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What must PMX do when working with a Juristic Representative who operates under an FSP licence and has signed the PMX Terms of Business?

Juristic Representatives Operating Under an FSP – PMX Terms of Business Requirements

 

Overview

Where an adviser operates as a Juristic Representative (JR) under a licensed Financial Services Provider (FSP) and has signed PortfolioMetrix (PMX) Terms of Business (TOB), additional governance and compliance steps are required to ensure regulatory alignment.

Although the JR may engage with PMX operationally, the regulatory responsibility remains with the licence-holding FSP.

Key Requirements

1. Written Confirmation from the Licence Holder (FSP)

As a PRS representative, you must obtain written confirmation from the FSP confirming that:

  • The FSP has obtained the necessary client consents permitting delegated and/or outsourced activities.

  • The FSP continues to maintain these consents.

  • The FSP acknowledges and permits PMX to receive, share, and rely on information under these delegated arrangements.

This confirmation ensures PMX can lawfully engage in operational and reporting activities relating to the clients.

2. Compliance Officer Involvement

Just so you know – the Compliance Officer must be involved in the process from the beginning.

This includes:

  • Reviewing the PMX Terms of Business (if applicable).

  • Confirming regulatory oversight.

  • Ensuring client consent wording is appropriate and compliant.

  • Confirming that outsourcing/delegation arrangements meet FAIS requirements.

No information-sharing or operational processing should proceed without appropriate compliance confirmation.

3. Regulatory Accountability

It is important to note:

  • The JR operates under the FSP’s licence.

  • Regulatory accountability sits with the FSP, not the individual JR.

  • PMX must ensure governance requirements are satisfied before continuing information-sharing or monitoring activities.

Summary for PRS Representatives

When onboarding or maintaining a relationship with a Juristic Representative:

  1. Confirm the structure (JR under which FSP).

  2. Obtain written confirmation from the licence holder regarding client consents.

  3. Ensure the Compliance Officer is involved.

  4. Keep written records on file.

This protects PMX from regulatory exposure and ensures compliance with our internal governance standards.