, acquire, dispose of, or convert securities and instruments referred to in subparagraphs (i), (ii) and (iii);

(v) any “securities” as defined in section 1 of the Financial Markets Act, 2012 (Act No. 19 of 2012);

(Paragraph (a)(v) of the definition of “financial product” substituted by section 175(d) of Act 45 of 2013)

(b) a participatory interest in one or more collective investment schemes;

(c) a long-term or a short-term insurance contract or policy, referred to in the Long-term Insurance Act, 1998 (Act No. 52 of 1998), and the Short-term Insurance Act, 1998 (Act No. 53 of 1998), respectively;

(d) a benefit provided by -

(i) a pension fund organisation as defined in section 1(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956), to the members of the organisation by virtue of membership; or

(ii) a friendly society referred to in the Friendly Societies Act, 1956 (Act No. 25 of 1956), to the members of the society by virtue of membership;

(e) a foreign currency denominated investment instrument, including a foreign currency deposit;

(f) a deposit as defined in section 1(1) of the Banks Act, 1990 (Act No. 94 of 1990);

(g) a health service benefit provided by a medical scheme as defined in section 1(1) of the Medical Schemes Act, 1998 (Act No. 131 of 1998);

(h) any other product similar in nature to any financial product referred to in paragraphs (a) to (g), inclusive, declared by the registrar by notice in the Gazette to be a financial product for the purposes of this Act;

(Paragraph (h) of the definition of “financial product” substituted by section 175(e) of Act 45 of 2013)

(i) any combined product containing one or more of the financial products referred to in paragraphs (a) to (h), inclusive;

(j) any financial product issued by any foreign product supplier and marketed in the Republic and which in nature and character is essentially similar or corresponding to a financial product referred to in paragraphs (a) to (i) , inclusive;

“financial service” means any service contemplated in paragraph (a), (b) or (c) of the definition of “financial services provider”, including any category of such services;

“Financial Services Board Act” means the Financial Services Board Act, 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;

“fit and proper requirements” means the requirements published under section 6A;

(Definition of “fit and proper requirements” inserted by section 175(f) of Act 45 of 2013)

“intermediary service” means, subject to subsection (3)(6), any act other than the furnishing of advice, performed by a person for or on behalf of a client or product supplier -

(a) the result of which is that a client may enter into, offers to enter into or enters into any transaction in respect of a financial product with a product supplier; or

(b) with a view to -

(i) buying, selling or otherwise dealing in (whether on a discretionary or non-discretionary basis), managing, administering, keeping in safe custody, maintaining or servicing a financial product purchased by a client from a product supplier or in which the client has invested;

(ii) collecting or accounting for premiums or other moneys payable by the client to a product supplier in respect of a financial product; or

(iii) receiving, submitting or processing the claims of a client against a product supplier;

“key individual”, in relation to an authorised financial services provider, or a representative, carrying on business as -

(a) a corporate or unincorporated body, a trust or a partnership, means any natural person responsible for managing or overseeing, either alone or together with other so responsible persons, the activities of the body, trust or partnership relating to the rendering of any financial service; or

(b) a corporate body or trust consisting of only one natural person as member, 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 been issued under section 8;

“Minister” means the Minister of Finance;

“Office” means the Office of the Ombud established by section 20(1);

“official web site” means a web site as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002), set up by the Board;

(Definition of “official web site” inserted by section 175(g) of Act 45 of 2013)

“Ombud” means -

(a) the Ombud for Financial Services Providers appointed in terms of section 21(1); and

(b) for the purposes of sections 27, 28, 31 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 the Republic of South Africa, 1996 (Act No. 108 of 1996);

(b) any company incorporated or registered as such under any law;

(c) any body of persons corporate or unincorporate;

“prescribe” means prescribe by regulation;

“product supplier” means any person who issues a financial product;

(Definition of “product supplier” substituted by section 175(h) of Act 45 of 2013)

“publish” means any direct or indirect communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by means of which a person, other than the registrar, seeks to bring any information to the attention of any other person, or all or part of the public;

(Definition of “publish” inserted by section 175(i) of Act 45 of 2013)

“registrar” means the person referred to in section 2;

(Definition of “registrar” substituted by section 175(j) of Act 45 of 2013)

“regulation” means a regulation made under section 35;

“regulatory authority” means an entity established in terms of national legislation responsible for regulating activities of an industry, or sector of an industry;

(Definition of “regulatory authority” inserted by section 45(c) of Act 22 of 2008)

“representative” means any person, including a person employed or mandated by such first-mentioned person, who renders a financial service to a client for or on behalf of a financial services provider, in terms of conditions of employment or any other mandate, but excludes a person rendering clerical, technical, administrative, legal, accounting or other service in 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 financial product in response to general enquiries;

(Definition of “representative” substituted by section 45(d) of Act 22 of 2008)

“rule” means a rule made by the Board under section 26;

“this Act” includes any regulation, rule or code of conduct, and any notice given, approval or exemption granted, determination made, requirement or condition determined or imposed, or any other decision referred to in section 3(1).

(2) For the purposes of this Act a financial product does not include any financial product exempted from the provisions of this Act by the registrar by notice in the Gazette, taking into consideration the extent to which the rendering of financial services in respect of the product is regulated by any other law.

(Section 1(2) substituted by section 175(k) of Act 45 of 2013)

(3) For the purposes of this Act -

(a) advice does not include –

(i) factual advice given merely -

(aa) on the procedure for entering into a transaction in respect of any financial product;

(bb) 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 financial product; or

(ee) by the display or distribution of promotional material;

(ii) an analysis or report on a financial product without any express or implied recommendation, guidance or proposal that any particular transaction in respect of the product is appropriate to the particular investment objectives, financial situation or particular needs of a client;

(iii) advice given by -

(aa) the board of management, or any board member, of any pension fund organisation or friendly society referred to in paragraph (d) of the definition of “financial product” in subsection (1) to the members of the organisation or society on benefits enjoyed or to be enjoyed by such members; or

(bb) the board of trustees of any medical scheme referred to in paragraph (g) of the said definition of “financial product”, or any board member, to the members of the medical scheme, on health care benefits enjoyed or to be enjoyed by such members; or

(iv) any other advisory activity exempted from the provisions of this Act by the registrar by notice in the Gazette;

(Section 1(3)(a)(iv) substituted by section 175(l) of Act 45 of 2013)

(b) intermediary service does not include -

(i) the rendering by a bank, mutual bank or co-operative bank of a service contemplated in paragraph (b)(ii) of the definition of ‘‘intermediary service” where the bank, mutual bank or co-operative bank acts merely as a conduit between a client and another product supplier;

(Section 1(3)(b)(i) substituted by section 45(e) of Act 22 of 2008)

(ii) an intermediary service rendered by a product supplier -

(aa) who is authorised under a particular law to conduct business as a financial institution; and

(bb) where the rendering of such service is regulated by or under such law;

(iii) any other service exempted from the provisions of this Act by the registrar by notice in the Gazette.

(Section 1(3)(b)(iii) substituted by section 175(m) of Act 45 of 2013)

(4) The rendering of a financial service in respect 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 as defined in the Banks Act, 1990 (Act No. 94 of 1990), or a mutual bank as defined in the Mutual Banks Act, 1993 (Act No. 124 of 1993), or a co-operative bank as defined in the Co-operative Banks Act, 2007 (Act No. 40 of 2007), is regulated by this Act in the code of conduct contemplated in section 15(2)(b).

(Section 1(4) substituted by section 45(f) of Act 22 of 2008)
(Section 1(4) substituted by section 175(n) of Act 45 of 2013)

(5) Provisions of this Act relating to financial services providers, representatives and product suppliers apply to any natural person or group of natural persons acting within the scope of their official duties in the employ of the State, or any organisational unit of the State, or any public entity, unless the Minister by notice in the Gazette determines otherwise 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 inconsistent with its provisions and not as replacing any such law.



LOOKS LIKE I CAN CARRY ON PROMOTING AURORACOIN.

As long as it makes the price goes up who really cares if this coin never gets to the AUR population. AUR for the world, fuck the icelanders they have already dealt with there central b(g)anksters!

Great pump action going on, thanks to those involved!

thanks bimmerhead now we are getting somewhere.

thank you for concern guys but im not going to stop promoting Auroracoin to south africans.

I've spoken to hundreds and hundreds and hundreds of people about this coin and sold more than a full 1% of total supply to local investors.

Auroracoin's story is well known in my part of the world and these people want to join you all in this adventure.

Once you come to terms with the fact that auroracoin has fans outside of iceland, why is auroracoin bad for foreigners?

Well if you were in the United States, it would be the Investment Advisors Act of 1940.

http://www.forbes.com/sites/feeonlyplanner/2011/05/19/are-you-a-victim-of-illegal-investment-advice/#650b7907637f

You'll have to figure out if South Africa has something similar.

No law prohibits you to do so and nobody is telling you. We are only asking that you respect the majority that is working hard to make this coin successful as a new monetary alternative for Iceland, the main purpose of this project.

By imposing as some sort of spokesman for that majority you confuse people. Especially if you have your own agenda and try to make this project about exactly that what it is not!

I have shown you my respect so far for your devotion and enthusiasm, but I urge you to work with us and lose your John Wayne hat now ;-)

hey adamastor,

I like you because you have great spirit and motivation.

But: there need not be a law against something to make it a bad idea. Sometimes just some respect is enough.

I respect the hard work of the people running this coin and I accept the Auroracoin foundation as a sort of authority regarding Auroracoin and everything connected with it, also promotion. If the foundation or a member of it speaking in its name tells me to please stop doing something using the Auroracoin name (even if it's promoting it in good spirit) because it doesn't fit the goals the foundation has for the coin, then I will respect that wish and stop.

What law currently exists that prohibits me from promoting Auroracoin to investors?

Please stop trying to speak for this coin.

Last thing we need is a mass spamming of emails coming out of Africa from a "prince of Auroracoin looking for a financial partner to move a royal inheritance out of the country".  The next Nigerian email scam... I can see it now.

In all seriousness though, please do not start sending promotional information without clearing it through the foundation first.  This applies especially outside the country this coin is made for.  Our goal is to get the coins into the hands of the Icelandic people, not South African hippies.

-Fuse

big money is locked out of Auroracoin while the Icelandic exchange is closed.

Heres my draft prospectus intro for potential investors:

Welcome to the Aurora coin network.                                                         Join our campaign.

We are a global group of individuals and organizations creating our own currency and a new application of democracy.

How do we make our own currency?

We mint our own “virtual” coins with our computers and use our combined CPU power to generate the most powerful encryption we can in order to prevent counterfeiting of our coins.

Why is this application democratic?¬¬¬¬

a) anybody can mint new coins, as long as they have a cpu that secures the network with encryption in exchange and b) because users have unlimited access to all information about the currency through search engines known as explorers.

Why is your currency not democratic?

Because unelected investors mint your currency and not your vote or your government has any say over this process.

Why is this bad for you?

Decisions about your currency should always have your best interests at heart but the investors that own your currency don’t need your vote and don’t care about your interests but rather make decisions that benefit them at your expense.

Why is Aurora coin good for you?

Its gaining value against your currency.

comments are welcome

Sad but true, a lot of projects have difficulty to spread because the financial and human support is not strong enought to reach the target.  Multi-algo, Proof-of-Transaction, etc, there is a lot of very good devwork out there / but few real world success. Even with the best technical specs, a coin can't succeed if there is no clear ''target'', that is, a purpose, and the ressources to reach this given target.

Problem is the ''target'' is often ''the world'' - and in all respect, it's at best an irrealist target. How can we reach ''the world'' with so little financial support ?   It is the main reason why most crypto can't succeed, and for the same reason why Auroracoin is one the only coin with a shot at it. The ''target'' is only 330 000 persons. And most of them are in the same city !

Feel free to embrace the challenge - everyone is welcome to make it a success. 

There is no point developing anything for crypto because it's the currencies with big investors that end up doing well. Myraidcoin develops Multi-Algo, digibyte copies it and with it's 250k USD investor pumps the price. AUR announces they going to Multi-Algo and deep btc pockets pump the price.

Money > Dev . It's a sad reality of life.

This guy trolled the Digibyte thread for a long time as well, all he ends up doing is making Myraid coin look really bad.

Do yourselves a favour and put him on ignore.

All the best with the fork!

Around May 1, we will move on the new chain - and at the same time - we will launch the icelandic ISX exchange. There will be a very big announcement at this time - something we can't share yet.

So we are now planning the icelandic campaign to make sure we get maximum exposure. A lot of ideas has been proposed - maybe some of you guys can propose new fresh ideas ?

Keep in mind that there will be media coverage, no matter what we add on top of it. The campaign is not for the medias - it's for the people of iceland. And most campaign aim at one city (Reykjavik) where most people are.  Financial ressources is not a problem (still we don't want to spend for nothing).

Please don't confuse the internally used codename with anything official here. We thought Prism was a nice codename because of the one line that turns into many (One algo to Five). The picture of that prism is on the cover of the Pink Floyd album. That's all.

We especially decided not to hype anything and therefor also didn't use this codename publicly. We needed a good codebase with a proven trackrecord and we are extremely thankful for the cooperation we have gotten from the Digibyte team. Not only is this smarter than inventing the same wheels over and over, it also shows good projects can work together and make each other stronger.

Our project is not about proving what awesome code we can create, like most alt coins seem to pursue. We are here because we want the people of Iceland to adopt Auroracoin as an alternative monetary system. To make sure we can provide a solid base, we looked for the best possible options. We chose the Digibyte codebase because it's proven to be fast and secure and still gives miners a good incentive, which helps decentralization.

Check out http://m.youtube.com/watch?v=VJEZWsnIECo

It's a Cover Album of the Pink Floyd Album in question. Dub side of the moon.

I Doubt it Hurt Pink Floyd Sales.

It's sort of an Hommage to the Original and actually ADDS value to it instead of taking from it.

Why not view Auroracoin as an Hommage to myraidcoin that adds value to the original and makes it live longer and stronger?

I for one would never have heard of your coin was it not for Auroracoin adopting your awesome work, which I sincerely want to thank you for, btw. I also wouldn't have heard of multi pow, either. I thank the inventors and implementers of that.

Finally, some work coming out from the AUR team.

@Whistleblowa , I am certain this would of been discussed on the official AUR forum as I know how mad and angry Biomike and LTEX became when the Gulden team announced projects that weren't discussed with the community.

This is a community coin which is why I am still holding my coins.

Did Pink Floyd steal other song lyrics and call it his own? It's rather sick to give a update that was developed by Myraidcoin a new name. Call it what it is...

I hope it end well - but I would not put to much hope in it. 

Nope, still have some coins over there and asked several times when whitdrawal would be possible, but support only sends autoreplies...