Safe Deposit of Securities Amendment Act

1. Section 1 of the Safe Deposit of Securities Act, 1992 (Act No. 85 of 1992), 5 hereinafter referred to as the principal Act, is hereby amended- ( a) by the substitution for the definition of "central securities account" of the . following definition! . ~ . ·: . . r ••• " 'central securities account' means an account kept by a central securities depository for a [depositary institution] participant and 10 reflecting the number or nominal value of securities of each kind [deposited for safe deposit] and all entries made in [resp~t of] such [securities] account;"; (b) by the substitution for the definition of "central securities repository" of the following definition: . . . .. '' 'central securities repository' means a [central] collection of securities · · 15 [repository] of the same kind as contemplat~ in section 11;"; -: . (c) by the insertion after the definition of "central securities repository" of the following definitions: · " 'client' means· any person, including a depositary institUtion, who 20 deposits securities with a depositary institution for the purposes of this Act and who may be the beneficial owner of such securities; 4 No. 17582 Act No. 70, 1996 GOVERNMENT GAZETIE, 20 NOVEMBER 1996 SAFE DEPOSIT OF SECURITIES AMENDMENT ACf,1996 'controlling body', in relation to a central securities depository, means I the board of directors of the central securities depository; 'deposit' means a deposit of securities for safe custody;"; (d) by the deletion of the definition of "depositor"; (e) by the substitution for the definition of "depositary institution" of the 5 following definition: " 'depositary institution' means [an institution or]!! person or category of persons authorized by the Registrar to hold securities in safe deposit for the purposes of this Act;"; (f)" by the insertion after the definition of "depositary institution" of the following 10 · definition: " 'directive' means a directive issued by a central securities depository in terms of the rules;"; (g) by the substitution for the definition of "entry" of the following definition: " 'entry' includes an electronic recording of any deposit, withdrawal, 15 transfer, attachment, [or] pledge, cession in securitatem debiti or other transaction in respect of an interest in securities;"; (h) by the insertion after the definition of "entry" of the following definition: " 'issuer' means a person who issues securities and whose securities are accepted for deposit by a depositary institution or by a central securities 20 depository, as the case may be;"; (i) by the insertion after the definition of "Minister" of the following definition: " 'participant' means a depositary institution accepted· by a central securities depository as a participant in terms of section 2(1A);"; UJ by the substitution for the definition of "securities account" of the following 25 definition: " 'securities account' means an account kept by or on behalf of a depositary institution for a [depositor] client and reflecting the number or nominal value of securities of each kind deposited [for safe deposit] and all entries made in respect of such securities relating to such client;"; 30 (k) by the insertion after the definition of "securities account" of the following definition: " 'securities of the same kind' means securities of the same class and issued by the same issuer;"; and (I) by the substitution for the definition of "securities repository" of the 35 following definition: " 'securities repository' means [all] a collection of securities of the same kind [held by- ( a) a depositary institution; and (b) another depositary institution or a central securities depository 40 with which the depositary institution mentioned in subpara graph (a) has deposited or re-deposited securities of that kind; and (c) a central securities depository with which the other depositary Institution mentioned in subparagraph (b) has deposited or 45 re-deposited securities of that kind] as contemplated in section ~;". Substitution of section 2 of Act 85 of 1992

2. The following section is hereby substituted for section 2 of the principal Act: "Deposit of securities 50 2. (1) The Registrar may ( a) authorise any person; or (b) authorise any category of persons by notice in the Gazette, 6 No. 17582 Act No. 70, 1996 GOVERNMENTGAZE~20NOVEMBER1W6 SAFE DEPOSIT OF SECURITIES AMENDMENT ACf,1W6 to act as a depositary institution for the purposes of this Act on such terms and conditions as [he] the Registrar may determine in writing to such person or publish in the notice concerned in respect of such category of persons .. (lA) A depositary institution authorised by the Registrar in terms of 5 subsection (I) may be accepted by a central securities depository as a participant in terms of the rules of that central securities depository. (2) Where securities are deposited [for safe custody] with a depositary institution such institution shall, unless the [depositor] client expressly directs otherwise in writing, be entitled to [re-deposit] deposit them with 10 another depositary institution [which is a member of a central securities depository] or if it is a participant deposit them with a central securities depository. (3) (!!.!Every [depositor] client, depositary institution and participant shall be deemed to warrant [to the depositary institution or central 15 securities depository, as the case may be], that [he] such person is entitled to deposit [such] the securities deposited by that person and that any document relating to such securities and lodged by [him with such institution or depository] that person is genuine and correct in all respects and [he] that person shall be deemed to have agreed to indemnify [such] the 20 depositary institution, participant or the central securities depository against any claim made upon [it] the depositary institution, participant or central securities depository and against any loss suffered by [it] the depositary institution, participant or central securities depository arising out of such deposit or breach of warranty. 25 (b) A central securities depository shall not be deemed to have given any such warranty or indemnity.". Substitution of section 3 of Act 85 of 1992

3. The following section is hereby substituted for section 3 of the principal Act: "Securities repository 3. ill A depositary institution holding securities may hold all securities of the same kind deposited with it [for safe custody] collectively in a separate securities repository.

2 A de sit institution shall noti the client havin a securities account with it of any entry made in such account. . (3) A depositary institution shall on request disclose information with regard to the holdings of a client in a securities repository, unless the client concerned directs otherwise in writing.". 30 35 Substitution of section 4 of Act 85 of 1992

4. The following section is hereby substituted for section 4 of the principal Act: 40 "Ownership of securities· · 4. (I) Where securities of any kind are deposited with a depositary institution or with a central securities depository [for safe deposit], or accrue to securities held by such institution in a securities repository or £l:: such depository in a central securities repository, the person who was the 45 owner of the securities at the time of deposit or accrual shall become entitled to an interest as co-owner of all the securities of the same kind comprised in the securities repository or central securities repository, [for securities of that kind] as the case may be. (2) In so far as any limited right exists in respect of any securities at the 50 8 No.17582 Act No. 70, 1996 GOVERNMENT GAZETTE, 20 NOVEMBER 1996 SAFE DEPOSIT OF SECURITIES AMENDMENT ACf,1996. time of such deposit or accrual, such .limited right shall extend to the interest of such co-owner and to any securities delivered to [him] that co-owner. (3) The interest of [an owner] a co-owner, client or participant in all the securities in a securities repository or central securities repository, as the 5 case may be, shall be calculated with reference to the proportion that the number or nominal value of securities deposited by [him] or on [his] behalf of that co-owner, client or participant and accruing to such securities bears from time to time to the total number or nominal value of all secuiities of that kind held in the securities repository or central securities repository, as ·I 0 the case may be. (4)A [certificate] written acknowledgement signed by or on behalf of a depositary institution [or] in respect of an owner of securities or of a client, or by or on behalf of a central securities depository in respect of a .. participant or client, as the case may be, and specifying the interest of [the 15 . depositor] that owner, client, or participant, as the case may be, shall be . prima facie evidence of the title of [the depositor of] that person in such interest.". Substitution of section 6 of Act 85 of 1992

5. The following section is hereby substituted for section 6 of the principal Act: 20 "Pledge, or cession in securitatem debiti, of securities . . 6. (1) A pledge or cession in securitatem debiti in respect of an interest in securities held by a depositary institution in a securities repository shall be effected by agreement completed by entry in the securities account of- M the ·pledgor in favour of the pledgee specifying the name of the 25 (b) pledgee, the interest pledged and the date; 2!: the cedent in favour of the cessionary specifying the name of the cessionary, the interest ceded and the date, . . as the case may be. · · (2) Such an interest shall not be transferred except with the written 30 consent of the pledgee or cessionary. (3) The pledgee or cessionary of such an interest shall be entitled to all the rights of a pledgee or cessionary in securitatem debiti of movable [corporeal] property [in possession of that property].". Repeal of section 7 of Act 85 of 1992 35

6. Section 7 of the principal Act is hereby repealed. Substitution of section 8 of Act 85 of 1992

7. The following section is hereby substituted for section 8 of the principal Act: "Delivery of securities .. 8. Subject to the provisions of [section] sections 4 and 6, the owner of an 40 interest in securities held in a securities repository, or a participant holding an interest in a central securities repository, as the case may be, shall at all times be entitled to delivery, within a reasonable time, by the depositary institution or central securities depository concerned, of the same number of securities, or securities of the same nominal value, and of the same kind 45 as the securities held on [his] such person's behalf in such securities repository or central securities repository, as long as such person has a suffiCient unencumbered credit balance of securities with the depositary institution or central securities depository concerned.". 10 No. 17582 Act No. 70, 1~6 GOVERNMENTGAZE~20NOVEMBER1~6 SAFE DEPOSIT OF SECURITIES AMENDMENT ACf,l996 Amendment of section 9 of Act 85 of 1992, as amended by section 71 of Act 104 of 1993

8. Section 9 of the Act is hereby amended~ (a) by the substitution for subsections (4) and (5) of the following subsections, respectively: 5 "(4) The Registrar may, after considering all the information, documents and reports furnished [to him] in terms of this section, grant or refuse the relevant application or grant the application subject to such terms and conditions as [he] the Registrar may deem fit, and the Registrar . may thereafter amend those terms and conditions if prevailing circum- 10 stances necessitate any amendment. (5) The Registrar shall not grant an application under this section for the registration of a central securities depository unless the prescribed fee has been paid and [he] the Registrar is satisfied- ( a) that the establishment of the proposed central securities depository 15 ... will be in the public interest; . (b) (c) (d) that the applicant will be able to establish itself successfully as a central securities depository; and that the business of the applicant will be conducted in a prudent manner and with due regard to the rights of [depositors, members] 20 clients, participants and issuers of securities[; and · that the members of the proposed central securities depository have agreed in writing to abide by and are able to comply with the requirements of the rules of the central securities depository and the Act and that they are depositary institutions which have 25 been approved by the Registrar as members of the central securities depository]."; (b) by the substitution for paragraph (b) of subsection (6) of the following paragraph: "(b) , . . '· . . if [he] the Registrar is of the opinion that it is.not in the public 30 interest to allow the central securities depository to continue its activities; or"; (c) by the substitution for subparagraph (i) of paragraph (a) of subsection (7) of the following subparagraph: "(i) inform the central securities depository of [his] the intention to 35 cancel such registration;"; (d) by the substitution for paragraph (b) of subsection (7) of the following paragraph: "(b) After considering any representations received within the specified period from the central securities depository concerned, the 40 Registrar may [in his discretion]- (i) proceed with the cancellation; or (ii) and the Registrar shall in writing inform the central securities depository concerned of [his] the decision in terms of this subsection."; and refrain from taking any further steps, 45 (e). by the substitution for subsections (8) and (9) of the following subsections, respectively: "(8) Whenever the Registrar grants or refuses an application in terms of this section or cancels the registration of a central securities depository, [he] the Registrar shall give written notice of the fact to the 50 applicant or to the central securities depository, as the· case may be. (9) Whenever a central securities depository becomes aware of a particular depositary institution ceasing to be a [member of it] participant, the central securities depository shall as soon as practicable notify the Registrar thereof.". 55 Amendment of section 10 of Act 85 of 1992

9. Section 10 of the Act is hereby amended- · (a) by the substitution for subsections (I) and (2) of the following subsections, respectively: 12 No. 17582 Act No. 70, 1996 GOVERNMENT GAZETIE, 20 NOVEMBER 1996 SAFE DEPOSIT OF SECURITlES AMENDMENT Acr,1996 "(1) On! a artici ant shall be entitled to have a central securities account with a central securities depository, and to-- (a) deposit securities with or withdraw securities from that depository; (b) or transfer, pledge or cede securities through the medium of that I depository .. 5 (2) [If the owner] In the event of rights being exercised in respect of securities deposited [by a depositary institution] with a central securities depository [wishes to exercise his] such rights [he] shall [do 10 so] be exercised through [that depositary institution] a participant, and ·that [depositary institution] participant shall exercise those rights in its own name on behalf of the relevant clients."; and (b) by the addition of the following subsections: " 4 a No central securities de osito or de osi institution shall 15 · become the . owner, co-owner, . holder, pledgee or cessionary in securitatem debiti, of securities merely because of- (i) a deposit of securities; or (ii) the registration in its name of- ( aa) securities; (bb) limited rights in securities; ( cc) other rights in securities; ( dd) benefits in respect of securities; or (ee) benefits accruing to securities. 20 (b) Paragraph (a) shall also apply to a wholly owned subsidiary (as 25 . defined in section 1(1) of the Companies Act, 1973 (Act No. 61 of 1973)) of a central securities depository or depositary institution. (5) A central securities depository shall not be obliged to recognise any relationship of trust or agency of its participants in respect of securities. (6) A central securities depository shall on request disclose informa- 30 tion with regard to the holdings of a participant or client in a central securities repository, unless the participant or client concerned directs otherwise in writing.". · Substitution of section 11 of Act 85 of 1992. .

10. The following section is hereby substituted for section 11 of the principal Act: 35 "Central securities repository 11. (1) A central securities depository may hold all securities of the same kind deposited with it by a [depositary institution] participant [for safe custody] collectively in a separate central securities repository. (2) [A central securities repository shall comprise all securities of the 40 same kind held by the central securities depository.] (3) The provisions of sections 5 and 6 shall apply mutatis mutandis to the transfer, [and] pledge and cession in securitatem debiti by one [depositary institution] participant to another of an interest in securities held in deposit by a central securities depository [in safe deposit]. 45 (4) A central securities depository shall notify the [depositary institu tion] participant having a central securities account with it of any entry . made in such account.". · Substitution of section 12 of Act 85 of 1992, as amended by section 72 of Act 104 of 1993. 50 11. (1) The following section is hereby substituted for section 12 of the principal Act: 14 No. 17582 Act No. 70, 1996 GOVERNMENTGAZE~20NOVEMBERIW6 SAFE DEPOSIT OF SECURITIES AMENDMENT ACJ',1996 "Rules of central securities depository 12. ( 1) The rules of any central securities dePository shall be framed so as to ensure, to the satisfaction of the Registrar- ( a) · that the business of the central securities depository is earned out with due regard to the public interest and the interests of [depositors, members] owners, clients, participants and the issuers of securities; that the central securities depository is managed and administered in an efficient manner; that only a person or category of persons [approved] authorised by the (b) (c) 5 . Registrar· [is admitted as a member of the central securities 10 depository) to act as a depository institution in terms of section 2(1) · and accepted by the central securities depository in terms of section 2(lA) may be a participant and that the rules governing the [admission] acceptance and expulsion of a person as a [member) participant are equitable and in the public interest;. 15 (e) (d) .. that the central securities accounts kept for[depositary institutions) each participant are conducted with due regard to their interests; that adequate steps are available against any [depositary institution] participant which contravenes or fails to comply with [the provisions] any provision of this Act, [or these] the rnles, interim rules or 20 directives, and- . nalties which shall not exceed that sanctions includin R1 000 000 are prescribed in respect of any such contravention or failure to comply therewith; that full particulars regarding the imposition of a penalty may be 25 published in the Gazette; . · (ii) (iii) that any person found guilty in terms of the rules may be ordered to pay the costs incurred in an investigation or hearing; and (iv) that a central securities depository may take into account any relevant information at a hearing, including information provided 30 to it by the Registrar in accordance with section 18(2)(b); that each of the participants is financially sound and has entered into, and is maintaining, valid and adequate guarantees in respect of- (i) (ii) conditional and contingent liabilities to the central securities 35 its actual and potential liabilities; and depository; and (iii) liabilities which existed before, or accrue after, a person has ceased to be a participant; that adequate steps are taken on a regular basis by a central securities depository and by its participants according to generally accepted 40 accounting practice for the auditing of the central securities accounts [held by it) and securities accounts, as the case may be, and that [where the securities accounts and central securities accounts are not kept by the making of entries in bound books,] adequate precautions are taken for guarding against falsification [and for the 45 ascertainment of the interest of the owner of securities); that proper measures are taken to pay to the [depositors) participants or clients all dividends and other payments made by the [issuer] issuers of securities and to convey to them all notices regarding rights and other benefits accruing to the securities and to give effect to the 50 lawful instructions of the [depositors) participants or clients with regard to voting rights and other matters and to ensure that the rights of [depositors] participants or clients are not in any way diminished by the fact that securities held by them or on their behalf are held collectively in a central securities repository as provided for by this 55 Act; [and) (f) (g) . (h) 16 No. 17582 Ac:t No. 70, 1996 GOVERNMENT GAZETTE, 20 NOVEMBER 1996 SAFE DEPOSIT OF SECURITIES AMENDMENT ACT,1996 ( i) UJ that fees and charges required by it for its services shall be made known to its [depositors and members] artici ants and that the fees and charges required by a participant for its services shall be made known to its client; that proper measures are taken by a participant- · · (i) to pay clients all moneys in respect of securities received by a participant from the central securities depository or issuer or a company; and (ii) to convey to clients all information regarding rights and other benefits accruing to the securities; and· (iii)· to give effect to the lawful instructions of clients with regard to 5 10 voting rights and other matters; and (iv) to ensure that the rights of clients are not in any way diminished .. by the fact that securities held on their behalf are held collectively : · in a securities repository or central securities repository as 15 . provided for by this Act; . .. (k) .. (1) that, on written request from an owner'or client of an interest in securities held in a securities repository or central securities reposi tory, a participant be required to deliver the same number of securities, or securities of the same nominal value and of the same kind, as the 20 securities held on behalf of that owner or client in a securities repository or central securities repository, as long as the owner or client has a sufficient unencumbered credit balance of securities with the participant; that a participant's central securities accounts shall be prohibited from 25 showing a debit balance; . (m) that a central securities depository shall be entitled to issue directives (n) . ( o) (p) ( q) · and interim rules; that a central securities depository may refuse to accept securities from any particular issuer of securities;· that a central securities depository may keep records of clients, owners and beneficial owners of securities and limited or other interests in the securities; that the right' of participants to withdraw instruments in respect of securities be subject to a time limit from the date and time of deposit; 35 that provisions are made for instructions to be given by participants to a central securities depository. 30 (lA) The rules of any central securities depository may provide, to the satisfaction of the Registrar, for the limitation of the liability of the central securities depository, a director, officer, employee or representative of the 40 central securities depository, or any member of the controlling body or subcommittee of the controlling body, for any loss sustained by or damage caused to any person as a result of anything done or omitted by the central securities depository, a director, officer, employee, representative or · member in the bonafide or negligent (but not grossly negligent) exercise of 45 any power or carrying out of any duty or performance of any function under or in terms of this Act or the rules. (lB) Subject to this Act and the approval of the Registrar, the controlling body may make rules with regard to any matter which is necessary or ·expedient in order to achieve the objects of this Act. 50 (2) [At the request of the] The Registrar shall as soon as possible after granting an application for the registration of a central securities depository, [shall publish its rules] cause the rules of the central securities depository and a list of its [members as directed by the Registrar, at its own] participants to be published in the Gazette in English and one other official 55 · language at the expense of the central securities depository concerned. (3) No addition to, amendment of or deletion from (other than a suspension ot) the rules of a central securities depository or the said list of [members] participants shall be valid [until] unless-'- 18 No. 17582 Act No. 70, 1996 GOVERNMENT GAZE1TE, 20 NOVEMBER 1996 SAFE DEPOSIT OF SECURITIES AMENDMENT ACT, 1996' fEl it has been approved by the Registrar in writing; (£1 (c) a date has been stipulated in the Registrar's approval for the corning [against payment of] the prescribed fee has been paid; and into operation of the addition, amendment or deletion. (4) [A] Upon receipt of an application for approval in terms of subsection 5 (3), the Registrar shall cause to be published at the expense of the central securities depository in English and one other official language in the Gazette a notice setting out the proposed addition to, amendment of or deletion from the said rules or the list of [members, shall be published by notice in the Gazette by the central securities depository in both official 10 languages) participants. (5) ~The said notice shall call upon members of the public who have objections to the proposed addition, amendment or deletion, to lodge such objections with the Registrar within a period of 30 days from the date of publication in the Gazette. b The Re istrar shall consider the ob · ections, if an and shall a rove or disapprove of the addition, amendment or deletion within a period of two months after expiry of the period referred to in paragraph (a). · 15 (c) The Registrar may, within the period of two months contemplated in paragraph (b), extend that period by notice to the central securities 20 depository concerned for a period which in the circumstances is reasonable. (d) If the Registrar does not disapprove of an addition, amendment or deletion within the period of two months, or any period extended in terms of paragraph (c), the Registrar shall be deemed to have approved thereof and such addition, amendment or deletion shall come into operation on the 25 day immediately following upon the date of expiry of the said period of two months. (6) Whenever [the Registrar deems] it~ in the public interest, [be] the · Registrar may, after reasonable consultation with the central securities depository and with the consent of the Minister, by notice in the Gazette 30 amend, add to or rescind any provision of the rules of that central securities · depository with effect from the date immediately following upon the date of publication of the notice or such later date as [be] may be [specify] specified [in the Gazette] therein. , 7 a Sub"ecttothe riora rovaloftheRe "strar,thecontrollin bod 35 · / may suspend any of the rules of the central securities depository concerned for a period not exceeding 90 days at a. time after notice of the proposed suspension has been given to the participants of the central securities depository concerned. • (b) Subject to the prior approval of the Registrar, the central securities 40 depository may, for the period of the suspension referred to in paragraph (a), issue an interim rule to regulate the matter in question until such time as an appropriate amendment to the rules can be made in terms of this section. (c) The Registrar shall as soon as possible after the suspension of a rule 45 and the issue of an interim rule, cause to be published at the expense of the . central securities depository in English and one other official language in the Gazette a notice setting out the rule· suspended, the period of suspension, the interim rule and the period of the operation of the interim rule. . (d) Any contravention of or non-compliance with an interim rule shall ··mutatis mutandis have the same legal effect as a contravention of or non-compliance with a rule. 50 (8) The provisions of any rule made under this section shall be binding on all participants and on every person utilising the services of a participant.". 55 20 No. 17582 Act No. 70, 1996 GOVERNMENT GAZETTE. 20 NOVEMBER 1996 SAFE DEPOSIT OF SECURITIES AMENDMENT ACf, 1996 Amendment of section 13 of Act 85 of 1992

12. Section 13 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: _ "(1) The attachment of an interest in securities deposited [for safe custody] with a depositary institution and [comprised] held in a securities repository or central 5 securities repository shall only be complete when- ( a) notice of the attachment has been given in writing by the sheriff to the (b) (c) depositary institution; the sheriff has taken possession of any securities account as evidenced by a [certificate] written acknowledgement issued by a [central securities 10 depository or member of such depository, as the case may be,] participant or has certified that he or she has been unable, despite diligent search, to obtain possession of such [certificate] written acknowledgement; and the sheriff has made an entry of the attachment on such securities account or caused it to be made by such depositary institution.", 15 . . Amendment of section 15 of Act 85 of 1992

13. Section 15 of the principal Act is hereby amended- ( a) by the substitution for subsection (1) of the following subsection: "(1) The Registrar or a person nominated by [him] the Registrar may attend any meeting of a controlling body of a central securities 20 depository or a subcommittee of such a body, and may take part, but not vote, in all the proceedings at such meeting."; and (b)· by the substitution for subsection (3) of the following subsection: "(3) For the purposes of this section 'executive officer' means the person appointed by the controlling body of the central securities 25 depository in terms of the rules concerned as executive officer of that cenn-al securities depository or, in [his] the executive officer's absence, [his] the deputy or, if there is no such deputy, such other person as may be appointed by the controlling body to perform.all the functions which ~hall or may be performed by the executive officer.". 30 Amendment of section 18 of Act 85 of 1992 ·

14. Section 18 of the principal Act is hereby amended- ( a) by the substitution for subsection (1) of the following subsection: · "(1) The provisions of the Inspection of Financial Institutions Act, 1984 (Act No. 38 of 1984), shall mutatis mutandis apply to a central 35 securities depository, [and a member thereof, a central securities repository, a depositor] participant or depositary institution, and for such purposes the central securities depository, [member, central securities repository, depositor] participant or depositary institution shall be deemed to be a financial institution, and the Registrar [as defined 40 In section 1 of this Act shall] to be the registrar [in relation to the central securities depository, member, central securities repository, depositor or depositary institution] defined in section 1 of the Inspection of Financial Institutions Act, 1984."; (b) by the substitution for paragraph (b) of subsection (2) of the following 45 paragraph: "(b) the proviso to section 8(1) thereof shall be construed as if the following further [proviso] paragraph were added [at the end thereoO: '(e) the registrar [may in his discretion] shall communicate to the 50 controlling body of a central securities depository any relevant information obtained by [him] the registrar in the course of an inspection under this Act, or from a report by an inspector on such an inspection [of the affairs of a person who is or was a member of that central securities depository].' "; and 55 · 22 No. 17582 Act No. 70, 1996 GOVERNMENT GAZETrE, 20 NOVEMBER 1996 . SAFE DEPOSIT OF SECURITlES AMENDMENT . ACf,1996 (c) by the deletion of subsection (3). Substitution of long title of Act 85 of 1992

15. The following long title is hereby substituted for the long title of the principal Act: "To provide for the registration of a central securities depository for the safe custody of 'securities in terms of· a predetermined set of rules; to permit a 5 . depositary institution to become a [member] participant of a central securities depository; to permit [investors] clients to deposit securities through a [depositary institution] participant with a central securities depository; and to provide for the , ownership, transfer, pledge and delivery of securities held in safe custody; and to provide for matters connected therewith.". . · · 10 Short title

16. This Act shall be called the Safe Deposit of Securities Amendment Act, 1996. .. . :'' • ! : ·~ : ., . ''.