Financial Sector Regulation Act
Part 7 of 8 · provisions 1,201–1,400
This provision text only shows headings and the table of contents for section 4 of the Financial Sector Regulation Act, 2017.
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About this statute
This provision text only shows headings and the table of contents for section 4 of the Financial Sector Regulation Act, 2017. This section is titled “Application of other legislation” and introduces the Reserve Bank’s responsibility for financial stability. Heading for section 12 on monitoring of risks by the Reserve Bank. Section 14 is titled “Determination of systemic events.” This section heading refers to directives to financial sector regulators.
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Provisions of Financial Sector Regulation Act
Showing 200 of 1,463
Part
Chapter 16 of the Financial Sector Regu-
- 40B Verify source ↗
Iimfuneko zokubhaliswa
AI-assisted research summary: Section 40B: registration requirements.
40B. Iimfuneko zokubhaliswa - 40C Verify source ↗
Ukubhaliswa kweziko lemali
AI-assisted research summary: This section is titled “Registration of a cooperative financial institution.”
40C. Ukubhaliswa kweziko lemali lentsebenziswano - 40D Verify source ↗
Ukunqunyanyiswa
AI-assisted research summary: This section is about suspension of registration or its cancellation.
40D. Ukunqunyanyiswa kokubhaliswa okanye ukucinywa kwako - 40E Verify source ↗
Ukubuyiswa kweemali
AI-assisted research summary: Money paid must be repaid when registration is cancelled or expires.
40E. Ukubuyiswa kweemali ebezihlawulwe xa kucinywa ukubhaliswa okanye kuphelelwa - 40F Verify source ↗
Ukuthinjwa kweziko lemali
AI-assisted research summary: This provision replaces section 77 with wording about the unauthorized use of the words “cooperative bank” and “cooperative financial institution,” and the unlawful carrying on of business as such.
40F. Ukuthinjwa kweziko lemali lentsebenziswano’’; nangokuthi (d) u-77 athatyathelw’ indawo koku kulandelayo: ‘‘77. Ukusetyenziswa ngokungekho mthethweni kwamazwi athi ‘‘ibhanki yentsebenziswano,’’ ‘‘iziko lemali lentsebenzi- swano’’ okanye ukuqhutywa okungekho mthethweni kweshishini lebhanki yentsebenziswano okanye leziko lemali lentsebenziswano’’. - 1 Verify source ↗
Kuchitjiyelwa kwesigaba 1—
AI-assisted research summary: This section amends section 1 by deleting some definitions and inserting new ones.
1. Kuchitjiyelwa kwesigaba 1— (a) ngekususa inchazelo ye-‘‘ibhodi yetikhalo’’ esigatjaneni (1); (b) ngekufakwa kwalenchazelo lelandzelako esigatjaneni (1) ngemuva kwenchazelo ye-‘‘umsebentisi logunyatiwe’’: ‘‘ ‘Ligatja’ kushiwo liGatja leNchubo yeMkhakha wetetiMali lelisungulwe ngekwemigomo yesigaba 56 se-Financial Sector Regulation Act;’’; (c) ngekususa inchazelo ye-‘‘ibhodi’’ esigatjaneni (1); (d) ngekufakwa kwalenchazelo lelandzelako esigatjaneni (1) ngemuva kwenchazelo ye-‘‘libhange’’: ‘‘ ‘ligatja lelisemkhatsini letekuhweba’ kushiwo indlu legunyatako— (a) Letifaka emkhatsini wemagatja etetimali ngetekuhweba kumasheya, libe ngumtsengi kuye wonkhe lotsengisako phindze libe ngumtsengisi kuye uMtsetfo Nom. 19 wanga-2012 Umtsetfo wetiMakethe teMnotfo, 2012 This gazette is also available free online at www.gpwonline.co.za - 436 Verify source ↗
No. 41060
AI-assisted research summary: This section amends several definitions relating to clearing houses and central counterparties, and deletes the definition of “enforcement committee.”
436 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 430 (b) becomes a counterparty to trades with market participants through novation, an open offer system or through a legally binding agreement;’’; (e) by the substitution in subsection (1) for the definition of ‘‘clearing house direc- tive’’ of the following definition: ‘‘ ‘clearing house directive’ means a directive issued by a licensed inde- pendent clearing house or a licensed central counterparty in accordance with its rules;’’; (f) by the substitution in subsection (1) for the definition of ‘‘clearing house rules’’ of the following definition: ‘‘ ‘clearing house rules’ means the rules made by a licensed independent clearing house or a licensed central counterparty in accordance with this Act;’’; (g) by the substitution in subsection (1) for paragraph (b) of the definition of ‘‘clearing member’’ of the following paragraph: ‘‘(b) in relation to a licensed inde- pendent clearing house or a licensed central counterparty, a person authorised by that inde- pendent clearing house to per- form clearing services or settlement services or both clearing services and settle- ment services in terms of the clearing house rules,’’; (h) by the insertion in subsection (1) after the definition of ‘‘Companies Act’’ of the following definition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of the Financial Sector Regulation Act;’’; (i) by the deletion in subsection (1) of the definition of ‘‘enforcement committee’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 437 431 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo wonkhe lotsengako phindze khona lapho licinisekise kusebenta kwetinkontileka letivunako; phindze (b) iba ligatja letetimali kuteluhwebo nalabangenelelako bemakethe ngekuchibiyela, luhlelo lwekuphisa loluvunako nobe ngekwesivumelwano lesibopho ngekwemtsetfo;’’; (e) ngekuntjintjwa kwenchazelo ye- ‘‘tinkhambiso tendlu legunyatako’’ esigatjaneni (1) ngenchazelo lelandzelako: ‘‘ ‘tinkhambiso tendlu legunya- tako’ kushiwo inkhambiso leniketwe sikhungo lesitimele lesigunyatiwe nome ligatja lelisemkhatsini letekuhweba lelisemtsetfweni ngekuhambisana nemitsetfo yalo;’’; (f) ngekuntjintjwa kwenchazelo ye- ‘‘imitsetfo yesikhungo lesigunyatako’’ esigatjaneni (1) ngenchazelo lelandzelako: ‘‘ ‘imitsetfo yesikhungo lesigunya- tako’ kushiwo imitsetfo leyentiwe sikhungo lesigunyatako lesitimele nobe ligatja lelisemkhatsini letekuhweba lelisemtsetfweni ngekuhambisana naloMtsetfo;’’; (g) ngekuntjintjwa kwenchazelo ye- ‘‘lilunga leligunyatako’’ kunzima (b) esigatjaneni (1) ngendzima lelandzelako: ‘‘(b) ngalokuphatselene nesikhungo lesitimele lesigunyatako nobe ligatja lelisemkhatsini leteku- hweba leligunyatiwe, umuntfu loniketwe imvume kutsi ente umsebenti logunyatiwe noma imisebenti yekukhokhela noma kokubili umsebenti logunyatiwe newekukhokhelwa ngekwemitsetfo yesikhungo lesigunyatako, Kantsi kufaka ekhatsi lilunga lelitimele noma lelingasilo lesikhungo, lapho kufanele khona;’’; (h) ngekufakwa kwalenchazelo lelandze- lako esigatjaneni (1) ngemuva kwenchazelo ye- ‘‘i-Companies Act’’: ‘‘ ‘umtsetfo wenchubo’ Inenchazelo lefanako naleyo leniketwe yona ngekwemibandzela ye-Financial Sector Regulation Act;’’; (i) ngekususwa kwenchazelo ye- ‘‘likhomidi lelibeka imitsetfo’’ esigatjaneni (1); This gazette is also available free online at www.gpwonline.co.za - 438 Verify source ↗
No. 41060
AI-assisted research summary: This section changes several defined terms in the Act, including definitions for external central counterparty, external market infrastructure, financial sector law, Financial Sector Regulation Act, and independent clearing house.
438 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 432 Extent of repeal or amendment (j) by the insertion in subsection (1) after the definition of ‘‘external authorised user’’ of the following definition: ‘‘ ‘external central counterparty’ means a foreign person who is authorised by a supervisory authority to perform a function or functions similar to one or more of the func- tions of a central counterparty as set out in this Act and who is subject to the laws of a country other than the Republic, which laws— (a) establish a regulatory framework equivalent to that established by this Act; and (b) are supervised by a supervisory authority;’’; (k) by the insertion in subsection (1) after the definition of ‘‘external exchange’’ of the following definition: ‘‘ ‘external market infrastructure’ means each of the following: (a) An external central counter- party; (b) an external central securities depository; (c) an external clearing house; (d) an external exchange; (e) an external trade repository;’’; (l) by the insertion in subsection (1) after the definition of ‘‘Financial Intelligence Centre Act’’ of the following defini- tions: ‘‘ ‘financial sector law’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act; ‘Financial Sector Regulation Act’ means the Financial Sector Regula- tion Act, 2017;’’; (m) by the deletion in subsection (1) of the definition of ‘‘Financial Services Board Act’’; (n) by the substitution in subsection (1) for the definition of ‘‘independent clearing house’’ of the following definition: ‘‘ ‘independent clearing house’ means a clearing house that clears transactions in securities on behalf of any person in accordance with its clearing house rules, and authorises and supervises its clearing members in accordance with its clearing house rules;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 439 433 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (j) ngekufakwa kwalenchazelo lelandzelako esigatjaneni (1) ngemuva kwenchazelo ye-‘‘umsebentisi longaphandle logunyatiwe’’ ‘‘ ‘ligatja lelisemkhatsini letekuhweba lelisemtsetfweni langephandle’ Kushiwo umuntfu wangaphandle logunyatwe ligatja lelilawulako kutsi ente imisebenti lefanako naleyo yeligatja lelise- mkhatsini letekuhweba njengoba kubekwe kuloMtsetfo futsi lohambisana nemitsetfo yelive ngaphandle kwalena yeRiphabhu- likhi, Le kumitfeefo— (a) Lesungula sakhiwotsinchanti lesilawulako lesilingana naleso lesitfolwe nguloMtsetfo; phindze (b) lelawulwe ligatja lelilawu- laako;’’; (k) ngekufakwa kwale-nchazelo lelandze- lako esigatjaneni (1) ngemuva kwe- nchazelo ye-‘‘ligatja langaphandle’’ : ‘‘ ‘tinsitanchanti tetimakethe tangaphandle’ kushiwo ngakunye kwalolokulandzelako: (a) Ligatja langaphandle letetimali lelilamulako; (b) libhange langaphandle lelitimele kumasheya; (c) Indlu legunyatako yangaphandle; (d) ligatja langaphandle; (e) libhange langaphandle lekuhwebalana;’’; (l) ngekufakwa kwenchazelo Lelandze- lako ‘‘Financial Intelligence Centre Act’’ esigatjaneni (1) ngemuva kwenchazelo ye-kwaletinchazelo letilandzelako: ‘‘ ‘umtsetfo wemkhakha wetetimali’ unenchazelo lefanako naleyo leniketwe yona ngekwemi- bandzela yesigaba 1(1) se-Financial Sector Regulation Act; ‘Financial Sector Regulation Act’, isho i- Financial Sector Regulation Act, 2017;’’; (m) ngekususwa kwenchazelo ye- ‘‘Financial Services Board Act’’ esigatjaneni (1); (n) ngekuntjintja inchazelo ye-‘‘ligatja lelitimele leligunyatako’’ ngalenchazelo lelandzelako esigatjaneni (1): ‘‘ ‘ligatja lelitimele leligunyatako’ kushiwo ligatja leligunyatako lelikhipha ematransekshini kumasheya ngalokuphatselene nanoma ngubani ngekuhambisana nemitsetfo yendlu yalo legunyatako, ibuye ilawule iphatse emalunga a Lo lagunyatiwe ngekuhambisana neligatja leligunyatako ngekuha- mbisana nemitsetfo yeligatja leligunyatako;’’; This gazette is also available free online at www.gpwonline.co.za - 440 Verify source ↗
No. 41060
AI-assisted research summary: This section amends several definitions in subsection (1), including new definitions for joint standard, licensed central counterparty, licensed external central counterparty, licensed external trade repository, market infrastructure, and participant, and deletes the definition of official website.
440 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 434 Extent of repeal or amendment (o) by the insertion in subsection (1) after the definition of ‘‘issuer’’ of the fol- lowing definition: ‘‘ ‘joint standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (p) by the insertion in subsection (1) after the definition of ‘‘juristic person’’ of the following definition: ‘‘ ‘licensed central counterparty’ means a central counterparty li- censed under section 49;’’; (q) by the insertion in subsection (1) after the definition of ‘‘licensed exchange’’ of the following definitions: ‘‘ ‘licensed external central counterparty’ means an external central counterparty licensed under section 49A; ‘licensed external trade reposi- tory’ means an external trade reposi- tory licensed under section 56A;’’; (r) by the substitution in subsection (1) for the definition of ‘‘market infrastruc- ture’’ of the following definition: ‘‘ ‘market infrastructure’ means each of the following— (a) a licensed central counterparty; [(a)](b) a licensed central securities depository; [(b)](c) a licensed clearing house; [(c)](d) a licensed exchange; [(d)](e) a licensed trade reposi- tory;’’; (s) by the deletion in subsection (1) of the definition of ‘‘official website’’; (t) by the substitution in subsection (1) for the definition of ‘‘participant’’ of the following definition: ‘‘ ‘participant’ means a person authorised by a licensed central secu- rities depository to perform custody and administration services or settle- ment services or both, in terms of the [central securities] depository rules, and includes an external participant, where appropriate;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 441 435 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (o) ngekufakwa kwalenchazelo lelandzelako ngemuva kwenchazelo ye-‘‘loniketako’’ esigatjaneni se(1): ‘‘ ‘umtsetfo wekuhlanganyela’ unenchazelo lefanako nalena laniketwe yona ngekwemibandzela yesigaba 1(1) se-Financial Sector Regulation Act;’’; (p) ngekufakwa kwalenchazelo lelandzelako ngemuva kwenchazelo ye-‘‘umtsengisi longumlamuli esigatjaneni (1): ‘‘ ‘ligatja lelisemkhatsini letekuhweba leligunyatiwe’ kushiwo ligatja lelisemkhathini letekuhweba ngaphasi kwesigaba 49;’’; (q) ngekufakwa kwalenchazelo lelandzelako ngemuva kwenchazelo ye-‘‘ligatja lelibhalisiwe’’ esigatjaneni (1): ‘‘ ‘ligatja lelisemkhatsini letekuhweba leligunyatiwe langaphandle’ kushiwo ligatja lelisemkhatsini letekuhweba langaphandle lesemtsetfweni ngaphasi kwesigaba 49A;’’; ‘Libhange langaphandle lekuhwebelana’ kushiwo libhange langaphandle lekuhwebelana leligunyatwe ngaphasi kwesigaba 56A;’’; (r) ngekuntjintja esigatjaneni (1) enchazelweni ye-‘‘sakhiwoncanti semakethe’’ ngalenchazelo lelandzelako: ‘‘ ‘sakhiwonchanti semakethe’’ kushiwo ngakunye kwalolokulandzelako— (a) Ligatja langaphandle letetimali lelilamulako [(a)](b) Libhange lelingaphandle lelitimele kumasheya; [(b)](c) Indlu legunyatako yangaphandle; [(c)](d) Ligatja langaphandle; [(d)](e) Libhange langaphandle lekuhwebalana; (s) ngekususwa kwenchazelo ye- ‘‘iwebhusayithi lesemtsetfweni’’ esigatjaneni (1); (t) ngekuntjiintja inchazelo ye- ‘‘labangenelelako’’ ngalenchazelo lelandzelako esigatjaneni (1):’’ ‘‘ ‘labangenelelako’ kushiwo imuntfu logunyatwe silulu semasheya lesisemkhatsini lesibhalisiwey kutsi abe libambela kantsi futsi alawule leminye imisebenti noma imisebenti This gazette is also available free online at www.gpwonline.co.za - 442 Verify source ↗
No. 41060
AI-assisted research summary: This section updates several definitions, including prescribed, Prudential Authority, prudential standard, Register, registrar, and regulated person.
442 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 436 Extent of repeal or amendment (u) by the insertion in subsection (1) after the definition of ‘‘participant’’ of the following definition: ‘‘ ‘prescribed’ means prescribed by the Minister by regulations, or by a conduct standard or a joint standard;’’; (v) by the deletion in subsection (1) of the definitions of ‘‘prescribed by the Min- ister’’ and ‘‘prescribed by the regis- trar’’; (w) by the insertion in subsection (1) after the definition of ‘‘prescribed’’ of the following definitions: ‘‘ ‘Prudential Authority’ means the authority established in terms of section 32 of the Financial Sector Regulation Act; ‘prudential standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act; ‘Register’ means the Financial Sec- tor Information Register referred to in section 256 of the Financial Sec- tor Regulation Act;’’; (x) by the substitution in subsection (1) for the definition of ‘‘registrar’’ of the fol- lowing definition: ‘‘ ‘registrar’ means [the person referred to in section 6] the Regis- trar and Deputy Registrar of Securi- ties Services referred to in section 1A(1);’’; (y) by the substitution in subsection (1) for the definition of ‘‘regulated person’’ of the following definition: ‘‘ ‘regulated person’ means— (a) a licensed central counterparty; [(a)](b) a licensed central securities depository; [(b)](c) a licensed clearing house; [(c)](d) a licensed exchange; [(d)](e) a licensed trade repository; [(e)](f) an authorised user; [(f)](g) a clearing member; [(g)](h) a nominee; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 443 437 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo yekucedzelela noma kokubili ngekuhambisana nemitsetfo yekusisa [yekufakwa kwemasheya lasemkhatsini], kantsi kungafaki ekhatsi bangaphandle labangenelelako, lapho kunesidzingo khona;’’; (u) ngekufakwa kwalenchazelo lelandzelako esigatjaneni (1) ngemuva kwenchazelo ye- ‘‘labangenelelako’’: ‘‘ ‘kuncunyiwe’ kushiwo lokuncunywe nguNgcongcoshe ngetimiso temtsetfo, nobe umtsetfo wenchubo, nobe ngemtsetfo wekuhlanganyela;’’; (v) ngekususwa kwenchazelo ye- ‘’njengoba kubekwe nguNgcongcoshe’’ kanye neye- ‘‘njengoba kubekwe ngunobhala’’ esigatjaneni (1); (w) ngekufakwa kwalenchazelo lelandzelako esigatjaneni (1) ngemuva kwenchazelo ye- ‘’njengoba kubekwe’’: ‘‘ ‘Ligatja lebuNgcweti’ kushiwo ligatja lelisungulwe ngekwesigaba 32 se-Financial Sector Regulation Act; ‘umtsetfo webungcweti’ unenchazelo lefanako lebekwe ngekwemibandzela yesigaba 1 se- Financial Sector Regulation Act; ‘iRejista’ kushiwo iRejista yemniningwane wemkhakha wetetimali lekukhulunywe ngawo esigabeni 256 se-Financial Sector Regulation Act;’’; (x) ngekuntjintja inchazelo ‘‘yanobhala’’ esigatjaneni (1) ngalenchazelo lelandzelako: ‘‘ ‘nobhala’ kushiwo [lomuntfu lekukhulunywa ngaye kusigaba 6] nobhala nelisekela lanobhala wetinsita temasheya lekucondziswe kuye esigabeni 1A(1);’’; (y) ngekuntjintja inchazelo ye-‘‘umuntfu losemtsetfweni’’ esigatjaneni (1) ngalenchazelo lelandzelako: ‘‘ ‘umuntfu losemtsetfweni’ kushiwo— (a) ligatja letetimali lelilamu- lako lelisemtsetfweni; [(a)](b) silulu semasheya lesisemkhatsini lesibhalisiwe; [(b)](c) ligatja leligunyatiwe lelibhalisiwe; [(c)](d) ligatja lelibhalisiwe; [(d)](e) indzawo yekuhwebelana; [(e)](f) umsebentisi losemtsetfweni; [(f)](g) lilunga leligunyatiwe; [(g)](h) lophakanyisiwe; This gazette is also available free online at www.gpwonline.co.za - 444 Verify source ↗
No. 41060
AI-assisted research summary: This section amends definitions in the Act, including adding a definition of “Tribunal” as the Financial Services Tribunal established under section 219 of the Financial Sector Regulation Act.
444 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 438 Extent of repeal or amendment [(h)](i) a participant; [(i)] (j) except for the purposes of section 3(6), sections 74 and 75, sections 89 to 92, and sections 100 to 103, an is- suer; (k) except for the purposes of sections 89 to 92, and sec- tions 100 to 103, a licensed external central counterparty and a licensed external trade repository; or [(j)] (l) any other person [pre- scribed by the Minister in terms of section 5] speci- fied in regulations for this purpose;’’; (z) by the substitution in subsection (1) in paragraph (a) of the definition of ‘‘se- curities’’ for subparagraph (v) of the following subparagraph: ‘‘(v) participatory interests in a col- lective investment scheme as defined in the Collective In- vestment Schemes Control Act, 2002 (Act No. 45 of 2002), and units or any other form of par- ticipation in a foreign collec- tive investment scheme ap- proved by the [Registrar of Collective Investment Schemes] Authority in terms of section 65 of that Act; and’’; (zA) by the substitution in subsection (1) in paragraph (c) of the definition of ‘‘settle’’ for subparagraph (ii) of the following subparagraph: ‘‘(ii) the parties have appointed a licensed independent clearing house, a licensed central counterparty or a licensed central securities depository to settle a transaction, in which case it has the mean- ing assigned in paragraph (a);’’; (zB) by the insertion in subsection (1) after the definition of ‘‘transfer’’ of the following definition: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Finan- cial Sector Regulation Act;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 445 439 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (k) [(h)](i) labangenelelako; [(i)](j) ngaphandle kwetizatfu tesigaba 3(6), tigaba 74 kanye na 75, tigaba 89 kanye na 92 netigaba 100 kuya ku 103, loniketako; ngaphandle ngekwetinjongo tesigaba 89 kuya ku-92, kanye nesigaba 100 kuya ku-103, ligatja ltetimali langaphandle lelilamulako futsi leligunyatiwe kanye nendzawo yekuhwebelana; nome [(j)](l) noma ngabe ngubani [lobekwe nguNgcongcoshe ngekwesigaba 5] lekucondziswe kuye kutimiso temtsetfo ngaletizatfu;’’; (z) ngekuntjintja inchazelo ye- ‘‘emasheya’’ kundzima (v) yesigatjana (1) ngalenchazelo lelandzelao: ‘‘(v) inshisekalo yekungenelela ekusiseni ndzawonye njengenhlangano njengoba kuchazwe ku-Collective Investment Schemes Control Act, 2002 (Umtsetfo Nom. 45 wanga 2002), kanye nemayunithi nanoma ngayiphi lenye indlela yekungenelela kunhlangano yekusisa ndzawonye yangaphandle levunyelwe [nguNobhala weNhlangano yeKusisa ngeKuhlanganyela] liGatja ngekwesigaba 65 saloMtsetfo; kanye’’; (zA) ngekuntjintja inchazelo ye- ‘‘kubhadala konkhe’’ kundzima (c) nasendzinyaneni (ii) tesigatjana (1) ngaleyalendzinyana lelandzelako: ‘‘(ii) tinhlangano tibeke sikhungo lesigunyatako lesitimele, ligatja lelisemkhatsini letekuhweba noma silulu semasheya lesisemkhatsini lesibhalisiwe kutsi bacedzelele itransekshini, ngaleyo ndlela itawuba nenchazelo leniketwe kundzima (a);’’; (zB) ngekufaka esigatjaneni (1) kwenchazelo lelandzelako ngemuva kwenchazelo ye- ‘‘kudlulisela’’: ’’ ‘‘ ‘iNkhundla’ kushiwo inkantolo yetinSita tetiMali leyasungulwa ngekwemibandzela yesigaba 219 ye-Financial Sector Regulation Act;’’; This gazette is also available free online at www.gpwonline.co.za - 446 Verify source ↗
No. 41060
AI-assisted research summary: This section amends another provision so that decisions requiring consultation with the Authority need the Authority’s concurrence, and undefined words take the meaning given in the Financial Sector Regulation Act unless context says otherwise.
446 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 440 Extent of repeal or amendment (zC) by the substitution for subsection (3) of the following subsection: ‘‘(3) Where in this Act any su- pervisory authority is required to take a decision in consultation with the [registrar] Authority, such de- cision requires the concurrence of the [registrar] Authority.’’; and (zD) by the addition of the following sub- section: ‘‘(4) Unless the context other- wise indicates, words and expres- sions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sec- tor Regulation Act.’’. - 3 Verify source ↗
The insertion after section 1 of the
AI-assisted research summary: If the Minister issues the required Gazette notice, the Registrar and Deputy Registrar step in and exercise the Authority’s powers until the Authority is established.
3. The insertion after section 1 of the following section: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) If the Minister has determined by notice in the Gazette that the amend- ments of this Act contained in Schedule 4 to the Financial Sector Regulation Act must come into operation before the pro- visions of the Financial Sector Regula- tion Act in terms of which the Authority is established come into operation, then until the date on which the Authority is established— (a) a reference to ‘‘Authority’’ must be read as a reference to the executive officer and a deputy executive officer referred to in section 1 of the Finan- cial Services Board Act, who are the Registrar and the Deputy Registrar of Securities Services, respectively; and (b) the Registrar and Deputy Registrar of Securities Services exercise the powers and perform the functions of the Authority. (2) If the Minister has determined by notice in the Gazette that the amend- ments of this Act contained in Schedule 4 to the Financial Sector Regulation Act must come into operation before the pro- visions of the Financial Sector Regula- tion Act in terms of which the Prudential Authority is established come into opera- tion, then until the date on which the Prudential Authority is established— (a) a reference to ‘‘Prudential Author- ity’’ must be read as a reference to the Registrar of Banks; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 447 441 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (zC) Kuntjintjwa kwesigatjana (3) ngesigatjana lesilandzelako: ‘‘(3) lapho khona kuloMtsetfo lonkhe ligunya lekulawula libukwe kutsi litsatse sincumo ngekuchu- mana [namabhalane] neliGatja, sincumo lesinjalo sidzinga kuhlanganyela neliGatja.’’; futsi (zD) ngekungetwa kwalesigatjana lesilandzelako: ‘‘(4) ngaphandle nangabe ingcikitsi isho ngalenye indlela, emagama netinkhomba letingaka- chazwa esigatjaneni (1) kunencha- zelo lefanako nalena lekuniketwe yona ngekwe-Financial Sector Regulation Act.’’. - 3 Verify source ↗
Kufakwa kwalesigaba lesilandzelako
AI-assisted research summary: If the Minister issues a Gazette notice, certain Schedule 4 amendments start before the Financial Sector Regulation Act provisions commence, and the named officials take over the Board’s powers and functions until the Board is constituted.
3. Kufakwa kwalesigaba lesilandzelako ngemuva kwesigaba sekucala (1): Budlelwane emkhatsini weMtsetfo kanye neMtsetfo wekuLawulwa kweMkhakha wetetiMali 1A. (1) Nangabe Ngcongcoshe ancume ngesatiso kuGazethi kutsi tichibiyelo taloMtsetfo leticuketfwe kushejuli 4 ku-Financial Sector Regulation Act kufuna ticalise kusebenta ngaphambi ikwekucaliswa kwetimiso te-Financial Sector Regulation Act lekusungulwe ngayo leliGatja, kuze kuyoba lusuku lekubunjwa ngalo loGatja— (a) irefurensi ‘‘kuliGatja’’ kufuna ifundvwe njengerefurensi kuso- hhovisi lophetse kanye nasekela lekucondziswe kibo esigabeni 1 se- Financial Sector Regulation Act, lekunguNobhala wetiNsita teMasheya kanye nasekela wakhe pheceleti; futsi (b) Nobhala wetinsita temasheya kanye nasekela wakhe basebentisa emandla bente imisebenti yeliGatja. (2) Nangabe Ngcongcoshe ancume ngesatiso kuGazethi kutsi tichibiyelo taloMtsetfo leticuketfwe kushejuli 4 we- Fincial Sector Regulation Act kufuna ticale kusebenta ngaphambi kwetimiso te-Financial Sector Regulation Act ngekwendlela liGatja leBungcwethi lisungulwe ngayo licale kusebenta ngayo, kuze kuyoba lusuku lekubunjwa kweliGatja lebuNgcwethi— (a) irefurensi kuliGatja lebungcwethi kufuna ifundvwe njengerefurensi kunobhala wemabhange; futsi This gazette is also available free online at www.gpwonline.co.za - 448 Verify source ↗
No. 41060
AI-assisted research summary: This section tells readers how to interpret certain references in the Act, including Gazette notices, prescribed matters, on-site visits, inspections, website publication, and fees.
448 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 442 (b) the Registrar of Banks designated under section 4 of the Banks Act, 1990 (Act No. 94 of 1990) exercises the powers and performs the func- tions of the Prudential Authority. (3) Except as otherwise provided by this Act or the Financial Sector Regula- tion Act, the powers and duties of the Authority in terms of this Act are in ad- dition to the powers and duties that it has in terms of the Financial Sector Regulation Act. (4) A reference in this Act to the Au- thority determining or publishing a mat- ter by notice in the Gazette must be read as including a reference to the Authority determining or publishing the matter by notice in the Register. (5) Unless expressly provided other- wise in this Act, or this Act requires a matter to be prescribed by regulation, a reference in this Act to a matter being— (a) prescribed must be read as a refer- ence to the matter being prescribed in a prudential standard, a conduct standard, or a joint standard; or (b) determined must be read as a refer- ence to the Authority determining the matter in writing and registering the determination in the Register. (6) (a) A reference in this Act to an on-site visit in terms of a provision of this Act, must be read as a reference to a supervisory on-site inspection in terms of the Financial Sector Regulation Act. (b) A reference to an inspection in terms of a provision of this Act other than section 79(b) must be read as a ref- erence to an investigation in terms of the Financial Sector Regulation Act. (7) (a) A reference in this Act to the Authority announcing or publishing in- formation or a document on a website must be read as a reference to the Au- thority publishing the information or document in the Register. (b) The Authority may also publish the information or document on the Au- thority’s website. (8) A reference in this Act to a deter- mined or prescribed fee must be read as a reference to the relevant fee deter- mined in terms of section 237 and Chap- ter 16 of the Financial Sector Regulation Act. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 449 443 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) Nobhala wemabhange locokwe ngaphasi kwesigaba 4 we-Banks Act (Umtsetfo Nom. 94 wanga 1990) usebentisa emandla ente imisebenti yeliGatja leBungcwethi. (3) Ngaphandle uma ngabe kuniketwe kuMtsetfo nobe i-Financial Sector Regu- lation Act, emandla nemisebenti yeliGatja ngekwemibandzela yalomtsetfo angetwa kulawo lesevele linawo ngekwemibandzela ye-Financial Sector Regulation Act. (4) Iriferensi kuloMtsetfo leya kuliGatja lencuma nobe leshicilela ludzaba ngesatiso kuGazethi kufanele ifundvwe njengoba kufaka ekhatsi iriferensi leya kuliGatja lencuma nobe leshicilela loludzaba ngesatiso kuRejista. (5) Ngaphandle nangabe kuloMtsetfo kushiwo ngalenye indlela, nome lomtsetfo udzinga loludzaba luncunywe ngemtsetfosimiso, irefurensi kuloludaba— (a) loluncunyiwe ifundvwe njenge- refurensi kuloludzaba loluncunywe kumitsetfo yebungcwethi, imitseto yenchubo, nome imitsetfo yekuhlanganyela; noma (b) nakungabi njalo, iriferensi kuliGatja lencuma loludzaba ngembhalo kanye nekubhalisa leso sincumo kuniBhala. (a) Irefurensi kuloMtsetfo ekuvakashelweni kwesayithi, kuhlolwa, nobe kuphenya ngaphasi kwalokushiwo nguloMtsetfo, kufuna ifundvwe njengerefurensi ekulawulweni kuhlolwa kwesayithi nobe kuphenywa ngekwemibandzela ye-Financial Sector Regulation Act. (6) (b) Irefurensi kuluhlolo nge- kwetimiso taloMtsetfo ngaphandle kwesigaba ngekwetimiso taloMtsetfo ngaphandle kwetesigaba 79(b) kufuna ifundvwe njengerefurensi kuluphenyo ngekwe-Financial Sevtor Regulation Act. (7) (a) Irefurensi kulomtsetfo kuli- Gatja lebikako nome leshicilela lwatiso nome umcudlwana kuwebhusayithi kufuna ifundvwe njengerefurensi kuliGatja leshicilela lolwatiso nome lomcudlwana. (b) liGatja lingaphindze lishicilele lomniningwane nobe umculu kuwe- bhusayithi yalo. (8) Irefurensi ngemali lefanele lencunyiwe kuloMtsetfo kumele ifundvwe njengereurensi lefanele kumali lencunyiwe ngekwemibandzela yesigaba 237 se-Financial Sector Regulation Act. This gazette is also available free online at www.gpwonline.co.za - 450 Verify source ↗
No. 41060
AI-assisted research summary: This section says appeals to the appeal board must be read as reconsiderations by the Tribunal, and it classifies conduct standards made under section 74 as regulatory instruments.
450 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 444 (9) A reference in this Act to an ap- peal of a decision of the Authority or a market infrastructure to the appeal board must be read as a reference to a recon- sideration of the decision by the Tribunal in terms of the Financial Sector Regula- tion Act. (10) For the purposes of the Financial Sector Regulation Act, conduct standards made in terms of section 74 are regula- tory instruments.’’. - 4 Verify source ↗
The amendment of section 3—
AI-assisted research summary: This section says the Act prevails over conflicting national legislation, except the Financial Intelligence Centre Act and the Financial Sector Regulation Act, and certain state powers or duties must be exercised in consultation with the Authority.
4. The amendment of section 3— (a) by the substitution for subsection (3) of the following subsection: ‘‘(3) Despite any other law, [other than the Financial Intelligence Centre Act,] if there is an inconsis- tency between any provision of this Act and a provision of any other national legislation, except the Fi- nancial Intelligence Centre Act and the Financial Sector Regulation Act, this Act prevails.’’; and (b) by the substitution for subsection (5) of the following subsection: ‘‘(5) Despite any other law, if other national legislation confers a power on or imposes a duty upon an organ of state, other than the South African Reserve Bank or the Pruden- tial Authority, in respect of a matter regulated under this Act, that power or duty must be exercised or per- formed in consultation with the [reg- istrar] Authority, and any decision taken in accordance with that power or duty must be taken with the [ap- proval] concurrence of the [regis- trar] Authority.’’. - 5 Verify source ↗
The amendment of section 4—
AI-assisted research summary: Section 5 changes section 4 so a person may act as a clearing member only if authorised by the listed licensed or exempt counterparty/exchange bodies.
5. The amendment of section 4— (a) by the substitution in subsection (1) for paragraph (e) of the following para- graph: ‘‘(e) act as a clearing member un- less authorised by a licensed exchange [or], a licensed inde- pendent clearing house, a li- censed central counterparty, a licensed external central counterparty or an external central counterparty that is ex- empt from the requirement to be licensed in terms of section 49A, as the case may be;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 451 445 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (9) Iriferensi kuloMtsetfo ngekubu- yeketwa kwesincumo seliGatja kubhodi yetikhalo kufanele ifundvwe njenge- riferensi yekubuyeketa leso sincumo yiNkantolo ngekwemibandzela ye- Financial Sector Regulation Act. (10) Ngetizatfu te-Financial Sector Regulation Act, imtsetfo wenchubo lowentiwe ngekwesigaba 74 itinkhomba letilawulako.’’. 4. kuchitjiyelwa kwesigaba 3— (a) ngekuntjintjwa kwesigatjana (3) ngesigatjana lesilandzelako: ‘‘(3) Ngaphandle kwanoma miphi imitsetfo, [kungasiyo i-Financial Intelligence Centre Act,] uma ngabe kunekungcubutana kunoma ngabe nguyiphi imibandzela yaloMtsetfo noma imibandzela yanoma ngabe nguwuphi umtsetfo lomisiwe velonkhe, ngaphandle kwe-Financial Intelligence Centre Act kanye ne- Financial Sector Regulation Act, kutawuma loMtsetfo.’’; futsi (b) ngekuntjintjwa kwesigatjana (5) ngesigatjana lesilandzelako: ‘‘(5) Ngaphandle kwanoma miphi imitsetfo, uma ngabe umtsetfo lomisiwe velonkhe uniketa emandla noma uniketa umsebenti kumtimba wahulumende, kungasilo liBhange Ngodla laseNingizimu Afrika nobe ligatja lebungcwethi ngalokupha- tselene neludzaba lolulawulwa ngaphansi kwaloMtsetfo, lawo mandla noma umsebenti kufanele kwentiwe noma kusetjentiswe ngekutsintsana [nanobhala] neliGatja, kantsi noma ngabe ngusiphi sincumo lesitsatfwe ngekuhambisana nalawo mandla noma umsebenti kufanele sitsatfwe ngekuvumelana [tfola imvume] [yanobhala] neliGatja.’’; 5. kuchitjiyelwa kwesigaba 4— (a) ngekuntjintjwa kwendzima (e) esigatjaneni (1) ngalendzima lelandzelako: ‘‘(e) asebente njengelilunga leligunyatiwe ngaphandle kwekutsi agunyatwe ligatja lelibhalisiwe [noma], ligatja leligunyatako lelitimele nobe ligatja lelisemkhatsini letekuhweba, ligatja letetimali langaphandle lelilamulako nome ligatja lelisemkhatsini letekuhweba lelikhululiwe kulokudzingekile kute ligunyatwe ngekwesigaba 49A njengoba kungabe kubekiwe;’’; This gazette is also available free online at www.gpwonline.co.za - 452 Verify source ↗
No. 41060
AI-assisted research summary: A person without the required licence or authority must not present themselves as, or act in a way that suggests they are connected with, certain regulated market entities.
452 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 446 Extent of repeal or amendment (b) by the substitution in subsection (1) for paragraph (g) of the following para- graph: ‘‘(g) perform the functions of or operate as a trade repository unless that person is licensed under section 56 or section 56A, as the case may be; or’’; (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) A person who is not— (a) licensed as an exchange, a cen- tral securities depository, a trade repository [or], a clearing house or a central counterparty; (b) a participant; (c) an authorised user; (d) a clearing member; (e) an approved nominee; [or] (f) an issuer of listed securities[,]; (g) licensed as an external central counterparty, or exempt from the requirement to be licensed in terms of section 49A; or (h) licensed as an external trade re- pository, may not purport to be an exchange, central securities depository, trade repository, clearing house, central counterparty, external central counterparty, external trade reposi- tory, participant, authorised user, clearing member, approved nominee or issuer of listed securities, as the case may be, or behave in a manner or use a name or description which suggests, signifies or implies that there is some connection between that person and an exchange, a cen- tral securities depository, trade re- pository, clearing house, central counterparty, external central counterparty, external trade reposi- tory, participant, authorised user or clearing member, as the case may be, where in fact no such connection exists.’’; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 453 447 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) ngekuntjintjwa kwendzima (g) yesigatjana (1) ngalendzima lelandzelako: ‘‘(g) yente imisebenti ye-, nome isebente njengemhwebeli (indzawo yekuhwebelana), ngaphandle nangabe loyo muntfu ugunyatwe ngaphasi kwesigaba 56 nome sigaba 56A njengobe kungabe kubekiwe; nome’’; (c) ngekuntjintja sigatjana (2) ngesigatjana lelandzelako: ‘‘(2) Umuntfu— (a) longenayo imvume njengeligatja, sikhungo semasheya lesisemkhatsini, indzawo yekuhwebelana [noma], sikhungo lesigunyatako noma ligatja lelisemkhatsini letekuhweba; (b) longangeneleli; (c) longasuye umsebentisi losemtsetfweni; (d) longasilo lilunga leligunyatiwe; (e) longakaphakanyiswa; noma (f) longanayo imvume yekuniketela ngemasheya labhalisiwe, (g) longakagunyatwa njengemlamuli wetetimali wangaphandle nome lokhululwe kulokudzingekile kuze ugunyatwe ngekwesigaba 49A; nome (h) longakagunyatwa njengemhwebeli wangaphandle (indzawo yekuhwebelana yangaphandle) angeke wafaka sicelo sekutsi abe ligatja, sikhungo semasheya lesisemkhatsini, indzawo yekuhwebelana, sikhungo lesigunyatako, ligatja lelisemkhatsini letekuhweba, libhange lelisemkhatsni letekuhweba langaphandle, umhwebeli wangaphandle (indzawo yekuhwebelana yangaphandle), labangenelelako, umsebentisi losemtsetfweni, lilunga leligunyatiwe, lophakanyisiwe losemtsetfweni noma loniketa f emasheya labhalisiwe, njengoba kungabe kubekiwe, noma kutiphatsa ngendlela noma kusebentisa ligama noma inchazelo lephakamisa kutsi, lekhombisa noma lechaza kutsi kunebudlelwano emkhatsini walowo muntfu neligatja, sikhungo semasheya lesisemkhatsini, indzawo yekuhwebelana, sikhungo lesigunyatako, ligatha letetimali lelilamulako, ligatja lelisemkhatsini This gazette is also available free online at www.gpwonline.co.za - 454 Verify source ↗
No. 41060
AI-assisted research summary: A clearing member may provide clearing or settlement services only when it is authorised, and in some cases only with joint prior written approval from the Authority, Prudential Authority, and South African Reserve Bank.
454 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 448 Extent of repeal or amendment (d) by the substitution for subsection (5) of the following subsection: ‘‘(5) (a) A clearing member may only provide the clearing services or settlement services for which it is authorised by a licensed exchange [or], licensed independent clearing house, or a licensed central counterparty, as the case may be, in terms of the exchange rules or clear- ing house rules, as the case may be. (b) A clearing member may only provide clearing services or settle- ment services for which it is authorised by a licensed external central counterparty or an external central counterparty that is exempt from the requirement to be licensed in terms of section 49A, with the joint prior written approval of the Authority, the Prudential Authority and the South African Reserve Bank.’’. - 6 Verify source ↗
The amendment of section 5—
AI-assisted research summary: This section amends section 5 to widen who may be regulated and to allow certain members to provide authorization or payment services in specified cases.
6. The amendment of section 5— (a) by the substitution in subsection (1) for paragraphs (b) and (c) of the following paragraphs: ‘‘(b) a category of regulated per- sons, other than those specifi- cally regulated under this Act, if the securities services pro- vided, and the functions and duties exercised, whether in relation to listed or unlisted securities, [provided] by per- sons in such category, are not already regulated under this Act, and if, in the opinion of the Minister, it would further the objects of the Act in sec- tion 2 to regulate persons in such categories; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 455 449 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo letekuhweba langaphandle, umhwebeli wangaphandle (indzawo yekuhwebelana yangaphandle), labangenelelako, umsebentisi losemtsetfweni noma lilunga leligunyatiwe, njengoba kungabe kubekiwe, lapho khona akunabudlelwano lobukhona.’’; futsi (d) kuntjintjwa kwesigatjana (5) ngesigatjana lesilandzelako: ‘‘(5)(a) Lilunga leligunyatiwe linganiketa tinsita tekugunyata noma tekukhokhela ngalokugcwele letiniketwe imvume yekwenta ligatja lelibhalisiwe [noma], sikhungo lesitimele lesigunyatiwe lesinemvume, noma libhange lelisemkhatsni letekuhweba leligunyatiwe, njengoba kungabe kubekiwe, ngekuhambisana nemitsetfo yeligatja noma imitsetfo yesikhungolesigunyatako, njengoba kungabe kubekiwe. (b) Lilunga leligunyatiwe linganika tinsita tekugunyata kuphela nome tinsita tekubhadala lapho ligunyatwe khona libhange lelisemkhatsni letekuhweba langaphandle leligunyatiwe nome ligatja lelisemkhatsini letekuhweba langaphandle lelikhululiweugu- nyatwe ngekwesigaba 49A, ngekuvumela lokubhalwe ngekuhlanganyela phambilini kweliGatja, Umtsetfo weBungcwethi kanye neliBhange Ngodla laseNingizimu Afrika.’’. 6. kuchitjiyelwa kwesigaba 5— (a) ngekuntjintja tindzima (b) kanye ne- (c) ngaletindzima letilandzelako esigatjaneni (1): ‘‘(b) luhla lwebantfu labalawulwako, ngaphandle kwalabo labalawulwe ngekwaloMtsetfo, uma ngabe imisebenti yemasheya iniketiwe futsi kusebenta nemisebenti yentiwe, noma ngabe kuya ngalabhalisiwe noma langakabhaliswa, [uma ngabe] labo bantfu basengakalawulwa kulowo mkhakha ngekwaloMtsetfo, uma ngabe umbono waNgcongcoshe, utawuchubekisa tinjongo taloMtsetfo letikusigaba 2 tekulawula bantfu labanjalo labakuleyo mikhakha; This gazette is also available free online at www.gpwonline.co.za - 456 Verify source ↗
No. 41060
AI-assisted research summary: Certain external market participants may only provide securities services, or exercise functions or duties, that the Minister has prescribed.
456 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 450 (c) the securities services that may be provided, and the functions and duties that may be exer- cised, by an external authorised user, external ex- change, external participant, external central securities de- pository, external clearing house, external clearing mem- ber, external central counterparty or external trade repository, as the case may be.’’; and (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) An external authorised user, external exchange, external partici- pant, external central securities de- pository, external clearing house, or external clearing member [or exter- nal trade repository] may only pro- vide those securities services or ex- ercise functions or duties, as the case may be, prescribed by the Minister in terms of subsection (1)(c).’’. - 7 Verify source ↗
The amendment of section 6:
AI-assisted research summary: This section amends section 6, including the Authority’s powers to issue guidance notices and exempt persons for a specified period, and revises the wording on which foreign-related entities may provide prescribed services.
7. The amendment of section 6: (a) by the substitution for the heading of the section of following heading: ‘‘[Registrar and Deputy Registrar] Authority’’; (b) by the deletion of subsections (1) and (2); (c) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘In performing [those] its functions in terms of this Act, the Authority— ’’; (d) by the substitution in subsection (3) for paragraph (k) of the following para- graph: ‘‘(k) may issue [guidelines] guid- ance notices on the application and interpretation of this Act;’’; (e) by the substitution in subsection (3) for paragraph (m) of the following para- graph: ‘‘(m) may exempt, for a specified period which may be renewed, any person or category of per- sons from the provisions of a section of this Act if the [regis- trar] Authority is satisfied that— This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 457 451 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) lemisebenti yemasheya lenganiketwa kanye nemisebenti lengentiwa ngumsebentisi longaphandle, ligatja lelitimele, bangeneleli labatimele, libhange lemasheya lelitimele langaphandle, indlu yangaphandle legunyatako, lilunga leligunyatako, ligatja lelisemkhatsini letekuhweba langaphandle, lilunga langaphandle leligunyatako noma ligatja langaphandle lekuhwebelana, njengoba kungabe kubekiwe.’’; futsi (b) ngekuntjintja sigatjana (2) ngesigatjana lesilandzelako: ‘‘(2) Umsebentisi wangaphandle logunyatiwe, ligatja langaphandle, longenelelako wangaphandle, sikhungo semasheya lesitimele sangaphandle, indlu yangaphandle legunyatako, noma lilunga Langaphandle leligunyatako [noma libhange langaphandle lekuhwebelana] lingahle linikete leto tinsita temasheya noma kusebentisa imisebenti, njengoba kungabe kubekiwe, kubekwe nguNgcongcoshe ngekuya ngalesigatjana (1)(c).’’. - 7 Verify source ↗
Kuchitjiyelwa kwesigaba 6:
AI-assisted research summary: This section amends section 6 by changing the title, deleting subsections (1) and (2), and revising subsection (3) to add powers for the Board.
7. Kuchitjiyelwa kwesigaba 6: (a) ngekuntjintja sihloko salesigaba ngalesihloko lesilandzelako: ‘‘[Nobhala nasekela waNobhala] liGatja’’; (b) Ngekususwa kwetigatjana (1) kanye na (2); (c) ngekuntjintjwa kwemagama langapha- mbikwendzima (a) ngemagama lalandzelako esigatjaneni (3): ‘‘Ekwenteni [le]imisebenti yalo ngekwemibandzela yaloMtsetfo, liGatja—’’; (d) ngekushintjwa kwendzima (k) ngendzima lelandzelako esigatjaneni sesi-(3): ‘‘(k) anganiketa [tinkhombandlela] lwati loluholako ngekusetje- ntiswa nekuhunyushwa kwaloMtsetfo;’’; (e) ngekuntjintja indzima (m) ngale- ndzima lelandzelako esigatjaneni (3): ‘‘(m) ngesikhatsi lesitsite lesingaphindze sivusetelwe [angavumela] angakhulula bantfu nome tinhlobo tsite tebantfu kuletimiso talesigaba saloMtsetfo [noma bani noma This gazette is also available free online at www.gpwonline.co.za - 458 Verify source ↗
No. 41060
AI-assisted research summary: An exemption may be granted if applying the section would cause hardship or prejudice and the exemption would not conflict with the public interest or the Act’s objects.
458 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 452 [(i) the application of said section will cause the applicant or clients of the applicant financial or other hardship or preju- dice; and] [(ii)](i) the granting of the exemption will not— (aa) conflict with the public interest; or (bb) frustrate the achievement of the objects of this Act; and (ii) the application of the sec- tion will cause the appli- cant or clients of the ap- plicant financial or other hardship or prejudice; and (iii) in relation to an external market infrastructure, and with the concurrence of the South African Reserve Bank and the Prudential Authority, the applicant— (aa) is based in an equivalent jurisdic- tion in terms of sec- tion 6A and is authorised by the supervisory author- ity of such jurisdic- tion; (bb) complies with any criteria prescribed in joint standards for the exemption of such persons; and (cc) undertakes to co- operate and share information with the Authority, the South African Reserve Bank and the Pru- dential Authority to assist with the per- formance of func- tions and the exer- cise of powers in terms of financial sector law;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 459 453 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo bantfu labatsite kutsi bangatsintfwa nguloMtsetfo] uma ngabe [nobhala] liGatja [a]line[l]tiseka kutsi— [(i) lokusetjeniswa kwaleso sigaba lekukhulunywa ngaso sitawenta kutsi lofaka sicelo noma emaklayenti alofaka sicelo ngekwetimali nomalobunye bumatima noma kungalungi; kanye] [(ii)](i) kuniketwa kwemvume yekungatsintseki angeke— (aa) kwangcubutana netishinsekelo tahulumende; noma (bb) kuhlukumete kuphumelela kwaletinjongo taloMtsetfo; futsi (ii) kusetjentiswa kwale- sigaba kutawubangela umfakisicelo nome emaklayenthi emfaki- sicelo bumatima ngekwetimali nome ngalenye indlela nome umonakalo tsite; futsi (iii) ngalekuyamene netakhi- wonchanti tetimakethe tangaphandle, kanye nangekuhlanganyela kweliBhange Ngodla laseNingizimu Afrika kanye nelibhange lebungcwethi, umfakisicelo— (aa) ungeluhlelo lwemtsetfo lolulinganako ngekwesigaba 6A phindze futsi ugunyatwe ligatja lelilawulako lwemtsetfo lonjalo; (bb) uhambisana nanone luphi luhlelo lolu- ncunywe kumtsetfo wekuhlanganyela kwentela kukhu- lulwa kwemuntfu lonjalo; futsi (cc) utsatsa sibopho sekutibandzakanya aphindze abe ngelwati kuliGatja, liBhange Ngodla This gazette is also available free online at www.gpwonline.co.za - 460 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must publish certain directives in the Gazette and on its website, and table a copy in Parliament. It may also prescribe conditions and requirements for securities services in respect of unlisted securities, with the Prudential Authority’s concurrence and under Minister-prescribed requirements.
460 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 454 Extent of repeal or amendment (f) by the substitution in subsection (3) for paragraph (n) of the following para- graph: ‘‘(n) must inform the Minister and the Governor of any matter that in the opinion of the [registrar] Authority may pose systemic risk [to the financial markets; and];’’; (g) by the deletion in subsection (3) of paragraph (o); (h) by the substitution for subsection (5) of the following subsection: ‘‘(5) The [registrar] Authority must, where an exemption or a di- rective applies to all persons, regu- lated persons or securities services generally, publish the directive in the Gazette and on the [official] Authority’s website, and a copy of the published exemption or directive must be tabled in Parliament.’’; (i) by the substitution in subsection (7) for the words preceding paragraph (a) of the following words: ‘‘The [registrar] Authority may, with the concurrence of the Prudential Authority, and in accordance with the requirements prescribed by the Min- ister under section 5(1)(a), in con- duct standards or joint standards for, or in respect of, securities services—’’; (j) by the substitution in subsection (7) for paragraph (b) of the following para- graph: ‘‘(b) prescribe conditions and re- quirements for the provision of securities services in respect of unlisted securities, including, but not limited to, [prescribing a code of conduct and] impos- ing reporting requirements;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 461 455 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo laseNingizimu Afrika kanye neli- bhange lebungcwethi kuncedzisa ngekwe- ntiwa kwemisebenti kanye nekusetje- ntiswa kwemandla ngekwemtsetfo wemkhakha wetetimali;’’; (f) ngekuntjintjwa kwendzima (n) ngalendzima lelandzelako esigatjaneni (3): ‘‘(n) kufanele kwatiswe Ngco- ngcoshe kanye neMbusi nganoma ngaluphi ludzaba Le- ngekwembono [wanobhala] weliGatja kungaletsa bungoti [kutinhlelo tetimakethe temnotfo; kanye];’’; (g) ngekususwa kwendzima (o) esigatjaneni (3); (h) ngekuntjintjwa kwesigatjana (5) ngalesigatjana lesilandzelako: ‘‘(5) [nobhala] liGatja kufanele, lapho kunekuniketwa kungasebenti noma umyalelo ufaka ekhatsi bonkhe bantfu, bantfu labasemtse- tfweni noma netinsita temasheya ngalokutayelekile, kukhishwe lomlayelo kuGazethi kuwebhusayithi yeliGatja [lesemtsetfweni], kantsi ikhophi yalokuvunyelwa noma umyalelo kufanele yetfulwe ePhalamende.’’; (i) ngekuntjintjwa kwemagama landvulela indzima (a) ngemagama lalandzelako esigatjaneni (7): ‘‘[nobhala] liGatja ngekuhlanga nyela neliGatja lebuNgcwethi, nangekuhambisana netidzingo letibekwe nguNgcongcoshe ngaphansi kwesigaba 5(1)(a), kunchubo lesezingeni nemtsetfo wekuhlanganyela, nobe ngekwemisebenti yemasheya—’’; (j) ngekuntjintjwa kwendzima (b) esigatjaneni (7) ngendzima lelandzelako: ‘‘(b) abeke imibandzela netidzingo ngendlela lekufanele kutsi imisebenti yemasheya ngalokuphatselene nalatsite langakabhaliswa lekufanele aniketwe, kufaka ekhatsi,kutsi kungashiyi [ngaphandle, ngekusho indlela yekuti phatsa] kugunyata nekukho- kheleka kwalawo masheya kufanele kwenteke ngayo;’’; This gazette is also available free online at www.gpwonline.co.za - 462 Verify source ↗
No. 41060
AI-assisted research summary: The section lets standards set conditions and requirements for certain securities services, including conduct and reporting rules, prohibit some persons from providing those services, and set extra criteria for approval, authorisation, licensing, exemption, and foreign equivalence recognition.
462 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 456 Extent of repeal or amendment (k) by the substitution in subsection (7) for paragraph (d) of the following para- graph: ‘‘(d) prescribe conditions and re- quirements in terms of which securities services in respect of specified types of unlisted se- curities may be provided, in- cluding[, but not limited to,] the manner in which clearing and settlement of such securi- ties must take place;’’; (l) by the substitution in subsection (8) for the words preceding paragraph (a) of the following words: ‘‘In relation to the persons in the cat- egory prescribed [by the Minister under] in terms of section 5(1)(b), [the registrar] standards may—’’; (m) by the substitution in subsection (8) for paragraph (b) of the following paragraph: ‘‘(b) prescribe conditions and re- quirements for the provision of securities services by such persons, including[, but not limited to,] prescribing [a code of conduct] conduct standards and imposing report- ing requirements;’’; (n) by the substitution in subsection (8) for paragraph (d) of the following para- graph: ‘‘(d) prohibit such persons from providing securities services or undertaking any activities which may frustrate the objects of [the] this Act or the Finan- cial Sector Regulation Act.’’; and (o) by the addition of the following sub- section: ‘‘(9) In relation to the securities services that may be provided, or the functions and duties that may be exercised by an external authorised user, external exchange, external participant, external central securi- ties depository, external clearing house, external central counterparty, external clearing member or external trade repository, as the case may be, joint standards may prescribe addi- tional criteria for the approval, authorisation, licensing or exemption of those persons in the Republic, and for the equivalence recognition of the applicable foreign country.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 463 457 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (k) ngekuntjintjwa kwendzima (d) ngalendzima lelandzelako esigatjaneni (7): ‘‘(d) abeke imibandzela netidzingo ngendlela lekufanele kutsi imisebenti yemasheya ngalokuphatselene nalatsite langakabhaliswa lekufanele aniketwe, kufaka ekhatsi,[kutsi kungashiyi ngaphandle], indlela kugunyata nekukhokheleka kwalawo masheya kufanele kwenteke ngayo;’’; (l) ngekuntjintjwa kwemagama landvulela indzima (a) esigatjaneni (8) ngalamagama lalandzelako: ‘‘Ngalokuphatselene nalabantfu lababalwe kulomkhakha lobekwe [nguNgcongcoshe ngaphansi] ngekwesigaba 5(1)(b), [nobhala] inchubo yemtsetfo inga—’’; (m) ngekushintjwa kwendzima (b) ngale- ndzima lelandzelako esigatjaneni (8): ‘‘(b) kubeka imibandzela netidzingo talemibandzela yemisebenti yemasheya ngulabo bantfu kufaka ekhatsi[, kungashiyi ngaphandle,] kubeka [indlela] umtsetfo wenchubo [Y]wekutiphatsa nekubeka lokudzingekako uma ngabe kubikwa;’’; (n) ngekuntjintjwa kwendzima (d) ngale- ndzima lelandzelako esigatjaneni (8): ‘‘(d) kuvimbela bantfu labanjalo ekuniketeni imisebenti yemasheya noma kwenta noma ngabe miphi imisebenti lengasebentisa kabi tinjongo taloMtsetfo noma ye-Financial Sector Regulation Act.’’; futsi (o) ngekungetwa kwalesigatjana lesilandzelako: ‘‘(9) ngekuhambelana nemisebenti yemasheya lengabe iniketwe ku-, kanye nemisebenti lengentiwa ngumsebentisi wangaphandle logunyatiwe, lushintjo lwange- phandle, longenelelako wanga- phandle, indlu yangaphandle yetekuhwejwa kwemasheya, ligatja lelisemkhatsini letekuhweba langaphandle, njengobe ludzaba lungaba njalo, njengobe kuncunywe ngungcongcoshe ngaphasi kwesi- gaba 5(1)(c), liGatja kukratheriya yemtsetfo wekuhlanganyela, kugu- nyata, kunaka, kufaka emtsetfweni nobe kukhululwa kwalabantfu kuRiphabhulikhi, kanye nekwatiwa ngekulingana kwelive lelifanele langaphandle.’’. This gazette is also available free online at www.gpwonline.co.za - 464 Verify source ↗
No. 41060
AI-assisted research summary: This text appears to be a table header about the extent of repeal or amendment.
464 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 458 - 8 Verify source ↗
The insertion after section 6 of the
AI-assisted research summary: The Authority may recognize a foreign country’s regulatory framework as equivalent if the legal test is met and required concurrence is obtained.
8. The insertion after section 6 of the following sections: ‘‘Equivalence recognition of foreign jurisdictions 6A. (1) On application by an inter- ested party, the Authority, with the con- currence of the South African Reserve Bank and the Prudential Authority, may determine that the regulatory framework of a specified foreign country is equiva- lent (an ‘‘equivalent jurisdiction’’) to the regulatory framework established in terms of financial sector law, if the legis- lative and regulatory framework estab- lished in that foreign country meets the objectives of the financial sector law. (2) A recognition in terms of section 6A(1) must be published on the Authori- ty’s website and in the Register. (3) The Authority must maintain a list of all foreign countries recognised under this section. (4) When assessing the equivalence of the regulatory framework of a foreign country, the Authority, the South African Reserve Bank and the Prudential Author- ity must take into account — (a) the nature and intensity of the su- pervisory authority’s oversight pro- cesses, including direct comparison with the regime applied by the Au- thority, the Prudential Authority and the South African Reserve Bank, as the case may be; (b) alignment of the foreign country’s regulatory framework with relevant principles developed by international standard setting bodies applicable to market infrastructures; (c) observed outcomes of the foreign regulatory framework applicable to market infrastructures relative to those in South Africa; and (d) the need to prevent regulatory arbitrage. Withdrawal of recognition - 6B Verify source ↗
The Authority may, with the con-
AI-assisted research summary: The Authority may withdraw recognition if section 6A criteria are no longer met, but only with the concurrence of the South African Reserve Bank and the Prudential Authority.
6B. The Authority may, with the con- currence of the South African Reserve Bank and the Prudential Authority, with- draw recognition where the criteria set out in section 6A are no longer met. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 465 459 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 8 Verify source ↗
Ngekufakwa kwalesigaba
AI-assisted research summary: The branch may decide that a foreign regulatory regime is equivalent, must publish that decision on its website and register, and must keep a list of all foreign countries recognized under this section.
8. Ngekufakwa kwalesigaba lesilandzelako ngemuva kwesigaba 6: ‘‘Kwatiwa ngalokulinganako kwetinhlelo temtsetfo tangaphandle 6A. (1) ekusetjentisweni lilunga lelidzingile, liGatja, ngekuhlanganyela neliBhange Ngodla laseNingizimu Afrika nemtsetfo webungweti, liGatja lingancuma kutsi sakhiwonchanti lesilawulako selive langaphandle lelilinganako (kugunyata lokulinganako) kulusitonchanti lwemtsetfotimiso loluncunywe ngekwemtsetfo wemkhakha wetetimali, nangabe lolusinchanti lekushaywa nekumiswa kwemtsetfo loluncunywe kulelo live langaphandle uhambisana netinjongo temtsetfo wemkhakha wetetimali. (2) Kwatiwa ngekwesigaba 6A(1) kufuna kushicilelwe kuwebhusayithi yeligatja kanye nakurejista. (3) liGatja kufuna ligcine luhlu lwawo onkhe emave angaphandle latiwako ngaphasi kwalesigaba. (4) Nakuhlolisiswa kulingana kwelusitonchantilwe lolulawulako lwelive langaphandle, ligatja, liBhange Ngodla laseNinginzimu Afrika kanye nemtsetfo webungcweti kufuna banake nanaku lokulandzelako— (a) luhlobo kanye nemandla eluhlelo lekuhlolisisa kweligatja lelilawulako, kufaka ekhatsi kucatsanisa lokucondzile neluhlelo lolusetjentiswa ligatja, ligatja lebungcweti kanye neliBhange Ngodla laseNingizimu Afrika; (b) kweyamaniswa kwelusitonchanti lwekulawula lwelive langaphandle kanye nemitsetfo lefanele lesungulwe mitimba yavelonkhe lancuma umtsetfo losebenta kusakhiwonchanti setimakethe; (c) imiphumela leboniwe yelusitonchanti lolulawulako lolusebenta kutakhiwonchanti letihlobene naleto letiseNingizimu Afrika; futsi (d) sidzingo sekuvimbela luhwebo lwematfuba. Kukhishwa kwekwatiwa 6B. liGatja ngekuhlanganyela neliBhange Ngodla laseNingizimu Afrika kanye neligatja lebungwethi kunganyomula kwatiwa lapho indlela lencunywe kusigaba 6A ingasalandzelwa. This gazette is also available free online at www.gpwonline.co.za - 466 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must make a co-operation arrangement with the relevant supervisory authority, and that arrangement must cover information sharing and related supervisory procedures.
466 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 460 Act No. and year Short Title Extent of repeal or amendment Principles of co-operation 6C. (1) The Authority must enter into a supervisory co-operation arrangement with the relevant supervisory authority from the equivalent jurisdiction for the purpose of performing its functions in terms of this Act. (2) A supervisory co-operation ar- rangement referred to in subsection (1) must at least specify— (a) the mechanism for the exchange of information between the Authority, the South African Reserve Bank, the Prudential Authority, and the relevant supervisory authorities (‘‘the authorities’’), including access to all information requested by the Authority regarding a licensed ex- ternal market infrastructure; (b) the mechanism for prompt notifica- tion to the Authority, the South Afri- can Reserve Bank and the Prudential Authority where the supervisory authority deems an external market infrastructure which it is supervising to be in breach of the conditions of its authorisation or of other law to which it is subject, or any other mat- ter which may have an effect on the authorisation of the market infra- structure; (c) the procedures concerning the coor- dination of supervisory activities including, where appropriate, for collaboration regarding the timing, scope and role of the authorities with respect to any cross-border supervi- sory on-site inspections; (d) the processes the authorities should use if an authority subsequently de- termines that it needs to use re- quested supervisory information for law enforcement or disciplinary pur- poses, such as obtaining the consent of the requested authority and han- dling such information in accordance with the terms of existing memo- randa of understanding for enforce- ment co-operation; (e) the procedures for co-operation, in- cluding, where applicable, for dis- cussion of relevant examination re- ports, for assistance in analysing documents or obtaining information from a licensed external market in- frastructure and members of the con- trolling body or senior management; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 467 461 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo Imitsetfo yekubandzakanyeka 6C. liGatja kufuna lingene ehlelweni lekubambisana ngekulawula likanye nemagatja lafanele lalawulako ehlelweni lwemtsetfo lolulinganako ngetinjongo tekwenta umsebenti walo ngekwaloMtsetfo. (2) Luhlelo lokubambisana ngekulawula lekucondziswe kilo esigatjaneni (1) kufuna lokungenani lucacise— (a) indlela yekuntjintjana ngemniningwane emkhatsini weligatja, liBhange Ngodla laseNingizimu Afrika, ligatja lebungcwethi kanye nemaGatja ekulawula, kufaka ekhatsi kufinyelela kuwo wonkhe umniningwane locelwe liGatja lomayelana netinsitanchanti tetimakethe letisemtsetfweni; (b) indlela yekukhishwa kwesatiso ngesikhatsi lesifanele kuliGatja, umtstefo webungcwethi kanye neliBhange Ngodla laseNingizimu Afrika lapho khona liGtja lelilawulako litsatsa tinsitanchanti tetimakethe tangaphandle letitila- wulako kutsi tibe sekwephuleni kwetimo tekugunyatwa kwato nobe kwalomunye umtsetfo letibekelwe wona, nome lokunye lokungaba nemtselelaekugunyatweni kwetinsitanchanti tetimakethe; (c) tindlela letiphatselene nekutibandza- kanya kwekulawula lefaka ekhatsi, lapho kufanele khona, kuhlanganyela lokuphatselene nekubona ngesikhats, umtlamo kanye nelichaza leligatja ngekuhambisana nekuhlolisisa kulawulwa kwangekhatsi kwalamanye emave; (d) tindlela emagatja lekufanele lekufanele atisebentise lapho ligatja selincuma kutsi kufanele lisebentise imininingwane yekulawula leceliwe kusimamisa umtsetfo nobe ngenhloso yekucondzisa tigwegwe, njengekutfola imvumo yeligatja leliceliwe kanye nekubamba umniningwane lonjalo ngekuhambisana nemibandzela yememoranda lesekhona yekuvisisa kusinyanyiswa kwekutibandzakanya; (e) tindlela yekutibandzakanya, kufaka ekhatsi, lapho kwenteka khona, kucocisana ngemibiko yekuhlola lefanele, kuncedzisa ekuhlatiyeni imiculu nobe kutfola lwati This gazette is also available free online at www.gpwonline.co.za - 468 Verify source ↗
No. 41060
AI-assisted research summary: If the Authority and certain supervisory authorities have co-operation arrangements, they must protect confidential information and co-operate by sharing risk, systemic, and supervisory information.
468 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 462 (f) the degree to which a supervisory authority may onward-share to a third party any non-public supervi- sory information received from an- other authority, and the processes for doing so. (3) The Authority and supervisory authorities that have entered into super- visory co-operation arrangements in terms of subsection (1) must— (a) establish and maintain appropriate confidential safeguards to protect all non-public supervisory information obtained from another supervisory authority; (b) consult with each other and share risk analysis assessments and infor- mation to support the identification, assessment and mitigation of risks to markets and investors; (c) consult, co-operate and, to the extent possible, share information regarding entities of systemic significance or whose activities could have a sys- temic impact on markets; (d) co-operate in the day-to-day and routine oversight of internationally active licensed external market infra- structures; (e) provide advance notification and consult, where possible and other- wise as soon as practicable, regard- ing issues that may materially affect the respective regulatory or supervi- sory interests of another authority; (f) design mechanisms for supervisory co-operation to provide information both for routine supervisory purposes and during periods of crisis; and (g) undertake ongoing and ad hoc staff communications regarding interna- tionally active licensed external mar- ket infrastructure as well as more formal periodic meetings, particu- larly as new or complex regulatory issues arise.’’. - 9 Verify source ↗
The amendment of section 7—
AI-assisted research summary: Branches and regulating agencies involved under subsection (1) must keep regulatory information confidential and cooperate, consult, and share information on market-risk and related regulatory issues.
9. The amendment of section 7— (a) by the substitution in subsection (3) for paragraph (a) of the following para- graph: This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 469 463 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (f) kulusitonchanti lwetimakethe kanye nemalunga emtimba lolawulako nome labaphetse; futsi lizinga ligatja lelilawulako lelingabela ngalo nalenye inhlangano umniningwane wekulawula leliwutfole kulelinye ligatja kanye netindlela tekwenta njalo. (3) liGatja kanye nemagatja lalawulako langene langenele emalungiselelo ekutibandzakanya ngekwemibandzela yesigatjana se(1) kufanele— (a) asungule aphindze agcine kulondza lokuyimfihlo kuze kuvikeleke yonkhe umniningwane wekulawula longakadzingeki kubantfu lotfolwe kulamanye emagatja ekulawula; (b) kucociswane kuphindze kwatjelwane ngelucwaningo lekuhlatiya bungoti kanye nemniningwane wekweseka kutfolwa, kucwaninga kanye nekuncishiswa kwebungoti kutimakethe nalabatibandzakanye ngoba balindzele kuzuza; (c) bacocisane, batibandzakanye phindze kufike lapho bangagcina khona babelana ngelwati loluphatselane nemagatja ekubaluleka kwetinhlelo nobe kusebenta kwawo kunemtselela lohleleke tsite etimakethe; (d) batibandzakanye ngalokufanako malanga onkhe ekuphatfweni njalo kwetinsitanchanti tetimakethe tangaphandle letigunyatiwe letisebenta velonkhe; (e) batise kusanesikhatsi baphindze bacocisane, nakwentekile, nobe-ke masisha nakukhonakala, kuphatse- lane netinkinga letingatsikabeta sidzingo sekulawula kwalelinye ligatja; (f) kwecanjwe indlela yekutibandza- kanye lokwentelwa kulawula khona kutoniketa ngelwati lwako kokubili, tinhloso tekulawula njalo kanye nasetikhatsini tebumatima; futsi (g) kutsatsa sibopho setekuchumana njalo nebasebenti ngetinsitanchanti tetimakethe letisebentako tangaphandle letisemtsetfweni kanjalo nemihlangano yangetikhatsi tonkhe leyenteka njalo lapho kucubuka tinkinga letinsha tekulawula ngekuhlanganyela.’’. - 9 Verify source ↗
Kuchitjiyelwa kwesigaba 7—
AI-assisted research summary: This section appears to amend section 7.
9. Kuchitjiyelwa kwesigaba 7— (a) ngekuntjintjwa kwendzima (a) ngendzima lelandzelako esigatjaneni esigatjaneni (3): This gazette is also available free online at www.gpwonline.co.za - 470 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must publish exchange-licence application notices in two national newspapers and on its website, and must also publish proposed exchange rules and listing requirements on its website.
470 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 464 ‘‘(a) be made in the manner and contain the information prescribed by the [registrar] Authority;’’; (b) by the substitution in subsection (3)(c) for subparagraph (v) of the following subparagraph: ‘‘(v) the application fee [prescribed by the registrar] determined in terms of the Financial Sector Regulation Act;’’; (c) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for an exchange licence in two national newspapers at the expense of the applicant, and on the [official] Authority’s website.’’; (d) by the substitution in subsection (4)(b) for subparagraphs (ii) and (iii) of the following subparagraphs: ‘‘(ii) [where] that the proposed ex- change rules and listing re- quirements [may be inspected by] are available on the website of the Authority for comments from members of the public; and (iii) the period within, and the pro- cess by, which objections to the application or rules and listing requirements may be lodged with the [registrar] Authority;’’; and (e) by the addition in subsection (4) of the following paragraph: ‘‘(c) The Authority must publish the proposed exchange rules and listing requirements re- ferred to in paragraph (b)(ii) on the Authority’s website.’’. - 10 Verify source ↗
The amendment of section 8—
AI-assisted research summary: This section amends section 8 to require applicants or licensed exchanges to show they meet the relevant fit-and-proper standards, and it requires the authority to publish notices and proposed rules on its website and in newspapers.
10. The amendment of section 8— (a) by the substitution in subsection (1) for paragraph (c) of the following para- graph: ‘‘(c) demonstrate that the fit and proper requirements prescribed [by the registrar] in relevant joint standards are met by the applicant, or the licensed ex- change, as the case may be, [its directors] members of its con- trolling body and senior man- agement;’’; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 471 465 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ‘‘(a) sentiwe ngendlela kanye nekucuketsa lwati lolubekwe [ngunobhala] liGatja;’’; (b) ngekuntjintjwa kwaletindzinyana (v) esigatjaneni (3)(c) ngendzinyana lelandzelako: ‘‘(v) linani lemali yekufaka sicelo [lebekwe ngunobhala] lencunywe ngekwe-Financial Sector Regulation Act;’’; (c) ngekuntjintjwa kwendzima (a) ngale- ndzima lelandzelako kusigatjana (4): ‘‘(a) [nobhala] liGatja kufanele [a]likhiphe satiso sesicelo sekuba nelayisensi yeligatja kumaphephandzaba lamabili lafundvwa velonkhe lokuta- wuba tindleko talona lofaka sicelo, kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’; (d) ngekuntjintjwa kwendzinyana (ii) kanye nendzinyana (iii) esigatjaneni (4)(b) ngetindzinyana letilandzelako: ‘‘(ii) [lapho] kutsi lakufanele (iii) kuhlolwe khona lemitsetfoye- ligatja lephakanyisiwe kanye nalokudzingekako [kute ubhaliswe ngalokuhlolwe] kuyatfolakala kuwebhusayithi yeliGatja kute emalunga emmango abeke imibono; futsi isho lesikhatsi, kanye nenchubo, lapho kungabekwa khona lokuphikisa sicelo nome Imitsetfo kanye nalokudzingekile kungaletfwa ngaphambi kweliGatja [lesibekwe ngunobhala].’’; futsi (e) ngekungeta lendzima lelandzelako esigatjanneni (4); ‘‘(c) liGatja kufanele lishicilele lemitsetfo yeligatja lephakanyisiwe kanye nalokudzingekile lekukhulunywe ngako endzimeni ye-(b)(ii) kuwebhusayithi.’’. - 10 Verify source ↗
Kuchitjiyelwa kwesigaba 8—
AI-assisted research summary: This provision amends section 8 by replacing paragraph (c) with new wording.
10. Kuchitjiyelwa kwesigaba 8— (a) ngekuntjintjwa kwendzima (c) esigatjaneni (1) ngalendzima lelandzelako: ‘‘(c) kukhombisa kutsi letidzingo letifanele letibekwe [ngunobhala] kumtsetfo wekuhlanganyela lofanele, lofake sicelo uyatifeza, noma ligatja lelibhalisiwe, njengoba kungabe kubekiwe, [bacondzisi] bemalunga emtimba lolawulako [balo] kanye nebaphatsi labasetulu;’’; futsi This gazette is also available free online at www.gpwonline.co.za - 472 Verify source ↗
No. 41060
AI-assisted research summary: The Minister may repeal certain regulations and replace them with new requirements in joint standards or conduct standards, while some pre-commencement requirements continue to apply.
472 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 466 Extent of repeal or amendment (b) by the addition of the following sub- section: ‘‘(3) (a) Despite subsection (1), requirements prescribed under this section that are in force immediately before the commencement of this subsection continue to be in force. (b) In respect of regulations pre- scribed in terms of subsection (1)(a), the Minister may repeal regulations, and new requirements may then be prescribed in joint standards or con- duct standards. (c) Paragraph (b) does not affect or limit the power of the Minister to prescribe or amend regulations in terms of subsection (1)(a). (d) Requirements prescribed in terms of subsection (1)(c) or (2)(c) before the commencement of this subsection may be amended or re- pealed by conduct standards or joint standards.’’. - 11 Verify source ↗
The amendment of section 9(4) by
AI-assisted research summary: The Authority must publish a notice about an application to amend an exchange licence, in two national newspapers and on its website, at the applicant’s expense.
11. The amendment of section 9(4) by the substitution for paragraph (a) of the following paragraph: ‘‘(a) The [registrar] Authority must publish a notice of an application for an amendment of the terms of an exchange licence or the condi- tions subject to which the licence was granted in two national news- papers, at the expense of the appli- cant, and on the [official] Authori- ty’s website.’’. - 12 Verify source ↗
The amendment of section 10—
AI-assisted research summary: This section amends section 10 so an exchange must tell the Authority about matters that may create or increase systemic risk, and may appoint a licensed clearing house or central counterparty to clear or settle transactions.
12. The amendment of section 10— (a) by substitution in subsection (2) for paragraph (f) of the following para- graph: ‘‘(f) must, as soon as it becomes aware [thereof], inform the [registrar] Authority of any matter that it reasonably be- lieves may [pose systemic risk to the financial markets] give rise to, or increase systemic risk;’’; and (b) by the substitution in subsection (2)(i) for subparagraph (ii) of the following subparagraph: ‘‘(ii) may appoint [an associated or independent] a clearing house or central counterparty li- censed under Chapter V to clear or settle transactions or both clear and settle transac- tions on behalf of the ex- change;’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 473 467 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) ngekungetwa kwalesigatjana lesilandzelako: ‘‘(3) (a) Ngekunganakwa kwesigatjana (1), lokudzingekile lokuncunywe ngaphasi kwalesigaba lokudzingeke masisha ngembikwe- kucala kwalesigatjana kuchubeka kudzingeke. (b) Ngekwetimiso temtsetfo letincunywe ngekwemibandzela wesigatjana (1)(a), Ngcongcoshe angacitsa timiso temtsetfo, bese kutsi lokudzingekile lokusha kungabese sekuncunywa emitsetfweni yekuhlanganyela nobe umtsetfo wenchubo. (c) Indzima (b) ayitsikabeti nobe ivimbele emandla aNgcongcoshe kuncuma nobe kuchibiyela timiso temtsetfo ngekwemibandzelaye- sigatjana (1)(a). (d) Lokudzingekile lokuncunyiwe ngekwemibandzela yesigatjana (1)(c) nobe (2)(c) ngembikwekucala kwalesigatjana kungachitjiyelwa nobe kucitfwe ngekwenchubo nobe umtsetfo wekuhlanganyela.’’. - 11 Verify source ↗
Kuchitjiyelwa kwesigaba 9(4)
AI-assisted research summary: This section replaces paragraph 9(4)(a) so that a notice of the application must be published in two national newspapers and on the Branch’s website, at the applicant’s expense.
11. Kuchitjiyelwa kwesigaba 9(4) ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako: ‘‘(a) kufanele akhiphe satiso sesicelo kwentela kuchibiyela imitsetfo yelayisensi yeligatja noma imibandzela ngekuya ngekutsi nguyiphi ilayisesni leyanikwa kumaphephandzaba avelonkhe lamabili, ngetindleko talona lofake sicelo, kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’. - 12 Verify source ↗
Kuchitjiyelwa kwesigaba10
AI-assisted research summary: The section amends an existing rule so that, when a person becomes aware of a matter they reasonably expect could increase system risk, they must notify the Board and the Governor promptly.
12. Kuchitjiyelwa kwesigaba10 (a) ngekuntjintjwa kwendzima (f) esigatjaneni (2) ngalendzima lelandzelako: ‘‘(f) ngekushesha ngalesikhatsi sebati kufanele batise [nobhala] liGatja kanye neMbusi nganoma luphi ludzaba labatsemba ngalokufanele kutsi [lolungabangela bungoti kuloluhlelo kutimakethe temnotfo] lungakhulisa nobe lunyuse bungoti beluhlelo;’’; futsi (b) ngekuntjintjwa kwendzinyana (ii) ngendzinyana lelandzelako esigatjaneni (2)(i) ‘‘(ii) angabeka ligatja leligunyatiwe lelibhalisiwe nome ligatja letetimali leligunyatiwe This gazette is also available free online at www.gpwonline.co.za - 474 Verify source ↗
No. 41060
AI-assisted research summary: 474 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 468
474 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 468 - 13 Verify source ↗
The amendment of section 11—
AI-assisted research summary: The Authority must publish proposed listing-requirement amendments, invite objections, and then publish the approved amendment and its commencement date if there are no objections or after considering them.
13. The amendment of section 11— (a) by the substitution in subsection (2) for paragraph (c) of the following para- graph: ‘‘(c) an exchange may take into ac- count at a hearing information obtained by the [registrar] Authority in the course of [an] a supervisory on-site [visit or] inspection or investigation con- ducted [under section 95] in terms of the Financial Sector Regulation Act or obtained by the directorate in an investiga- tion under section 84, read with section 85.’’; (b) by the substitution in subsection (6) by the substitution for paragraphs (c) and (d) of the following paragraphs: ‘‘(c) The [registrar] Authority (d) must, as soon as possible after the receipt of a proposed amendment, publish — (i) the amendment on the [of- ficial] Authority’s website; and (ii) a notice in the Gazette that the proposed amendment is available on the [official] Authority’s website, call- ing upon all interested per- sons who have any objec- tions to the proposed amendment, to lodge their objections with the [regis- trar] Authority within a period of 14 days from the date of publication of the notice. If there are no such objections, or if the [registrar] Authority has considered the objections and, if necessary, has consulted with the exchange and the per- sons who raised such objec- tions and has decided to ap- prove or amend the proposed amendment, the [registrar] Authority must publish — (i) the amendment and the date on which it comes into operation on the [offi- cial] Authority’s website; and (ii) a notice in the Gazette, which notice must state— (aa) that the amendment of the listing require- ments has been ap- proved; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 475 469 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo [lelihambisanako noma Lelitimele] ngaphansi kweSehluko V kugunyata noma kubhadala ematra- nsekshini noma kokubili kugunyata nekubhadala ngekumelela ligatja;’’. - 13 Verify source ↗
Kuchitjiyelwa kwesigaba 11—
AI-assisted research summary: The committee secretary must promptly publish proposed amendments and a Gazette notice, and people who want to comment must do so within 14 days of the notice.
13. Kuchitjiyelwa kwesigaba 11— (a) ngekuntjintjwa kwendzima (c) ngendzima lelandzelako esigatjaneni (2): ‘‘(c) ligatja linganaka ngalesikhatsi kutsanyelwe licala lwatiso [lebelutfolakele] lelitfolwekuluphenyo ngaphansi kwesigaba 84 sifundvwe nesigaba 85.’’; (b) ngekuntjintjwa kwetindzima (c) neye (d) ngaletindzima letilandzelako esigatjaneni (6): ‘‘(c) [nobhala]liGatja, ngemuva kwekutfola kwetichibiyelo letiphakanyisiwe kufanele lishicilele masisha loku lokulandzelako— (i) tichibiyelo kuwebhusayithi yeligatja; futsi (ii) satiso kuGazethi lesishoko kutsi tichibiyelo letiphakanyisiwe tiyatfolakala kuwebhusayithi yeliGatja, sibite bonkhe bantfu labadzinga kuphakamisa imibono yabo ngaletichibiyelo letiphakanyisiwe kutsi bente njalo kuliGatja ekhatsi kwemalanga langu 14 kushicikekwe satiso. (d) Nangabe tingekho tiphakamiso, nome nangabe liGatja litsatsa tiphakamiso letikhona, nangabe kudzingekile lachumana nebekuhweba kanye nebantfu labaphakamise leto tiphakamiso labese lincuma kutivumela kusebenta nome kuchibiyela tichibiyelo lebetiphakanyisiwe, ligatja kufuna lishicilele— (i) sichibiyelo kuwebhusayithi kanye nelusuku lekufuna sicale ngalo kusebenta yeligatja; futsi (ii) satiso kuGazethi, lekufuna siho— (aa) kutsi tichibiyelo talokudzingekile kweluhlu tivunyelwe kusebenta. This gazette is also available free online at www.gpwonline.co.za - 476 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may amend an exchange’s listing requirements by notice in the Gazette and on the Authority’s website.
476 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 470 (bb) that the listing re- quirements as amended are avail- able on the [official] Authority’s website and the website of the exchange; and (cc) the date on which the amendment of the listing requirements will come into opera- tion.’’; (c) by the substitution in subsection (7)(a) for the words proceeding subparagraph (i) of the following words: ‘‘(a) The [registrar] Authority may, by notice in the Gazette and on the [official] Authority’s website, amend the listing re- quirements of an exchange—’’; and (d) by the substitution in subsection (7)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) publish the reasons for the amendment, and the imperative for such amendment in the Gazette and on the [official] Authority’s website.’’. - 14 Verify source ↗
The amendment of section 12(6) by
AI-assisted research summary: For six months, other exchanges in the Republic may not relist or trade certain securities in these circumstances unless the refusal or removal is withdrawn or set aside.
14. The amendment of section 12(6) by the substitution for paragraph (b) of the following paragraph: ‘‘(b) If the refusal to list securities was due to any fraud or other crime commit- ted by the issuer, or any material mis- statement of its financial position or non- disclosure of any material fact, or if the removal of securities was due to a failure to comply with the listing requirements of the exchange, no other exchange in the Republic may, for a period of six months from the date referred to in para- graph (a), grant an application for the inclusion of the securities concerned in the list kept by it, or allow trading in such securities, unless the refusal or re- moval is withdrawn by the first exchange or set aside on [appeal] reconsideration by the [appeal board in terms of sec- tion 105] Tribunal.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 477 471 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (bb) Kutsi lokudzingekako kute kubhaliswe njengobe njengobe kuchitjiyelwe kuyatfolakala kuwebhusayithi yeligatja kanye nakuwebhusayithi yetekuhweba; futsi (cc) Lusuku lekuyawucala kusebenta ngalo tichibiyelo talokudzingekako kute kubhaliswe.’’; (c) Ngekuntjintjwa kwemagama landvulela indzinyana (i) ngalamagama lalandzelako kusigatjana 7(a): ‘‘(a) [nobhala] liGtatja [a]lingachibiyela lokudzingekako kute kubhaliswe ligatja, ngekwesatiso kuGazethi nakuwebhusayithi yeliGatja, [lesemtsetfweni]—’’; futsi (d) Ngekuntjintjwa kwendzinyana (ii) ngendzinyana lelandzelako kusigatjana 7(b): ‘‘(ii) nekukhipha tizatfu tekuchibiyela, kanye nekubaluleka kwaloko kuchibiyela kuGazethi kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’. - 14 Verify source ↗
Kuchitjiyelwa kwesigaba 12(6)
AI-assisted research summary: A different division in the Republic may not, for six months from the date in paragraph (a), approve an application to include the affected shares or allow their sale, unless the original refusal/removal is withdrawn or set aside on review or appeal.
14. Kuchitjiyelwa kwesigaba 12(6) ngekuntjintja indzima (b) ngalendzima lelandzelako: ‘‘(b) Uma ngabe lokwala kutsi kufakwe emasheya eluhleni kubangelwe kukhohlakala noma bugebengu lobentiwe ngolonikelako, noma lenye yetintfo letikhiphe kabi sitatimende lesikhuluma ngesimi setimali noma kungavetwa noma yini lephatselene nemphahla, noma kukhishwa kwemasheya kubangelwe kuhluleka kuhambisana nalokudzingekako kute ubhaliswe kuligatja, alikho lelinye ligatja eRiphabhulikhi lelinga, sikhatsi lesingalinganiselwa kutinyanga letisitfupha kusukela ngalolusuku lolubalwe kundzima (a), anikete sicelo sekutsi kufakwe emasheya latsintsekako kuloluhla lolugcinwe ngilo, livumele kutsengiswa kwalawo masheya, ngaphandle kwekutsi lokwala noma lokukhishwa kususwe ligatja lekucala noma kubekelwe eceleni [ngekufaka] ngekubuyeketwa yinkhundla yetemacala futsi [sikhalo] [lobhodi letikhalo ngekuya ngesigaba 105].’’. This gazette is also available free online at www.gpwonline.co.za - 478 Verify source ↗
No. 41060
AI-assisted research summary: The excerpt only shows a Gazette/header-style reference and does not state an operative rule.
478 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 472 - 15 Verify source ↗
The amendment of section 17—
AI-assisted research summary: Section 15 changes the exchange rules so they must align with the Act, the Financial Sector Regulation Act, and related standards.
15. The amendment of section 17— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The exchange rules must be consistent with this Act, the Finan- cial Sector Regulation Act and any standard made in terms of this Act or the Financial Sector Regulation Act.’’; (b) by the insertion after subsection (2) of the following subsection: ‘‘(2A) Regulations or standards may prescribe additional matters to those listed in subsection (2) that must be contained in the exchange rules.’’; and (c) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) Subject to section 5(1)(c) and (2) and the requirements prescribed [by the registrar] in joint standards, the exchange rules may provide for the approval of external authorised users to be authorised users of the exchange.’’. - 16 Verify source ↗
The amendment of section 25(2) by
AI-assisted research summary: The Authority may prescribe standards for reports referred to in subsection (1).
16. The amendment of section 25(2) by the substitution for the words preceding paragraph (a) of the following words: ‘‘The [registrar] Authority may[,] prescribe standards in respect of [a report] reports referred to in subsection (1)[, prescribe] specifying—’’. - 17 Verify source ↗
The amendment of section 27—
AI-assisted research summary: The Authority must publish notice of a central securities depository licence application in two national newspapers and on its website, at the applicant’s expense, and must publish proposed depository rules on its website.
17. The amendment of section 27— (a) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for a central securities depository licence in two na- tional newspapers, at the ex- pense of the applicant, and on the [official] Authority’s website.’’; and (b) by the addition in subsection (4) of the following paragraph: ‘‘(c) The Authority must publish the proposed depository rules re- ferred to in paragraph (b)(ii) on the Authority’s website.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 479 473 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 15 Verify source ↗
Kuchitjiyelwa kwesigaba 17—
AI-assisted research summary: Section 17 is amended so branch rules must comply with the Act, the Financial Sector Regulation Act, and regulations made under them.
15. Kuchitjiyelwa kwesigaba 17— (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Lemitsetfo yeligatja kufanele ihambisane naloMtsetfo, ne-Financial Sector Regulation Act kanye nayo yonkhe imitsetfo leyentiwe ngekwalomtsetfo nome i-Financial Sector Regulation Act.’’; (b) ngekufakwa kwalesigatjana lesilandzelako ngemuva kwesigatjana (2): ‘‘(2A) Umtsetfotimiso nome umtsetfo ungancuma tindzaba letingetiwe kuleto letibaliwe esigatjaneni (2) lekufuna litfolakale emitsetfweni yeligatja.’’; futsi (c) ngekushintja indzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) Ngekuya ngesigaba 5(1)(c) na (2) kanye netidzingo [letibekwe ngunobhala] kumtsetfo wekuhla- nganyela, imtsetfo yeligatja inganiketela kuvumeleka kwebasebentisi labagunyatiwe labangaphandle kutsi babe basebentisi labagunyatiwe beligatja.’’. - 16 Verify source ↗
Kuchitjiyelwa kwesigaba 25(2)
AI-assisted research summary: This section amends the wording before paragraph (a) in section 25(2).
16. Kuchitjiyelwa kwesigaba 25(2) ngekuntjintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako: ‘‘[nobhala] ligatja linga[,]ncuma imihambo ngekuhambisana [nembiko] lobalwe kusigatjana (1)[, abeke] lochazisisako—’’. - 17 Verify source ↗
Kuchitjiyelwa kwesigaba 27—
AI-assisted research summary: The Board must publish a licence application notice in two national newspapers and on its website, at the applicant’s expense, and publish the proposed rules on its website.
17. Kuchitjiyelwa kwesigaba 27— (a) ngekuntjintjwa kwendzima (a) esigatjaneni (4) ngendzima lelandzelako: ‘‘(a) [nobhala] liGatja kufanele [akhiphe] lishicilele satiso sesicelo selayisensi yesikhungo semasheya lesisemkhatsini kumaphephandzaba lamabili avelonkhe, ngetindleko letitawukhokhelwa ngulofake sicelo, kanye nakuwebhu- sayithi yeliGatja.’’; futsi [lesemtsetfweni]. (b) ngekungetwa kwalendzima esigatjaneni (4): ‘‘(c) liGatja kufuna lishicilele lemitsetfo yekusisa lephakanyisiwe lekukhulunywe ngayo endzimeni (b)(ii) kuwebhusayithi yeliGatja.’’. This gazette is also available free online at www.gpwonline.co.za - 480 Verify source ↗
No. 41060
AI-assisted research summary: This text is a Gazette header for the Financial Sector Regulation Act, 2017 and a table heading about repeal or amendment.
480 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 474 - 18 Verify source ↗
The amendment of section 28—
AI-assisted research summary: This amendment keeps certain existing requirements in force, lets the Minister repeal some regulations, and preserves the Minister’s power to prescribe or amend regulations.
18. The amendment of section 28— (a) by the substitution in subsection (1) for paragraph (c) of the following para- graph: ‘‘(c) demonstrate that the fit and proper requirements prescribed [by the registrar] in the rel- evant joint standards are met by the applicant, or the central securities depository, as the case may be, [its directors] members of its controlling body and senior manage- ment;’’; and (b) by the addition of the following sub- section: ‘‘(3) (a) Despite subsection (1), requirements prescribed under this section that are in force immediately before the commencement of this subsection continue to be in force. (b) In respect of regulations pre- scribed in terms of subsection (1)(a), the Minister may repeal regulations, and new requirements may then be prescribed in joint standards or con- duct standards. (c) Paragraph (b) does not affect or limit the power of the Minister to prescribe or amend regulations in terms of subsection (1)(a). (d) Requirements prescribed in terms of subsection (1)(c) or (2)(c) before the commencement of this subsection may be amended or re- pealed by conduct standards or joint standards.’’. - 19 Verify source ↗
The amendment of section 29—
AI-assisted research summary: A licence must state the central securities depository’s registered office and approved operating places, and the depository may not operate elsewhere without joint prior written approval from the listed authorities.
19. The amendment of section 29— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) The licence must specify the registered office of the central secu- rities depository in the Republic and the places where the central securi- ties depository may be operated, and that the central securities depository may not be operated at any other place without the joint prior written approval of the [registrar] Author- ity, the Prudential Authority and the South African Reserve Bank.’’; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 481 475 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 18 Verify source ↗
Kuchitjiyelwa kwesigaba 28—
AI-assisted research summary: The section says some requirements continue to apply despite subsection (1), and it gives the Minister power to repeal, determine, or amend certain regulations.
18. Kuchitjiyelwa kwesigaba 28— (a) ngekuntjintjwa kwendzima (c) esigatjaneni (1) ngalendzima lelandzelako: ‘‘(c) kukhombisa lokudzingekako nalokulungele lokubekwe [ngunobhala] kunchubo yemtsetfo lefanele, lofake sicelo uyafinyelela kulo, kusilulu semasheya lesisemkhatsini lesibhalisiwe njengoba kungabe kubekiwe, [bacondzisi] kumalunga emtimba wabo lolawulako [babo] kanye nebaphatsi labaphakeme;’’; futsi (b) ngekungetwa kwalesigatjana lesilandzelako: ‘‘(3)(a)ngekunganakwa kwesigatjana (1), lokudzingekile lokuncunywe ngaphasi kwalesigaba lokudzingeke masisha ngembikwekucala kwalesigatjana kuchubeka kudzingeke. (b) Ngekwetimiso temtsetfo letincunywe ngekwemibandzela wesigatjana (1)(a), Ngcongcoshe angacitsa timiso temtsetfo, bese kutsi lokudzingekile lokusha kuyancunya liGatja emitsetfweni yekuhlanganyela nobe yekulingana. (c) Indzima (b) ayitsikabeti nobe ivimbele emandla aNgcongcoshe kuncuma nobe kuchibiyela timiso temtsetfo ngekwemibandzela- yesigatjana (1)(a). (d) Lokudzingekile lokuncunyiwe ngekwe sigatjana (1)(c ) nobe (2)(c) ngembikwekucala kwalesigatjana kungachitjiyelwa nobe kucitfwe ngekwenchubo nobe umtsetfo wekuhlanganyela.’’. - 19 Verify source ↗
Kuchitjiyelwa kwesigaba 29—
AI-assisted research summary: A central securities depository may not be used in any place without prior written permission.
19. Kuchitjiyelwa kwesigaba 29— (a) ngekuntjintjwa kwesigatjana (2) ngalesigatjana lesilandzelako: ‘‘(2) Lelayisensi kufanele ibhalwe lelihhovisi lelibhalisiwe kusikhungo semasheya lasemkhatsini eRiphabhulikhi naletindzawo lapho khona lesikhongo semasheya lesisemkhatsini kufanele sibe khona, nekutsi lesikhungo semasheya lesisemkhatsini angeke sasetjentiswa kunoma ngabe nguyiphi indzawo ngaphandle kwemvume ngekuhlanganyela yangaphambilini lebhalwe [ngunobhala] liGatja, liGatja lebuNgcwethi kanye neliBhange Ngodla laseNingizimu.’’; This gazette is also available free online at www.gpwonline.co.za - 482 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must publish a notice of an application to amend a central securities depository licence.
482 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 476 Extent of repeal or amendment (b) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for an amendment of the terms of a central securities depository licence and the con- ditions subject to which the licence was granted in two national newspapers at the ex- pense of the applicant and on the [official] Authority’s website.’’. - 20 Verify source ↗
The amendment of section 30(2) by
AI-assisted research summary: Section 30(2)(h) is amended so that the affected person must inform the registrar Authority as soon as it becomes aware of any matter it reasonably believes may give rise to, or increase, systemic risk.
20. The amendment of section 30(2) by the substitution for paragraph (h) of the following paragraph: ‘‘(h) must, as soon as it becomes aware [thereof], inform the [registrar] Authority of any matter that it rea- sonably believes may [pose sys- temic risk to the financial mar- kets] give rise to, or increase, systemic risk;’’. - 21 Verify source ↗
The amendment of section 33 by the
AI-assisted research summary: An issuer may convert certificated securities to uncertificated securities, and may issue uncertificated securities, subject to subsection (2) and the stated election condition.
21. The amendment of section 33 by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘An issuer may convert certificated [Certificated] securities [may be con- verted] to uncertificated securities, at the election of the issuer or the holder of certificated securities, and an issuer may, subject to subsection (2), issue uncertificated securities despite any con- trary provision in—’’. - 22 Verify source ↗
The amendment of section 35—
AI-assisted research summary: Section 22 amends section 35 so depository rules must align with the Act, the Financial Sector Regulation Act, and any standards made under them.
22. The amendment of section 35— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The depository rules must be consistent with this Act, the Finan- cial Sector Regulation Act and any standard made in terms of this Act or the Financial Sector Regulation Act.’’; (b) by the insertion after subsection (2) of the following subsection: ‘‘(2A) Regulations or standards may prescribe additional matters to those listed in subsection (2) that must be contained in the depository rules.’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 483 477 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) Ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) [nobhala] liGatja kufanele [a]likhiphe satiso ngekuchitjiyelwa kwemigomo yelayisensi yesikhungo semasheya lesisemkhatsini nemibandzela lapho khona ilayisensi beyiniketiwe kumaphephandzaba lamabili avelonkhe ngekwetindleko talofake sicelo kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’. 20. kuchitjiyelwa kwesigaba 30(2) ngekuntjintjwa kwendzima (h) ngenzima lelandzelako: ‘‘(h) kufanele ngekushesha uma ngabe bacala kwati, atise [nobhala] liGataja nganoma luphi ludzaba lebalukholwako [lolungabangela luhlelo lolunebungoti kutimakethe temnotfo] lolungakhulisa nobe lunyuse, bungoti beluhlelo;’’; 21. kuchitjiyelwa kwesigaba 33 ngekuntjintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako esigatjaneni (1): ‘‘Loniketako angagucula Emasheya [acinisekisiwe] lanesitifiketi [Angaguculwa] abe emasheya langekho emtsetfweni, ekucoweni kwaloniketako nome umbambeli wemasheya lasemtsetfweni, futsi loniketako [nemnikeli anga], ngekuya ngesigatjana (2)[,] anganiketa e[]masheya langekho emtsetfweni noma kungahambisani nembandzela—’’. 22. kuchitjiyelwa kwesigaba 35— (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) imitsetfo yesikhungo kufanele ihambisane naloMtsetfo, i-Financial Sector Regulation Act kanye nemitsetfo leyentiwe ngekwalomtsetfo nome i-Financial Sector Regulation Act.’’; (b) ngekungeta lesigatjana lesilandzelaka ngemuva kwesigatjana (2): ‘‘(2A) Umtsetfotimiso nome umtsetfo kungancuma tindzaba letingetiwe kuleto lesetibaliwe esigatjaneni (2) lekufuna tibe khona kumtsetfo wekugcina.’’; This gazette is also available free online at www.gpwonline.co.za - 484 Verify source ↗
No. 41060
AI-assisted research summary: This amendment says depository rules may allow approval of external participants or external central securities depositories as participants, subject to section 5(1)(c) and (2) and to prescribed conduct or joint standards.
484 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 478 Extent of repeal or amendment (c) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(4) (a) Subject to section 5(1)(c) and (2) and requirements prescribed [by the registrar] in conduct stan- dards or joint standards, the deposi- tory rules may provide for the ap- proval of external participants or external central securities deposito- ries to be participants of the central securities depository.’’; and. (d) by the substitution in subsection (4)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) where a central securities de- pository has approved an exter- nal central securities deposi- tory as a participant, for the identification of the relevant laws or depository rules that apply to each aspect of the participation, including, but not limited to, the laws regulat- ing effectiveness against third parties and insolvency pro- ceedings.[— (aa) the identification of the supervisory authority that supervises that ex- ternal central securities depository; (bb) the identification of the relevant laws or deposi- tory rules that apply to each aspect of the par- ticipation, including, but not limited to, the laws regulating effectiveness against third parties and insolvency proceed- ings.]’’. - 23 Verify source ↗
The amendment of section 36 by the
AI-assisted research summary: The Authority may require certain securities held by a central securities depository to be registered in the depository’s name or its wholly owned subsidiary’s name, unless an exception applies.
23. The amendment of section 36 by the substitution for subsection (1) of the fol- lowing subsection: ‘‘(1) The [registrar] Authority may [direct] determine that any securities held by a central securities depository in its central securities account must, unless they are bearer instruments, money mar- ket securities or recorded in a uncertificated securities register in accor- dance with section 50 of the Companies Act and the depository rules, be regis- tered in the name of that central securi- ties depository or its wholly owned sub- sidiary, as defined in section 1 of the Companies Act, and approved by the [registrar] Authority.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 485 479 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) ngekuntjintja indzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(4) (a) Ngekuya ngesigaba 5(1)(c) na (3) kanye netidzingo letibekwe [ngunobhala] kumtsetfo wenchubo nome wekuhlanganyela, imitsetfo yesikhungo inga, niketela labangenelele bangaphandle kanye nelibhange lelisemkhatsini langaphandle lemasheya kokutsi babe ngulabangenelelako besikhungo semasheya lesisemkhatsini.’’. futsi (d) ngekuntjintjwa kwendzinyana (ii) ngalendzinyana lelandzelako esigatjaneni (4)(b): ‘‘(ii) Lapho[i] sikhungo semasheya lesisemkhatsini sivumele sikhungo semasheya lesisemkhatsini lesitimele njengalabangenelelako, ngetinjongo tekutfolwa kwemitsetfo lefanele nome imitsetfo yesikhungo lesebenta kuko konkhe lekuphatselene nekungenelela, kufaka ekhatsi imitsetfo lelawula kanye nakumalunga lamanye netinchubo letingakalungi- seki.[— (aa) lokubonwa kwalone- ligunya lekuphatsa kanye nebaphatsi baleso sikhungo semasheya lesisemkhatsini lesitimele; (bb) kubona imitsetfo lefanele noma imitsetfo yesikhungo leebenta kuko konkhe kusebenta, kufaka ekhatsi, ingavimbi lemitsetfo lelawula kusebenta kahle kwebesitsatfu netindlela tekuhlakata.]’’. 23. kuchitjiyelwa kwesigaba 36 ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) [nobhala] liGatja [angasho] lincuma kutsi noma waphi emasheya kumabhange lasemkhatsini labanjwa sikhungo semasheya lesisemkhatsini kufanele, ngaphandle kwekutsi amathulusi, emasheya asemakethe yetimali noma barekhode emasheya langekho emtsetfweni kurejista ngekuhambisana nesigaba 50 se-Companies Act nemitsetfo yesi- khungo, abhaliswe ngaleligama laleskhungo This gazette is also available free online at www.gpwonline.co.za - 486 Verify source ↗
No. 41060
AI-assisted research summary: This excerpt is a Gazette heading/table header for the Financial Sector Regulation Act, 2017; it does not state a substantive rule.
486 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 480 - 24 Verify source ↗
The amendment of section 39 by the
AI-assisted research summary: An interest in uncertificated securities may be granted under this section, if applicable, and in the manner set by the depository rules.
24. The amendment of section 39 by the substitution for subsection (3) of the fol- lowing subsection: ‘‘(3) An interest in respect of uncertificated securities may be granted under this section, where applicable, and in the manner provided for in the deposi- tory rules, and is effective against third parties, in relation to a central securities account or a securities account, where such an interest extends to all uncertificated securities standing to the credit of the relevant central securities account or securities account at the time the pledge is effected.’’. - 25 Verify source ↗
The amendment of the heading in
AI-assisted research summary: This section replaces the Chapter V heading with “Licensing of clearing house and central counterparty.”
25. The amendment of the heading in Chapter V preceding section 47 by the sub- stitution for the heading of the following heading: ‘‘Licensing of clearing house and cen- tral counterparty’’.
Part
Chapter V preceding section 47 by the sub-
- 26 Verify source ↗
The amendment of section 47—
AI-assisted research summary: Section 47 is amended to require clearing houses and central counterparties to be licensed, and to allow juristic persons to apply for those licences.
26. The amendment of section 47— (a) by the substitution for the heading of the section of the following heading: ‘‘Application for clearing house licence and central counterparty licence’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) A clearing house and a cen- tral counterparty must be licensed under section 49.’’; (c) by the insertion after subsection (1) of the following subsection: ‘‘(1A) Subject to section 110(6), a central counterparty must be an inde- pendent clearing house.’’; (d) by the substitution for subsection (2) of the following subsection: ‘‘(2) A juristic person may apply to the [registrar] Authority for a clearing house licence or a central counterparty licence.’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 487 481 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo semasheya lesisemkhatsini noma lababanikati baso, njengoba kuchazwe kusigaba 1 se-Companies Act, kwavunywa [ngunobhala] liGatja.’’. - 24 Verify source ↗
Kuchitjiyelwa kwesigaba 39
AI-assisted research summary: Section 39(3) is amended so that interest on unregistered shares may be provided for under this section, subject to the Banks Act and its treatment of third parties and relevant share accounts.
24. Kuchitjiyelwa kwesigaba 39 ngekuntjintjwa kwesigatjana (3) ngalesigaba lesilandzelako: ‘‘(3) Intalo ngalokuphatselene nemasheya langakabhaliswa inganiketwa ngaphansi kwalesigaba, uma kufanele, nangendlela lekubekwe ngayo kulomtsetfo wemabhange, kantsi kusebenta ngekumelana nemacembu esitsatfu, ngalokuphatselene ne- akhawunti yemasheya lasemkhatsini nome ne-akhawunti yemasheya, lapho khona lenshisekelo ichubekela kuw[b]o onkhe emasheya langakacinisekiswa lamele kuba yinzuzo ye-akhawunthi yemasheya lasemkhatsini nome yale- akhawunti yalamasheya lafanele ngalesikhtsi lesincumo sentiwa.’’. - 25 Verify source ↗
Kuchitjiyelwa kwesihloko kuSehluko
AI-assisted research summary: This section changes the licensing rules for a house broker and a commercial branch, and says applications for a licence are to be made to the clerk of the branch.
25. Kuchitjiyelwa kwesihloko kuSehluko V lesandvulela sigaba 47 ngalesihloko lesilandzelako: ‘‘Ilayisensi yendlu legunyatako neligatja lelisemkhatsini letekuhweta kufakwa emtsetfweni kwendlu legunyatako neligatja lelisemkhatsini letekuhweba’’; 26. kuchitjiyelwa kwesigaba 47— (a) ngekuntjintjwa kwesihloko salesigaba nganasi lesilandzelako: ‘‘kufaka sicelo selayisensi yendlu legunyatako neyeligatja lelisemkhatsini letekuhweba’’; (b) ngekuntjintja sigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Indlu legunyatako kanye neligatja lelisemkhatsini letekuhweba kufanele [i]kuniketwe ilayisensi ngaphansi kwesigaba 49.’’; (c) ngekufaka lesigaba lesilandzelako ngemuva kwesigatjana (1): ‘‘(1A) ngekuya ngesigaba 110(6), ligatja lelisemkhatsini letekuhweba kufuna libe yindlu legunyata ngekutimela.’’; (d) ngekuntjintja sigatjana (2) ngalesigatjana lesilandzelako: ‘‘(2) Umuntfu losemtsetfweni angafaka [kufanele afake] sicelo selayisensi yendlu legunyatako nome ligatja lelisemkhatsini letekuhweba [kunobhala] kuliGatja [kwentela indlu legunyatako].’’; This gazette is also available free online at www.gpwonline.co.za - 488 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must publish a notice of a clearing house licence application in two national newspapers and on its website, at the applicant’s expense, and must also publish proposed clearing house rules on its website.
488 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 482 Extent of repeal or amendment (e) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘An application for a clearing house licence or central counterparty li- cence must—’’; (f) by the substitution in subsection (3)(c) for subparagraph (iii) of the following subparagraph: ‘‘(iii) the application fee [prescribed by the registrar] determined in terms of the Financial Sec- tor Regulation Act;’’; (g) by the substitution in subsection (3)(c) for subparagraph (v) of the following subparagraph: ‘‘(v) in relation to an application for an independent clearing house licence or a central counterparty licence, a copy of the proposed clearing house rules that must comply with section 53; and’’; (h) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for a clearing house li- cence in two national newspa- pers at the expense of the applicant and on the [official] Authority’s website.’’; (i) by the substitution in subsection (4)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) in relation to an independent clearing house or a central counterparty, [where] that the proposed clearing house rules [may be inspected by] are available on the Authority’s website for comments from members of the public; and’’; and (j) by the addition in subsection (4) of the following paragraph: ‘‘(c) The Authority must publish the proposed clearing house rules referred to in paragraph (b)(ii) on the Authority’s website.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 489 483 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (e) ngekuntjintja emagama landvulela sigaba (a) esigatjaneni (3) ngalamagama lalandzelako: ‘‘Sicelo selayisensi yendlu legunya- tako nome selayisensi yeligatja lelisemkhatsini letekuhweba kufanele—’’; (f) ngekuntjintjwa kwendzinyana (iii) ngalendzinyana lelandzelako esigatjaneni (3)(c): ‘‘(iii) imali yesicelo [lebekwe ngunobhala] lencunywe ngekwemibandzela ye-Finan- cial Sector Regulation Act;’’; (g) ngekuntjintjwa kwendzinyana (v) ngalendzinyana lelandzelako esigatjaneni (3)(c): ‘‘(v) nekuhambisana nesicelo lesiphatselene nelayisensi yendlu legunyatako nobe ilayisensi yeligatja lelisemkhatsini letekuhweba, ikhophi yemitsetfo yendlu legunyatako lekufanele kuhambisane nesigaba 53; kanye’’; (h) ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) [nobhala] liGatja kufanele [a]likhiphe satiso sesicelo selayisensi yendlu legunyatako kumaphephandzaba lamabili avelonkhe ngetindleko talofake sicelo kanye nakuwebhuwebhusayithi yeliGatja [lesemtsetfweni].’’; (i) ngekuntjintjwa kwendzinyana (ii) ngalendzinyana lelandzelako esigatjaneni (4)(b): ‘‘(ii) ngalokuphatselene nendlu legunyatako letimele nobe ligatja lelisemkhatsini letekuihweba, [lapho khona] ngekutsi imitsetfo yendlu legunyatako [ingahlolwa] iyatfolakala kuwebhusayithi yeliGatja kwentela kubekwa kwemibono lephuma kumalunga emmango; kanye;’’; kanye (j) ngekungeta lendzima lelandzelako esigatjaneni (4): ‘‘(c) liGatja kufuna lishicilele kuwebhusayithi yalo imitsetfo lephakanyisiwe yendlu legunyatako lekukhulunywe ngayo kundzima (b)(ii).’’. This gazette is also available free online at www.gpwonline.co.za - 490 Verify source ↗
No. 41060
AI-assisted research summary: This text only shows the section heading and gazette/table metadata, not a substantive rule.
490 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 484 - 27 Verify source ↗
The amendment of section 48—
AI-assisted research summary: Applicants for, and holders of, clearing house and central counterparty licences must meet asset, governance, fit-and-proper, and joint-standard requirements.
27. The amendment of section 48— (a) by the substitution for the heading of the section of the following heading: ‘‘Requirements applicable to ap- plicants for clearing house licence, central counterparty licence [and], licenced clearing house and li- censed central counterparty’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) An applicant for a clearing house licence and a licensed clearing house, and an applicant for a central counterparty licence and a licensed central counterparty must— (a) subject to the requirements pre- scribed by the Minister, have sufficient assets and resources, which resources include finan- cial, management and human resources with appropriate expe- rience, to perform its functions as set out in this Act; (b) have governance arrangements that are clear and transparent, promote the safety and effi- ciency of the clearing house or central counterparty, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders; (c) demonstrate that the fit and proper requirements prescribed [by the registrar] in the rel- evant joint standards are met by the applicant [ or], the licensed clearing house or the licensed central counterparty, as the case may be, [its directors]members of its controlling body and se- nior management; (d) comply with the requirements prescribed [by the registrar]in the joint standards for the clear- ing or settlement of transactions in securities, or both; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 491 485 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo 27. kuchitjiyelwa kwesigaba 48— (a) ngekuntjintjwa kwesihloko sesigaba ngalesihloko lesilandzelako: ‘‘[Tidzingo letikhona] lokudzingekile kulabafaka sicelo sekuba nelayisensi [yeligatja] [l] yendlu legunyatako, yeligatja lelisemkhatsini letekuhweba, yendlu legunyata ngalokusemtsetfweni kanye neyeligatja lelisemkhatsini letekuhweba lelisemtsetfweni’’; (b) ngekuntjintja sigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Lofaka[e] sicelo selayisensi yendlu legunyatako kanye neseligatja leligunyatiwe lelibhalisiwe, kanye nalofaka sicelo selayisensi yeligatja lelisemkhatsini letekuhweba kanye neyeligatja lelisemkhatsini letekuhweba leligunyatiwe kufanele— (a) ngekuya ngetidzingo letibhalwe nguNgcongcoshe, sibe nemathulusi kanye nemitfombo- lusito leyanele, letifaka ekhatsi imali, kulawula netebasebenti nelati lwemsebenti lolufanele, kwenta imisebenti yabo njengoba kubekiwe kuloMtsetfo; (b) kube nekuhlelwa kwekulawula lokucacile nalokukhanyako, kutfutfukisa kuphepha nekuphumelela kwendlu legunyatako nome ligatja lelisemkhatsini letekuhweba, nekusekela kusimama kwetimali tonkhana, naletinye tinshisekelo temmango letifanele tinake, kanye netinjongo talabatsintsekako labafanele; (c) kukhombisa kutsi letidzingo letingenako naletifanele [letibalwe ngunobhala] letincunywe kumtsetfo wekuhlanganyela lofanele tiyatfolakala kulona lofake sicelo [noma], ligatja leligunyatiwe lelibhalisiwe nome ligatja lelisemkhatsini letekuhweba leligunyatiwe, njengoba kungabe kubekiwe, [baholi bayo] emalunga emtimba wayo lolawulako kanye nebaphatsi labasetulu; (d) kuhambisana netidzingo [letibekwe ngunobhala] letincunywe kumtsetfo wekuhlanganyela kwentela kugunyata noma kucedzelelwa kwematransekshini kumasheya, noma kokubili; This gazette is also available free online at www.gpwonline.co.za - 492 Verify source ↗
No. 41060
AI-assisted research summary: A central counterparty must set and apply a risk-based margin system and manage collateral for clearing members or their clients.
492 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 486 (e) implement an effective and reli- able infrastructure to facilitate the clearing of securities cleared by the clearing house or central counterparty; (f) implement effective arrange- ments to manage the material risks associated with the opera- tion of a clearing house or cen- tral counterparty; (g) have made arrangements for security and back-up procedures to ensure the integrity of the records of transactions cleared, settled or cleared and settled through the clearing house or central counterparty; and (h) in relation to an applicant for an independent clearing house li- cence[ or], a central counterparty licence, a licensed independent clearing house or a licensed central counterparty, have made arrangements for the efficient and effective supervi- sion of clearing members so as to ensure compliance with the clearing house rules and clearing house directives and this Act.’’; (c) by the insertion after subsection (1) of the following subsection: ‘‘(1A) Subject to subsection (1) and the regulations prescribed by the Minister, a central counterparty must— (a) implement a margin system that establishes margin levels com- mensurate with the risks and particular attributes of each product, portfolio, and market it serves; (b) collect and manage collateral held for the due performance of the obligations of clearing members or clients of clearing members; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 493 487 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (e) kusebentisa indlela[s] lekahle naletsembekile yetinsita kuhambisana nekugunyatwa kwemasheya lagunyatwe sikhungo lesigunyatako nome ligatja lelisemkhatsini letekuhweba; (f) kusebentisa tivumelwano letikahle kulawula lokuyimphahla lenebungoti lehambisana nekusebenta kwendlu legunyatako nome ligatja lelisemkhatsini letekuhweba; (g) abe [sewente]sekente emalungiselelo ekuvikela kanye netindlela tekulandzelela kucinisekisa sitfunti semerekhodi ematransekshini lagunyatiwe, lakhishiwe noma lagunyatiwe akhokhelwa kulendlu legunyatwako nome ligatja lelisemkhatsini letekuhweba; kanye (h) ngekuhambisana nekufaka sicelo selayisensi yendlu legunyatiwe letimele [noma], yeligatja lelisemkhatsini letekuhweba, yesikhungo lesitimele lesigunyatiwe lesinemvume nome yeligatja lelisemkhatsini letekuhweba leligunyatiwe, abe ente emalungiselelo [kanye ne]ngekuLawulwa kwelilunga leligunyatiwe kute kutsi kucinisekise kuhambisana nemitsetfoyendlu legunyatako kanye nemibandzela yendlu legunyatako kanyenalo- Mtsetfo.’’; (c) ngekufakwa kwalesigatjana lesilandzelako ngemuva kwesigatjana (1): ‘‘(1A) ngekuya ngekwesigatjana (1) kanye netimiso temtsetfo letincunywe nguNgcongcoshe, ligatja lelisemkhatsini letekuhweba kufanele— (a) isungule luhlelo lekweseka lelimisa kulingana kwemazinga ekweseka kanye nebungoti kanye netimfanelo letitsito temkhicito ngamunye, ema- Phothifoliyo, kanye netimakethe letisebentelako; (b) icokelele iphindze iphatse lokumele emasheya lokuba- njelwe kuncunywa kwemsebenti wekutibophelela kwemalunga lagunyatako; This gazette is also available free online at www.gpwonline.co.za - 494 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may require applicants, licensed clearing houses, or licensed central counterparties to provide or verify extra information, and may consider other information if it is disclosed and they can respond.
494 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 488 (c) establish and maintain a default fund to mitigate the risk should there be a default by a clearing member and to ensure, where possible, that the obligations of that clearing member continue to be fulfilled; (d) maintain initial capital as pre- scribed, including an appropriate buffer; (e) have a clearly defined default waterfall where the obligations of the defaulting clearing mem- ber, other clearing members and the central counterparty are le- gally and clearly managed; (f) provide an appropriate segrega- tion and portability regime to protect the positions of clients of a defaulting clearing member; and (g) provide the necessary infra- structure, resources and gover- nance to facilitate its post trade management functions and, in the event of default of one or more of the clearing members— (i) ensure that sufficient risk policies, procedures and processes are in place; and (ii) have sound internal controls for robust transaction pro- cessing and management.’’; (d) by the substitution in subsection (2) for paragraphs (a) and (b) of the following paragraphs: ‘‘(2) The [registrar] Authority may— (a) require an applicant[ or], a licensed clearing house or licensed central counterparty to furnish such additional informa- tion, or require such information to be verified, as the [registrar] Authority may deem necessary; (b) take into consideration any other information regarding the appli- cant, a licensed clearing house or licensed central counterparty, derived from whatever source, including any other supervisory authority, if such information is disclosed to the applicant or a licensed clearing house and the latter is given a reasonable op- portunity to respond thereto; and’’; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 495 489 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) isungule iphindze igcine sikhwama lesifanele kunciphisa bungoti lapho kungaba khona nekuphambana lokungentiwa lilunga leligunyatako, phindze nekucinisekisa, lapho kukhonakala khona, kutsi sibopho selilunga leligunyatako siyachubeka siyagcwaliswa; (d) igcine imali yekucala iphindze ichube njengoba kuncunyiwe, kufaka ekhatsi kulindza lokufanele; (e) Yati kahle lokungakahanjiswa kahle lapho khona lilunga leligunyatako lelente loko, lamanye emalunga lagunyatako kanye neligatja lelisemkhatsini letekuhweba kuphetfwe ngalokusemtsetfweni futsi ngalokucacako; (f) Ivumele lushintjo nekuhlukanisa lokufanele kuvikela indzawo yebatsengi belilunga leligunyata ngendlela lengasiyo; futsi (g) Inikete ngetinsitanchanti letifanele, tinsita kanye nekulawulwa kwentela umsebenti wayo wekuphatsa tekuhweba, nasetimeni lapho khona munye nobe labanyenti kumalunga lagunyataka baphule sibopho. (i) Kucinisekisa kutsi imigomo yebungoti, inchubo kanye nemihambo kusendzaweni lefanele; phindze (ii) Ibe nekulawula, kubukisisa nekuphatsa umsindvo wangekhatsi.’’; futsi (d) Ngekuntjintjwa kwetindzima (a) kanye na-(b) ngaletindzima letilandzelako esigatjaneni (2): ‘‘(2) [nobhala] liGatja linga— (a) cela lofake sicelo [noma], ligatja leligunyatiwe lelibhalisiwe nome ligatja lelisemkhatsini letekuhweba lelisemtsetfweni kutsi [a]liletse lolwatiso lolungetiwe, noma adzinge lolwatiso kutsi lucinisekiswe, njengoba liGatja [nobhala] [a]lingakubona kufanele; [kanye] futsi (b) nekunaka noma luphi lwatiso lolususelwa kunome wuphi umtfombo loluphatselene nalofake sicelo, indlu legunyatako lebhalisiwe nome ligatja lelisemkhatsini letekuhweba lelisemtsetfweni, This gazette is also available free online at www.gpwonline.co.za - 496 Verify source ↗
No. 41060
AI-assisted research summary: The Minister may repeal certain regulations and can still prescribe or amend regulations under subsection (1)(a).
496 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 490 Extent of repeal or amendment (e) by the addition of the following sub- section: ‘‘(3) (a) Despite subsection (1), requirements prescribed under this section that are in force immediately before the commencement of this subsection continue to be in force. (b) In respect of regulations pre- scribed in terms of subsection (1)(a), the Minister may repeal regulations, and new requirements may then be prescribed in joint standards or con- duct standards. (c) Paragraph (b) does not affect or limit the power of the Minister to prescribe or amend regulations in terms of subsection (1)(a). (d) Requirements prescribed in terms of subsection (1)(c) or (2)(c) before the commencement of this subsection may be amended or re- pealed by conduct standards or joint standards.’’. - 28 Verify source ↗
The amendment of section 49—
AI-assisted research summary: This section amends section 49 to change the heading and set the conditions under which the Authority may grant a clearing house licence.
28. The amendment of section 49— (a) by the substitution for the heading of the section of the following heading: ‘‘Licensing of clearing house and central counterparty’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) The [registrar] Authority may, with the concurrence of the Prudential Authority and the South African Reserve Bank and after con- sideration of any objection received as a result of the notice referred to in section 47(4) and subject to the con- ditions which the [registrar] Author- ity may consider appropriate, grant a clearing house licence to perform the functions referred to in section 50, if—’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 497 491 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo [noma ligatja leligunyatiwe lelibhalisiwe, uma ngabe lolo lwatiso luvetiwe kulolofake sicelo, ligatja leligunyatiwe lelibhalisiwe,] kufaka ekhatsi lamanye emagatja lalawulako, uma ngabe lolo lwatiso luvetwe kumfakisicelo nome indlu legunyatiwe lebhalisiwe futsi nencwadzi iniketwe litfuba lelifanele lekuphendvula ngaloko; kanye (e) ngekungetwa kwalesigatjana lesilandzelako: ‘‘(3) (a) ngekunganakwa kwesigatjana (1), lokudzingekile lokuncunywe ngaphasi kwalesigaba lokudzingeke masisha ngembikwekucala kwalesigatjana kuchubeka kudzingeke. (b) Ngekwetimiso temtsetfo letincunywe ngekwemibandzela wesigatjana (1)(a), Ngcongcoshe angacitsa umtsetfotimiso, lokudzingekile lokusha kungabese kuyancunya kumtsetfo wekuhlanganyela nome kumtsetfo wenchubo. (c) Indzima (b) ayitsikabeti nobe ivimbele emandla aNgcongcoshe kuncuma nobe kuchibiyela timiso temtsetfo ngekwemibandzelayesigatjana (1)(a). (d) Lokudzingekile lokuncunyiwe ngekwemibandzela yesigatjana (1)(c) nobe (2)(c) ngembikwekucala kwalesigatjana kungachitjiyelwa nobe kucitfwe ngekwemtsetfo wenchubo nome umtsetfo wekuhlanganyela.’’. - 28 Verify source ↗
Kuchitjiyelwa kwesigaba 49—
AI-assisted research summary: This provision amends section 49 by changing its title and replacing subsection (1).
28. Kuchitjiyelwa kwesigaba 49— (a) ngekuntjintjwa kwesihloko salesigaba ngalesihloko lesilandzelako: ‘‘ilayisensi yendlu legunyatako kanye neligatja lelisemkhatsini kutekuhweba’’ (b) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) [nobhala] liGatja, ngekuhlanganyela kweligatja lebungwcethi kanye neliBhange Ngodla laseNingizimu Afrika phindze nangemuva kwekunaka kwanoma ngukuphi lokungakavunywa lokutfolakele ngekuhambisana nesatiso lesibalwe kusigaba 47(4) nangekuya This gazette is also available free online at www.gpwonline.co.za - 498 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may grant a central counterparty licence if the applicant meets the Act’s requirements and the licence supports the Act’s objects, and the licence must state required details and approved operating places.
498 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 492 Extent of repeal or amendment (c) by the insertion after subsection (1) of the following subsection: ‘‘(1A) Subject to the regulations or joint standards, the Authority may, with the concurrence of the Pruden- tial Authority and the South African Reserve Bank, and after consider- ation of any objection received as a result of the notice referred to in section 47(4) and subject to the con- ditions which the Authority may consider appropriate, grant a central counterparty licence to perform the functions referred to in section 50, if— (a) the applicant complies with the relevant requirements of this Act; and (b) the objects of this Act referred to in section 2 will be furthered by the granting of the licence.’’; (d) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘The clearing house licence and the central counterparty licence —’’; (e) by the substitution in subsection (2) for paragraphs (a) and (b) of the following paragraphs: ‘‘(a) must specify the functions that may be performed by the clear- ing house and central counterparty, and the securities in respect of which those func- tions may be performed, any other terms and conditions of the licence, the registered office of the clearing house and cen- tral counterparty, and the places where the clearing house and central counterparty may be operated, and stipulate that the clearing house and central counterparty, may not be operated at any other place without the joint prior written approval of the [registrar]Authority, the Pru- dential Authority and the South African Reserve Bank; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 499 493 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ngemibandzela lapho khona [nobhala] liGatja [a]lingakubona kufanele, [a]linikete ilayisensi yendlu legunyatako kutsi kwentiwe umsebenti lobalwe kusigaba 50 uma ngabe—’’; (c) ngekufakwa kwalesigatjana lesilandzelako ngemuva kwesigatjana (1): ‘‘(1A) ngekuya ngemtsetfotimiso nome umtsetfo wekuhlanganyela, liGatja ngekuhlanganyela neliGatja lebungcweti kanye neliBhange Ngodla laseNingizimu Afrika ngemuva kwekucabanga nganome kuphi kuphikisa lokumukelwe ngemiphumela yesatiso lekucondziswe kiso kusigaba sema- 47(4) nangekuya ngetimo liGatja lelitibona tifanele, linganiketa ligatja lelisemkhatsini letekuhweba ilayisensi yekwenta imisebenti lekucondziswe kiyo kusigaba 50, nangabe— (a) lofaka sicelo uhambisana nako konkhe lokudzingekile kwalomtsetfo; phindze (b) tinjongo taloMtsetfo lekukhu- lunywe ngato kusigaba 2 titawuchutjekiswa ngekuniketwa kwelayisensi.’’; (d) ngekuntjintjwa kwemagama landvulela indzima (e) ngalamagama lalandzelako esigatjaneni (2): ‘‘ilayisensi yendlu legunyatako nelayisensi yeligatja lelisemkhatsini letekuhweba’’ (e) ngekuntjintjwa kwetindzima (a) na (b) ngaletindzima letilandzelako kusigatjana (2): ‘‘(a) kufanele ichaze lemisebenti lekufanele yentiwe ngulendlu legunyatako neligatja lelisemkhatsini letekuhweba, kanye nalamasheya lapho khona lemisebenti ingentiwa khona, noma ngabe nguyiphi leminye imibandzela yalelayisensi, lelihovisi lalendlu legunyatako lelibhalisiwe neligatja lelisemkhatsini letekuhweba, kanye naletindzawo lapho khona lendlu legunyatako neligatja lelisemkhatsini letekuhweba kufanele ikusebentele khona, nekuchaza kutsi lendlu legunyatako neligatja lelisemkhatsini letekuhweba [i]angeke [i]kusebentele kunoma ngabe This gazette is also available free online at www.gpwonline.co.za - 500 Verify source ↗
No. 41060
AI-assisted research summary: A clearing house and central counterparty may apply at any time to the Authority to amend their licence terms, and the Authority must publish notice of the application in two national newspapers and on its website.
500 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 494 (b) may specify that insurance, a guarantee, compensation fund, or other warranty must be in place to enable the clearing house and central counterparty to provide compensation, sub- ject to the clearing house rules, to clients of clearing mem- bers.’’; (f) by the substitution in subsection (3) of the following subsection: ‘‘(3) A clearing house and a central counterparty, may at any time apply to the [registrar] Authority for an amendment of the terms of the li- cence and the conditions subject to which the licence was granted.’’; and (g) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for an amendment of the terms of a clearing house licence and cen- tral counterparty licence and the conditions subject to which the li- cence was granted in two national newspapers at the expense of the applicant and on the [official] Au- thority’s website.’’. - 29 Verify source ↗
The insertion after section 49 of the
AI-assisted research summary: An external central counterparty must be licensed to perform functions or provide services, unless exempt; one from an equivalent jurisdiction may apply to the Authority for a licence.
29. The insertion after section 49 of the following section: ‘‘Licensing of external central counterparty 49A. (1) An external central counterparty must be licensed under this section to perform functions or provide services, unless it is exempt from the requirement to be licensed in terms of section 6(3)(m). (2) An external central counterparty from an equivalent jurisdiction may ap- ply to the Authority for a licence. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 501 495 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) nguyiphi indzawo ngaphandle kwemvume lebhalwe phansi yinhlanganyela yeliGatja, ligGatja lebungcwethi kanye neliBhange Ngodla laeNingizimu Afrika [yanobhala]; kanye angachaza kutsi umshwalensi, siciniseko, sikhwama sesincepheteliso, noma siphi lesinye sicinisekiso kufanele sibekwe kahle kwentela kutsi imitsetfoyendlu ndlu legunyatako kanye neligatja lelisemkhatsini letekuhweba, kumaklayenti elilunga leligunyatiwe.’’; (f) ngekuntjintjwa kwesigatjana (3) ngalesigatjana lesilandzelako: ‘‘(3) Indlu legunyatiwe neligatja lelisemkhatsini letekuhweba, nome nini kungafaka sicelo kuliGatja [ingasebentisa noma ngabe ngasiphi sikhatsi ifake sicelo kunobhala kwentela] sekuchitjiyelwa kwemibandzela yelayisesi nemibandzela lekwaniketwa ngaphansi kwayo lelayisensi.’’; futsi (g) Ngekushintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) [nobhala] liGatja kufanele [a]likhiphe satiso sesicelo [sekuchibiyela] sekuchitjiyelwa kwemibandzela yendlu legunyatako kanye neyeligatja lelisemkhatsini letekuhweba, kanjalo [kanye] nemibandzela lekwaniketwa ilayisensi ngaphansi kwayo kumaphephandzaba lamabili avelonkhe ngekwetindleko talona lofake sicelo kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’. - 29 Verify source ↗
Kufakwa kwalesigaba lesilandzelako
AI-assisted research summary: An intermediary branch for foreign trade must register under this section before carrying out activities or providing services, unless it is exempt under section 6(3)(m).
29. Kufakwa kwalesigaba lesilandzelako ngemuva kwesigaba 49: ‘‘Kufakwa emtsetfweni kweligatja lelisemkhatsini letekuhweba langaphandle 49A. (1) ligatja lelisemkhatsini letekuhweba kufuna lifake emtsetfweni ngaphasi kwalesigaba kute lente imisebenti nome linikete ngetinsita, ngaphandle nangabe likhululiwe kulokudzingekile kokufaka emtsetfweni ngaphasi kwesigaba 6(3)(m). (2) Libhange lelilamulako letekuhweba langaphandle — ekugunyatweni lokulinganako lingafaka sicelo selayisensi kuliGatja. This gazette is also available free online at www.gpwonline.co.za - 502 Verify source ↗
No. 41060
AI-assisted research summary: Licence applicants must file the application in the Authority’s required form, include the proposed rules and fee, and provide any extra information reasonably requested. The Authority must publish notice of the application and the notice must identify the applicant and point the public to the operating rules.
502 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 496 (3) An application for a licence in terms of this section must— (a) be made in the manner and contain information determined by the Au- thority; (b) be accompanied by a copy of the proposed rules; (c) be accompanied by the application fee determined in terms of the Finan- cial Sector Regulation Act; and (d) be supplemented by any additional information that the Authority may reasonably require. (4) (a) The Authority must publish a notice of an application for a licence in two national newspapers at the expense of the applicant and on the Authority’s website. (b) The notice must state— (i) the name of the applicant; and (ii) the availability of the operating rules of the external central counterparty on the Authority’s website, for mem- bers of the public. (5) An applicant for a licence or a li- censed external central counterparty must be either— (a) a company as defined in section 1(1) of the Companies Act; or (b) an external company as defined in section 1(1) of the Companies Act that is registered as required by sec- tion 23 of that Act. (6) The Authority may— (a) require an applicant or a licensed external central counterparty to fur- nish such information, or require such information to be verified, as the Authority may deem necessary in connection with the application; and (b) take into consideration any other information regarding the applicant or the external central counterparty, derived from whatever source, in- cluding any other supervisory au- thority, if such information is dis- closed to the applicant or the external central counterparty, as the case may be, and the latter is given a reasonable opportunity to respond thereto. (7) Regulations or joint standards may prescribe additional criteria for the licensing or exemption of an exter- nal central counterparty. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 503 497 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (3) Kufaka sicelo selayisensi ngekwalesigaba kufanele— (a) kwentiwe ngendlela phindze sicukatse lwati lelincunywe liGatja; (b) kuhambisane nekhophi yemitsetfo lephakanyisiwe; (c) kuphekeletelwe yimali yekufaka sicelo ngtekwemibandzela ye-Finan- cial Sector Regulation Act; futsi (d) kusekwe nanobe nguluphi lolunywe lwati lolungetwe liGatja lelingalidzinga. (4) (a) liGatja kufanele lishicilele satiso sesicelo setincwadzi letigunyatako emaphephandzabeni lamabili avelonkhe ngetindleko talofaka sicelo kanye nakuwebhusayithi yeliGatja. (b) Inothisi kufanele isho— (i) ligama lalofaka sicelo; kanye (ii) bukhona kwemitsetfo lesetjentiswako yeligatja lelisemkhatsini letekuhweba langaphandle kuwebhusayithi yeliGatja, kwentelwe emalunga emphakatsi. (5) Lofaka sicelo selayisensi nome ligatja lelisemkhatsini letekuhweba kufanele kuba— (i) yinkapani njengoba kushiwo esigabeni 1(1) we-Companies Act; nobe (ii) inkapani yangaphandle njengoba kushiwo esigabeni 1(1) we- Companies Act lebhaliswe njengoba bekudzinge sigaba 23 salowo Mtsefo (6) liGatja linga— (a) funa Lofake nome libhange lelilamulako letekuhweba langaphandle kutsi linikete ngelwatiso lolunjalo nome lidzinge kutsi lolwatiso lucinisekiswe, njengobe liGatja lingakubona kubalulekile ekufakweni kwesicelo; futsi (b) buka futsi nalolunye lwatiso loluphatselene nalofaka sicelo nome ligatja lelisemkhatsini letekuhweba lolususelwa kunome nguwuphi umtfombo, kufaka ekhatsi nome liphi lelinye ligatja lelilawulako, nangabe lolo lwatiso luvetwe kulofaka sicelo nome kuligatja lelisemkhatsini letekuhweba, sekutsi incwadzi iniketwa litfuba lelifanele kuphendvula. (7) Imitsetfotimiso nome imitsetfo yekuhlanganyela ingancuma tinhlobo letengetiwe tekufaka emtsetfweni nome kukhululwa kweligatja lelisemkhatsini letekuhweba. This gazette is also available free online at www.gpwonline.co.za - 504 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may grant a licence or exemption for an external central counterparty if required conditions are met; licensed entities must comply with the Act and licence terms.
504 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 498 (8) The Authority may, with the con- currence of the South African Reserve Bank and the Prudential Authority, grant a licence or an exemption, if— (a) the applicant or the external central counterparty undertakes to co-oper- ate and share information with the Authority, the Prudential Authority and the South African Reserve Bank to assist with the performance of functions and the exercise of powers in terms of financial sector law; and (b) the objects of this Act referred to in section 2 will be furthered by the granting of the licence. (9) A licence or exemption may only be granted after the following factors have been taken into consideration: (a) Relevant international standards; (b) the type and size of external central counterparty; (c) the impact of the activities of the external central counterparty on the South African financial system; (d) the degree of systemic risk posed by the activities of the external central counterparty; and (e) any other factors that the Minister, the Authority, the South African Reserve Bank or the Prudential Authority, as the case may be, deem relevant. (10) A licensed external central counterparty must comply with the rel- evant requirements of this Act and any other terms and conditions of the li- cence. (11) The licence granted in terms of subsection (8) must specify those func- tions or duties, or services that may be provided by the external central counterparty and the securities in respect of which those functions or duties, or services may be performed. (12) A licensed external central counterparty may at any time apply to the Authority for an amendment of the terms of its licence or the conditions subject to which the licence was granted. (13) (a) The Authority must publish a notice of an application for an amend- ment of the terms of a licence and the conditions subject to which the licence was granted in two national newspapers at the expense of the applicant and on the Authority’s website. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 505 499 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (8) liGatja ngekuhlanganyela neliBhange Ngodla laseNingizimu Afrika neliGatja leBungcwethi kunganiketa ilayisensi nome kukhulula nangabe— (a) lofaka sicelo nome ligatja lelisemkhatsini letekuhweba kutsatsa sibopho sekutsatsa lichaza nekwaba ngelwatiso kuliGatja ligatja lebungcwethi kanye neliBhange Ngodla laseNingizimu Afrika kuncedzisa ngekwenta imisebenti nekusebentisa emandla ngekwemi- bandzela yemtsetfo wemikhakha wetetimali; kanye (b) tinjongo talomtsetfo lekhukhu- lunywe ngato esigabeni 2 titawuchutjwa ngekuniketa iolayisensi. (9) ilayisensi nome kukhululwa kunganiketwa kuphela ngemuva kwekubukwa kaloku lokulandzelako: (a) Tinchubo tavelonkhe letifanele; (b) luhlobo nebukhulu beligatja lelisemkhatsini letekuhweba; (c) umtselela wemisebenti weligatja lelisemkhatsini letekuhweba ehlelweni lwetetimali eNingizimu Afrika; (d) umtsamo weluhlelo lwebungoti lobekwa misebenti yeligatja lelisemkhatsini letekuhweba; futsi (e) nome ngukuphi lokunye lokungabonwa kufanele kunakwa nguNgconcgoshe, liGatja, liBhange Ngodla laseNingizimu Afrika nome liGatja lebungcwethi. (10) ligatja lelisemkhatsini letekuhweba lelisemtsetfweni kufuna lilandzele nome kuphi lokubalulekile lokudzingwa nguloMtsetfo kanye naleminye imigomo nemibandzela yalelayisensi. (11) lelayisensi leniketwe ngekwesigatjana (8) kufuna isho leyo misebenti nome tinsita letinganiketwa nguleligatja lelisemkhatsini letekuhweba kanye nemasheya lekungentiwa ngawo leyo misebenti. (12) liGatja lelisemkhatsini letekuhweba langaphandle lelisemtsetfweni, nome kunini lingafaka sicelo sekuchitjiyelwa kwemigomo yelayisensi netimo indlela ilayisensi yaniketwa ngato. (13) (a) liGatja kufuna lishicilele satiso sesicelo sekuchitjiyelwa kwemigomo yelayisensi netimo indlela ilayisensi yaniketwa ngato kumaphephandzaba lamabili ngetindleko lephuma kumfakisicelo kanye nakuwebhusayithi yeliGatja. This gazette is also available free online at www.gpwonline.co.za - 506 Verify source ↗
No. 41060
AI-assisted research summary: A notice must include the applicant’s name, the proposed amendments, and the objection period; the Authority may amend licence terms with concurrence; and the Minister may repeal certain regulations and replace them with joint or conduct standards.
506 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 500 (b) The notice must state— (i) the name of the applicant; (ii) the nature of the proposed amend- ments; and (iii) the period within which objections to the application may be lodged with the Authority. (14) The Authority may, with the con- currence of the South African Reserve Bank and the Prudential Authority, amend the terms of a licence or the con- ditions subject to which the licence was granted. (15) (a) In respect of regulations that may be prescribed in terms of subsection (7), the Minister may repeal regulations, and new requirements may then be pre- scribed in joint standards or conduct standards. (b) Paragraph (a) does not affect or limit the power of the Minister to pre- scribe or amend regulations in terms of subsection (7). (c) Joint standards may be prescribed to address any matters that are not pre- scribed in regulations, or to provide de- tail that is additional to, but not inconsis- tent with, regulations prescribed by the Minister in terms of subsection (7).’’. - 30 Verify source ↗
The amendment of the heading in
AI-assisted research summary: This provision changes the heading in Chapter V before section 50 to “Functions of licensed clearing house and licensed central counterparty.”
30. The amendment of the heading in Chapter V preceding section 50 by the sub- stitution for the heading of the following heading: ‘‘Functions of licensed clearing house and licensed central counterparty’’.
Part
Chapter V preceding section 50 by the sub-
- 31 Verify source ↗
The amendment of section 50—
AI-assisted research summary: Licensed clearing houses and licensed central counterparties must run their business fairly and transparently, while respecting the rights of clearing members and their clients.
31. The amendment of section 50— (a) by the substitution for the heading of the section of the following heading: ‘‘Functions of licensed clearing house and licensed central counterparty, and power of Au- thority to assume responsibility for functions’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) A licensed clearing house and a licensed central counterparty must conduct its business in a fair and transparent manner with due regard to the rights of clearing mem- bers and their clients.’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 507 501 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) satiso kufuna sisho— (i) ligama lemfakisicelo; (ii) luhlobo lwesichibiyelo lesiphakanyisiwe ; (iii) sikhatsi lekungaphakanyiswa ngaso imibono kuliGatja mayelana nalesicelo lesifakiwe. (14) liGatja ngekuvumelana neliBhange Ngodla laseNingizimu Afrika kanye neliGatja lebuNgcweti kungachibiyela imigomo yelayisensi nome timo ilayisensi leyaniketwa ngato. (15) (a) ngeMtsetfotimiso letingancunywa ngekwesigatjana (7), Ngcongcoshe angacitsa imitsetfotimiso, bese kusti lokudzingekile lokusha kuyanchunywa kumtsetfo wekuhlanganyela nome umtsetfo wenchubo. (b) Indzima (a) ayitsikabeti nome ikhawulise emandla aNgcongcoshe ekuncuma nome achibiyele umtsetfotimiso ngekwesigatjana (7). (c) umtsetfo wekuhlanganyela ungancunyelwa kulungisa tindzaba letingakancunywa kumtsetfotimiso, nome kuniketa ngemniningwane longetiwe kodvwa ungakagcili kumtsetfotimiso letincunywe nguNgcongcoshe ngekwesigatjana (7).’’. - 30 Verify source ↗
Kuchitjiyelwa kwesihloko kuSehluko
AI-assisted research summary: This section changes the heading of the chapter that comes before section 50.
30. Kuchitjiyelwa kwesihloko kuSehluko V lesandvulela sigaba 50 ngekuntjintjwa kwaso ngalesihloko lesilandzelako: ‘‘Imisebenti yeligatja legunyatako le[li]bhalisiwe kanye neligatja lelisemkhatsini letekuhweba lelisemtsetfweni’’; - 31 Verify source ↗
Kuchitjiyelwa kwesigaba 50—
AI-assisted research summary: This section amends section 50 so the relevant exchange/intermediary must carry on its business fairly and transparently, with regard to members’ and clients’ rights.
31. Kuchitjiyelwa kwesigaba 50— (a) ngekuntjintjwa kwesihloko salesigaba ngalesihloko lesilandzelako: ‘‘Imisebenti [yeligatja] le[li]gunyatiwe le[li]bhalisiwe kanye neyeligatja lelisemkhastini letekuhweba kanjalo nemandla [anobhala] eliGatja ekucala Umsebenti’’; (b) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Indlu legunyatako yemasheya kanye neligatja lelisemkhatsini letekuhweba kufanele [y]kwenta umsebenti wa[y]ko ngendlela lengavuni licala nangendlela lekhanyako ngalokuphatselene nemalungelo emaalunga lagunyatako nemaklayenti abo.’’; This gazette is also available free online at www.gpwonline.co.za - 508 Verify source ↗
No. 41060
AI-assisted research summary: Licensed clearing houses, licensed central counterparties, and central counterparties must report systemic-risk concerns and, for central counterparties, perform specified transaction-processing functions.
508 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 502 Extent of repeal or amendment (c) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘A licensed clearing house and a licensed central counterparty—’’; (d) by the substitution in subsection (2) for paragraph (b) of the following para- graph: ‘‘(b) must, as soon as it becomes aware thereof, inform the [reg- istrar] Authority of any matter that it reasonably believes may [pose systemic risk to the financial markets] give rise to, or increase, systemic risk;’’; (e) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘A licensed independent clearing house and a licensed central counterparty, in addition to the functions referred to in subsection (2)—’’; (f) by the insertion after subsection (3) of the following subsection: ‘‘(3A) A central counterparty, in addition to the functions referred to in subsections (1), (2) and (3), must— (a) interpose itself between counterparties to transactions in securities through the process of novation, legally binding agree- ment or open offer system; (b) manage and process the transac- tions from the date the central counterparty interposes itself between counterparties to trans- actions, becoming the buyer to every seller and seller to every buyer, to the date of fulfilment of the legal obligations in respect of such transactions; and (c) facilitate its post-trade manage- ment functions.’’; and (g) by the substitution in subsection (4) for paragraph (b) of the following para- graph: ‘‘(b) The [registrar] Authority must, before assuming respon- sibility as contemplated in paragraph (a)— This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 509 503 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) ngekuntjintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako kusigatjana (2): ‘‘Indlu legunyatako lesemtsetfweni kanye neligatja lelisemkhatsini letekuhweba—’’; (d) ngekuntjintjwa kwendzima (b) ngale- ndzima lelandzelako esigatjaneni (2): ‘‘(b) kufanele ngalesikhatsi bakwati kutsi, batise [nobhala] liGatja nganoma luphi ludzaba lek[a]ukholelwa ekutseni lungahle [lubange tingoti teluhlelo kutimakethe temnotfo] lukhulise nome lwenyuse bungoti;’’; (e) ngeshintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako esigatjaneni (3): ‘‘Indlu legunyatwako le[ng]bhalisiwe letimele kanye neligatja lelisemkhatsini letekuhweba lelisemtsetfweni, [ngekuhambisana] kwengeta kumisebenti lekucondziswe kiyo esigatjaneni [nemisebenti ngalokubalwe kusigatjana] (2)—’’; (f) ngekufaka lesigatjana lesilandzelako ngemuva kwesigatjana (3): ‘‘(3A) ligatja lelisemkhatsini letekuhweba, kungeta kumisebenti lekukhulunywe ngayo esigatjaneni (1), (2) na-(3) kufanele— (a) litigcushe emkhatsini kwemagatja etetimali kuhwebelana kumasheya ngemihambo yekuvumelana, ngesivumelwano lesisibopho semtsetfo nobe luhlelo lwekuvumela loluvulekele wonkhewonkhe; (b) liphatse liphindze libuyekete luhwebo kusuka ngelusuku libhange lelisemkhatsini litifake ekhatsi kwetekuhweba kuya kuluhwebo, ekubeni ngumtsengi kuye wonkhe umtsengisi nekuba ngumtsengisi kuye wonkhe umtsengi, esukwini lekucwatjiswa kwetibopho temtsetfo neluhwebo lolunjalo; futsi (c) lilungiselele kusebenta kwekuphatfwa kweteluhwebo lwayo lwangaphambilini.’’; futsi (g) ngekuntjintjwa kwendzima (b) ngalendzima lelandzelako esigatjaneni (4): ‘‘(b) [nobhala] liGatja kufanele, ngembi kwekucala umsebenti njengoba kuvetwe kundzima (a)— This gazette is also available free online at www.gpwonline.co.za - 510 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must tell the clearing house or central counterparty that it intends to assume responsibility, explain why, and call on it to show cause within a period set by the Authority.
510 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 504 (i) inform the clearing house or central counterparty of the [registrar’s] Authori- ty’s intention to assume responsibility; (ii) give the clearing house or central counterparty the reasons for the intended assumption; and (iii) call upon the clearing house or central counterparty to show cause within a period specified by the [regis- trar] Authority why re- sponsibility should not be assumed by the [registrar] Authority.’’. - 32 Verify source ↗
The amendment of section 51—
AI-assisted research summary: A clearing house or central counterparty that must maintain insurance or similar protection may charge a fee to people using the relevant securities transactions.
32. The amendment of section 51— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) An independent clearing house or a central counterparty re- quired under section 49(2)(b) to have insurance, a guarantee, a com- pensation fund, or other warranty in place, may impose a fee on any per- son involved in a transaction in listed or unlisted securities cleared or settled or both through the clear- ing house for the purpose of main- taining that insurance, guarantee, compensation fund or other war- ranty.’’; and (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) Any funds received or held by an independent clearing house or a central counterparty for the pur- pose of maintaining the insurance, guarantee, compensation fund or other warranty contemplated in sec- tion 49(2)(b), are for all intents and purposes considered to be ‘‘trust property’’ as defined in the Financial Institutions (Protection of Funds) Act and that Act applies to those funds.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 511 505 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (i) latise [le]ndlu legunyatako nome ligatja lelisemkhatsini letekuhweba ngetinjongo [tanobhala] teliGatja tekutsi [a]licale kwenta umsebenti; (ii) anikete indlu legunyatako nome ligatja lelisemkhatsini letekuhweba tizatfu talokucala lokuhlosiwe; kanye (iii) kubita lendlu legunyatako nome ligatja lelisemkhatsini letekuhweba kutsi [i]kukhombise kungakapheli sikhatsi lesibek[i]we [ngunobhala] liGatja ngalesikhatsi [se]kutsi kungani umsebenti kungafaneli [uncunywe] ucalwe [ngunobhala] liGatja.’’. - 32 Verify source ↗
Kuchitjiyelwa kwesigaba 51—
AI-assisted research summary: Money connected to the specified insurance or warranty arrangements must be treated as trust property, and charges may be made in the stated share transactions for those purposes.
32. Kuchitjiyelwa kwesigaba 51— (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Indlu legunyatako letimele nome ligatja lelisemkhatsini letekuhweba lekudzingeka ngaphansi kwesigaba 49(2)(b) kutsi abe nemshwalensi, siciniseko, sikhwama sesincepheteliso, noma lenye iwaranti lekhona, kungabekwa imali kunoma ngubani umuntfu longenelela kutransekshini kuluhla noma kumamasheya labhalisiwe lagunyatiwe noma lacedzelelwe noma kokubili ngekusebentisa indlu legunyatako ngetizatfu tekulondza lomshwalensi, siciniseko, sikhwama sesincepheteliso noma lenye iwaranti.’’; futsi (b) ngekuntjintjwa kwesigatjana (2) ngalesigatjana lesilandzelako: ‘‘(2) Noma tiphi timali letitfolwe noma letibanjwe yindlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba kwentela tizatfu tekugcina umshwalensi, siciniseko, sikhwama sekuncephetelisa noma lenye iwaranti lebalwe kusigaba 49(2)(b), [kwentelwa] tetizatfu letitsatfwa njngemphahla yebatsenjwa njengoba kuchazwe ku-Financial Institutions (Protection of Funds) Act kantsi lowo Mtsetfo usebenta kuleto timali.’’. This gazette is also available free online at www.gpwonline.co.za - 512 Verify source ↗
No. 41060
AI-assisted research summary: The President assented to Act No. 9 of 2017, the Financial Sector Regulation Act, 2017, and it is published for general information.
512 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 CONTINUES ON PAGE 514 - PART 5 This gazette is also available free online at www.gpwonline.co.za Vol. 626 Cape Town Kaapstad 22 August 2017 No. 41060 PART 5 OF 5 THE PRESIDENCY MO-PRESIDENTE No. 853 22 August 2017 No. 853 22 August 2017 It is hereby notified that the President has as- sented to the following Act, which is hereby published for general information:— Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebi- so ya kakaretso:— Act No. 9 of 2017: Financial Sector Regula- tion Act, 2017 Nmr 9 ya 2017: Molao wa Taolo ya Lephata la Ditshelete , 2017 ISSN 1682-5843 41060 9 7 7 1 6 8 2 5 8 4 0 0 3 curethe is Prevention 0800-0123-22 HELPLINE: AIDS REPUBLIC OF SOUTH AFRICAGovernment Gazette
Part
PART 5 OF 5
- 514 Verify source ↗
No. 41060
AI-assisted research summary: This excerpt is only a section header and table fragment; it does not state a substantive rule.
514 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 506 - 33 Verify source ↗
The amendment of section 52 by the
AI-assisted research summary: A mutual independent clearing house or central counterparty may require its clearing members to contribute to the clearing house’s funds.
33. The amendment of section 52 by the substitution for the section of the following section: ‘‘Funds of mutual independent clear- ing house or central counterparty’’; ‘‘A mutual independent clearing house or a central counterparty may require its clearing members to contribute towards the funds of the clearing house for the purpose of carrying on the business of the clearing house.’’. - 34 Verify source ↗
The amendment of section 53—
AI-assisted research summary: This amendment adds a rule requiring clearing members to notify the clearing house quickly when insolvency proceedings start.
34. The amendment of section 53— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The clearing house rules must be consistent with this Act, the Financial Sector Regulation Act and any standard made in terms of this Act or the Financial Sector Regula- tion Act.’’; (b) by the substitution in subsection (2) for paragraph (u) of the following para- graph: ‘‘(u) for the administration of secu- rities and funds held for own account or on behalf of a client by a clearing member, includ- ing the settlement of unsettled transactions, under insolvency proceedings in respect of that clearing member; and’’; (c) by the substitution in subsection (2) for paragraphs (z) and (aa) of the follow- ing paragraphs: ‘‘(z) for the segregation and port- ability of funds and securities held as collateral; [and] (aa) that clearing members must notify the clearing house as soon as it commences an insol- vency proceeding or an insol- vency proceeding is com- menced against it; and’’; (d) by the addition in subsection (2) of the following paragraph: ‘‘(bb) in the case of a central counterparty, for the default procedures to be followed, including close-out proce- dures, in the event of a de- fault of a clearing member;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 515 507 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 33 Verify source ↗
Kuchitjiyelwa kwesigaba 52
AI-assisted research summary: Section 33 substitutes section 52 with text allowing an authorized house or middle trading branch to require its authorized members to contribute to house funds.
33. Kuchitjiyelwa kwesigaba 52 ngekuntjintjwa kwalesigaba ngalesigaba lesilandzelako: ‘‘Timali tendlu legunyatako letimele nome ligatja lelisemkhatsini letekuhweba’’; ‘‘Indlu legunyatako letimele nome ligatja lelisemkhatsini letekuhweba [i]kungadzinga kutsi [li]emalunga ako[leli]lagunyatiwe kutsi [b]afake sandla kuletimali tendlu legunyatako kwentela tizatfu tekuhambisa ibhizinisi yendlu legunyatako.’’. - 34 Verify source ↗
Kuchitjiyelwa kwesigaba 53—
AI-assisted research summary: This section amends section 53.
34. Kuchitjiyelwa kwesigaba 53— (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Imitsetfo yendlu legunyatako kufanele ihambisane naloMtsetfo, i-Financial Sector Regulation Act kanye naleminye Imitsetfo leyentiwe ngekwaloMtseto nome i-Financial Sector Regulation Act.’’; (b) Ngekuntjintjwa kwendzima (u) ngale- ndzima lelandzelako kusigatjana (2): ‘‘(u) Kwentela kulawulwa kwemasheya kanye netimali labatibambele yona [laphatselwe wena] noma lilunga leligunyatiwe leliyibambele liklayenthi [ngekuhambisana neklayenti lilunga leligunyatiwe], kufaka ekhatsi kucedzela kwematransekshini langakacedzelelwa, kngaphansi kwencubo yekuhlakatwa ngekuhambisana nelilunga leligunyatiwe; kanye’’; (c) ngekuntjintjwa kwetindzima (z) na (aa) ngaletindzima letilanadzelako kusigatjana (2): ‘‘(z) kwentela kuhlukanisa nekusebentiseka kwetimaliu nemasheya labanjwe ndzawonye; [kanye] (aa) nekutsi emalunga lagunyatako kufanele atise lendlu legunyatako ngekushesha uma ngabe icala inchubo yekuhlakata noma inchubo yekuhlakata ngekumelana nayo[.]; futsi ’’; (d) ngekungetwa kwalendzima lelandzelako esigatjaneni(2): ‘‘(bb) eludzabeni lwelibhange lelisemkhatsni letekuhweba, kuze kulandzelwe inchubo lejwayelekile, kufaka ekhatsi This gazette is also available free online at www.gpwonline.co.za - 516 Verify source ↗
No. 41060
AI-assisted research summary: Clearing house rules may allow approval of external clearing members, and regulations or standards may add matters that must be included in those rules.
516 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 508 Extent of repeal or amendment (e) by the insertion after subsection (2) of the following subsection: ‘‘(2A) Regulations or standards may prescribe additional matters to those listed in subsection (2) that must be contained in the clearing house rules.’’; and (f) by the substitution in subsection (4) for paragraph (a) of the following subsec- tion: ‘‘(a) Subject to section 5(1)(c) and (2) and the requirements prescribed [by the registrar; the] in joint stan- dards, clearing house rules may pro- vide for the approval of external clearing members to be clearing members of the clearing house.’’. - 35 Verify source ↗
The amendment of section 54—
AI-assisted research summary: This section amends section 54 so that a trade repository must be licensed under section 56, and the Authority must publish licence applications in two national newspapers and on its website.
35. The amendment of section 54— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) [Subject to the regulations prescribed by the Minister, a] A trade repository must be licensed under section 56.’’; (b) by the substitution in subsection (3)(c) for subparagraph (iii) of the following subparagraph: ‘‘(iii) the application fee [pre- scribed by the registrar] de- termined in terms of the Fi- nancial Sector Regulation Act;’’; and (c) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for a trade repository li- cence in two national newspa- pers, at the expense of the applicant, and on the [official] Authority’s website.’’. - 36 Verify source ↗
The amendment of section 55—
AI-assisted research summary: This amendment adds a requirement that an applicant show the prescribed fit-and-proper standards are met by the applicant and its directors or controlling body and senior management.
36. The amendment of section 55— (a) by the substitution in subsection (1) for paragraph (c) of the following para- graph: ‘‘(c) demonstrate that the fit and proper requirements prescribed [by the registrar] in the joint standards are met by the appli- cant, [its directors]members of its controlling body and senior management;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 517 509 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo levalelwe etimeni tendlu legunyatiwe lejwayelekile;’’; (e) ngekungetwa kwalesigatjana lesilandzelako ngemva kwesigatjana (2): ‘‘(2A) iMitsetfotimiso nome imitsetfo lebekiwe ingancuma letinye tindzaba lekufuna tibe khona kumitsetfo yendlu legunyatako kuleto lesetivele tibalwe kusigatjana (2).’’; futsi (f) ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) Ngekuya ngesigaba 5(1)(c) na (2) kanye nalokudzingekile lokuncunywe kumtsetfo wekuhlanganyela, [lem]itsetfo y[al]endlu legunyatako ingahle inikete kutsi kuvunyelwe lilunga leligunyatiwe langaphandle kutsi libe lilunga leligunyatiwe lendlu legunyatako.’’. - 35 Verify source ↗
Kuchitjiyelwa kwesigaba 54—
AI-assisted research summary: This section amends section 54 so that a trading place must be licensed under section 56, and the Board must publish notice of the licence application.
35. Kuchitjiyelwa kwesigaba 54— (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) [Ngekuya ngemitsetfo lemisiwe lebekwe nguNgco- ngcoshe] Indzawo yekuhwebelana kufanele iniketwe ilayisensi ngaphansi kwesigaba 56.’’; (b) ngekuntjintjwa kwendzinyana (iii) ngalendzinyana lelandzelako esigatjaneni (3)(c): ‘‘(iii) Imali yekufaka sicelo [lebekwe Ngunobhala] letfolwe ngekwe-Financial Sector Regulation Act;’’; futsi (c) ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) [nobhala] liGatja kufanele akhiphe satiso sesicelo selayisensi yendzawo yekuhwebelana kumaphepha- ndzaba lamabili avelonkhe, ngekwetindleko tesicelo, kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’. - 36 Verify source ↗
Kuchitjiyelwa kwesigaba 55—
AI-assisted research summary: This section amends section 55 by changing paragraph (c) in subsection (1).
36. Kuchitjiyelwa kwesigaba 55— (a) ngekuntjintjwa kwendzima (c) ngalendzima lelandzelako esigatjaneni (1): ‘‘(c) kukhombisa kutsi [letidzingo lekungito naletifanako letibhalwe ngunobhala] tidzingo lekungitona tifanele letincunywe kumtsetfo This gazette is also available free online at www.gpwonline.co.za - 518 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may consider other information about an applicant if it is disclosed to the applicant and the applicant gets a reasonable chance to respond. The Minister may repeal certain regulations and new requirements may be set in joint or conduct standards.
518 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 510 Extent of repeal or amendment (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) The [registrar] Authority may [— (a) require an applicant to fur- nish such additional informa- tion, or require such informa- tion to be verified, as the registrar may deem neces- sary; (b)] take into consideration any other information regarding the applicant, derived from what- ever source, including any other supervisory authority, if such information is disclosed to the applicant and the latter is given a reasonable opportunity to re- spond thereto [; and (c) prescribe any of the require- ments referred to in subsec- tion (1) in greater detail].’’; and (c) by the addition of the following sub- section: ‘‘(3)(a) Despite subsection (1), requirements prescribed under this section that are in force immediately before the commencement of this subsection continue to be in force. (b) In respect of regulations pre- scribed in terms of subsection (1)(a), the Minister may repeal regulations, and new requirements may then be prescribed in joint standards or conduct standards. (c) Paragraph (b) does not affect or limit the power of the Minister to prescribe or amend regulations in terms of subsection (1)(a). (d) Requirements prescribed in terms of subsection (1)(c) before the commencement of this subsection may be amended or repealed by con- duct standards or joint standards.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 519 511 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo wekuhlanganyela umfakisicelo umfakisicelo unato, kanye nemalunga emtimba wakhe lolawulako nebaphatsi labasetulu [kufinyelelwa kuto ngulofake sicelo, bacondzisi bakhona nebaphatsi labasetulu];’’; (b) ngekuntjintjwa kwesigatjana (2) ngalesigatjana lesilandzelako: ‘‘(2) [nobhala] liGatja [a]linga[— (a) kudzingeka kutsi lofaka sicelo kutsi anikete lolwatiso lolungetiwe, noma kudzingeka lolwatiso kutsi lucinisekiswe, njengoba nobhala angakubona kufanele[; kanye (b)] Kunakisiswa nanoma luphi lwatiso loluphatselene nalofake sicelo, lokutfolakala kunoma muphi umtfombo, kufaka ekhatsi noma liphi ligunya lekulawula, uma ngabe lolo lwatiso luvetwa kulofake sicelo kanye nalokunye kuniketwe litfuba lelifanele kutsi baphendvule kuloko[; kanye (c) Kubeka noma tiphi taleti- dzingo letibalwe kusigatjana (1) ngemininingwane Leyanele].’’; kantsi (c) ngekungetwa kwalesigatjana lesilandzelako: ‘‘(3) (a) ngekunganakwa kwesigatjana (1), lokudzingekile lokuncunywe ngaphasi kwalesigaba lokudzingeke masisha ngembikwe- kucala kwalesigatjana kuchubeka kudzingeke. (b) ngekuhlonishwa kwetimiso temtsetfo letincunywe ngekwemi- bandzela yesigatjana (1)(a), Ngcongcoshe angacitsa umtsetfo lomisiwe, kantsi lokusha lokudzi- ngekile kungabese kuncunywa kumtsetfo wekuhlanganyela nome kumtsetfo wenchubo. (c) Indzima (b) ayitsikabeti nobe ilamate emandla aNgcongcoshe kutsi ancume nobe achibiyele umtsetfo lomisiwe ngekwemibandzela yesigatjana (1)(a). (d) Lokudzingekile lokuncunyiwe ngekwemibandzela yesigatajana (1)(c) ngembikwekucala kwalesigatjana kungachitjiyelwa nobe kucitfwe yinchubo nome umtsetfo wekuhlanganyela.’’. This gazette is also available free online at www.gpwonline.co.za - 520 Verify source ↗
No. 41060
AI-assisted research summary: This excerpt is a gazette/header table fragment and does not state a substantive rule.
520 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 512 - 37 Verify source ↗
The amendment of section 56—
AI-assisted research summary: The Authority may grant a trade repository licence, and it must publish notice of an application to amend the licence terms.
37. The amendment of section 56— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Subject to subsection (2) [and regulations prescribed by the Minister], the [registrar] Authority may, after consideration of any ob- jection received as a result of the notice referred to in section 54(4), and subject to the conditions which the [registrar]Authority may con- sider appropriate, grant a trade re- pository a licence to perform the duties referred to in section 57.’’; and (b) by the substitution in subsection (6) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority must publish a notice of an applica- tion for an amendment of the terms of a trade repository licence and the conditions subject to which the li- cence was granted in two national newspapers, at the expense of the applicant, and on the [official] Au- thority’s website.’’. - 38 Verify source ↗
The insertion after section 56 of the
AI-assisted research summary: An external trade repository must be licensed to perform duties or provide services, unless it is exempt.
38. The insertion after section 56 of the following section: ‘‘Licensing of external trade reposi- tory 56A. (1) An external trade repository must be licensed under this section to perform duties or provide services, un- less it is exempt from the requirement to be licensed in terms of section 6(3)(m). (2) An external trade repository from an equivalent jurisdiction may apply to the Authority for a licence. (3) An application for a licence in terms of this section must— (a) be made in the manner and contain the information determined by the Authority; (b) be accompanied by the application fee determined in terms of the Fi- nancial Sector Regulation Act; and (c) be supplemented by any additional information that the Authority may reasonably require. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 521 513 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo 37. kuchitjiyelwa kwesigaba 56— (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Ngekuya ngesigatjana (2) kanye [nemitsetfotimiso lebekwe nguNgcongcoshe] liGatja, [nobhala anga] linga, ngemuva kwekutsatsa noma kuphi kungavumelani lokutfolakele ngenca yesatiso lesivetwe kusigaba 54(4), nangekuhambisana netimo lapho khona [nobhala] liGatja [a]lingakubona kufanele, kuniketa ilaytisensi yendzawo yekuhwebelana kutsi kwentiwe umsebenti lobalwe kusigaba 57.’’; futsi (b) ngekuntjintjwa kwendzima (a) ngalendzinyana lelandzelako esigatjaneni (6): ‘‘(a) [nobhala] LiGatja kufanele [a]likhiphe satiso sesicelo sekuchitjiyelwa kwemibandzela selayisensi yendzawo yekuhwebelana kanjalo nemigomo ilayisensi leyaniketwa ngayo kumaphephandzaba lamabili avelonkhe, ngetindleko [kwetindleko] tesicelo letiphuma kumfaki sicelo, kanye nakuwebhusayithi yeliGatja [lesemtsetfweni].’’. - 38 Verify source ↗
Kufakwa kwalesigaba lesilandzelako
AI-assisted research summary: A foreign trading branch must be legally registered under this section before it may carry on activities or provide services, and licence applications must be submitted with the required form, fee, and any extra information the branch asks for.
38. Kufakwa kwalesigaba lesilandzelako ngemuva kwesigaba 56: ‘‘Kwenta libandla langaphandle letekuhweba lelisisako libe semtsetfweni. 56A. (1) Ligatja langaphandle letekuhweba kufanele libe semtsetfweni ngaphasi kwalesigaba kute lente imisebenti nobe linikete ngetinsita ngekwesigaba 6(3)(m). (2) Letekuhweba lelisisako ekugunya- tweni lokulinganako lingafaka sicelo selayisensi kuliGatja. (3) Sicelo selayisensi ngekwalesigaba kufanele— (a) sentiwe ngendlela futsi sicukatse umniningwane lobekwe ligatja; (b) sibe sihamba nemali yekufaka sicelo lebekwe ngekwemibandzela ye- Financial Sector Regulation Act; phindze (c) sigcwaliswe nganobe ngumuphi lomunye umniningwane liGatja lelingahle liwudzinge. This gazette is also available free online at www.gpwonline.co.za - 522 Verify source ↗
No. 41060
AI-assisted research summary: The Authority must publish licence-application notices, include specific information in the notice, and licensed external trade repositories must follow the Act and licence conditions.
522 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 514 (4) (a) The Authority must publish a notice of an application for a licence in two national newspapers, at the expense of the applicant, and on the Authority’s website. (b) The notice referred to in paragraph (a) must state— (i) (ii) the name of the applicant; and the period within, and the pro- cess by, which objections to the application may be lodged with the Authority. (5) Regulations or joint standards may prescribe additional criteria for the licensing of an external trade repository. (6) The Authority may, with the con- currence of the Prudential Authority and the South African Reserve Bank, grant a licence, if— (a) the applicant undertakes to co-oper- ate and share information with the Authority, the Prudential Authority and the South African Reserve Bank to assist with the performance of functions and the exercise of powers in terms of financial sector law; and the objects of this Act referred to in section 2 will be furthered by the granting of the licence. (b) (7) A licence or exemption may only be granted after the following factors have been taken into consideration: (a) Relevant international standards; (b) the type and size of the external trade repository; (c) the impact of the activities of the external trade repository on the South African financial system; (d) the degree of systemic risk posed by the activities of the external trade repository; and (e) any other factors that the Minister, the Authority, the South African Re- serve Bank or the Prudential Authority, as the case may be, deem relevant. (8) A licensed external trade reposi- tory must comply with the relevant re- quirements of this Act and any other terms and conditions of the licence. (9) The licence granted in terms of subsection (6) must specify the services that may be provided by the external trade repository and the securities in re- spect of which those services may be provided. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 523 515 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (4) (a) liGatja kufanele lishicilele satiso sekufaka sicelo setincwadzi letigunyata kusebenta kwelibandla langaphandle letekuhweba lelisisako ngetindleko talofaka sicelo kumaphephandzaba lamabili avelonkhe, futsi nakuwebhusayithi yeliGatja. (b) Satiso lekukhulunywa ngaso endzimeni (a) kufanele sichaze— (i) ligama lalofaka sicelo; kanye (ii) sikhatsi kanye nedlela lokungasetjentiswa kubeka kuliGatja ngekuphikisana nesicelo. (5) imitsetfotimiso nobe imitsetfo yekuhlanganyela ingancuma tinhlobo letengetiwe tekufakwa emtsetfweni- kweliGatja langaphandle letekuhweba. (6) liGatja ngekuhlanganyela neligatja lebungcwtehi kanye neliBhange Ngodla laseNingizimu Afrika, kunganiketa ilayisensi nangabe— (a) lofaka sicelo utibophelela ngekutinikela kanye nekwabelana ngelwati neliGatja, ligatja lebungcwethi kanye neliBhange Ngodla laseNingizimu Afrika kuncedzisa ekusebenteni kanye nasekusebentiseni emandla ngekwemibandzela yemtsetfo wemkhakha wetetimali; futsi (b) tinjongo talomtsetfo lekukhulunywa ngato esigabeni 2 titawuchutjekiswa ngekuniketwa kwaletimphepha letigunyatako. (7) Ilayisensi nome kukhululwa kunganiketwa kuphela ngemuva kwekubukisiswa kwaloku lokulandzelako: (i) Tinchubo letibekiwe letifanele tavelonkhe; (ii) luhlobo nebukhulu beliGatja langaphandel letekuhweba; (iii) umtselela wemisebenti yeligatja langaphandle letekuhweba kuluhlelotimali lwaseNingizimu Afrika; (iv) umtsamo webungoti lobekwa misebenti yeligatja langaphandle letekuhweba; futsi (v) nalokunyelokubonwa kubalulekile nguNgcongcoshe, liBhange Ngodla laseNingizimu Afrika nome liGatja lebungcweti. (8) ligatja letekuhweba langaphandle lelisemtsetfweni kufuna lente konkhe lokudzingwa ngulomtsetfo naleminye imigomo nemibandzela yelayisensi. (9) Ilayisensi leniketwe ngekwesigatjana (46) kufanele isho ngetinsita letinganiketwa nguleligatja lekuhweba langaphandle kanye nemasheya lekuyawentiwa ngawo leto tinsita. This gazette is also available free online at www.gpwonline.co.za - 524 Verify source ↗
No. 41060
AI-assisted research summary: A licensed external trade repository may apply to change its licence terms, and the Authority must publish notice of such an application and may amend the licence with the required concurrence.
524 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 516 (10) A licensed external trade reposi- tory may at any time apply to the Au- thority for an amendment of the terms of its licence or the conditions subject to which the licence was granted. (11)(a) The Authority must publish a notice of an application for an amend- ment of the terms of a licence and the conditions subject to which the licence was granted in two national newspapers at the expense of the applicant and on the Authority’s website. (b) The notice must state— (i) the name of the applicant; (ii) the nature of the proposed amend- ments; and (iii) the period within which objections to the application may be lodged with the Authority. (12) The Authority may, with the con- currence of the South African Reserve Bank and the Prudential Authority, amend the terms of a licence or the con- ditions subject to which the licence was granted. (13) (a) In respect of regulations that may be prescribed in terms of subsection (5), the Minister may repeal regulations, and new requirements may then be pre- scribed in joint standards or conduct standards. (b) Paragraph (a) does not affect or limit the power of the Minister to pre- scribe or amend regulations in terms of subsection (5). (c) Joint standards or conduct stan- dards may be prescribed to address any matters that are not prescribed in regula- tions, or to provide detail that is addi- tional to, but not inconsistent with, regu- lations prescribed by the Minister in terms of subsection (5).’’. - 39 Verify source ↗
The amendment of section 57—
AI-assisted research summary: This section amends section 57 to let the Authority set joint standards, share prescribed information with supervisory bodies, amend licence terms with the SARB and Prudential Authority, and let the Minister make related regulations.
39. The amendment of section 57— (a) by the substitution in subsection (2) for paragraph (b) of the following para- graph: ‘‘(b) make [the] information [pre- scribed by the registrar] pre- scribed by the Authority in joint standards made with the concurrence of the South Afri- can Reserve Bank available to the [registrar] Authority, the Prudential Authority, the South African Reserve Bank, other relevant supervisory authorities and other persons, subject to the requirements prescribed by the [registrar] Authority in joint standards made with the This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 525 517 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (10) ligatja langaphandle letekuhweba lelisemtsetfweni lingafaka sicelo sekuchitjiyelwa kwemibandzela yelayisensi yayo nome timo ilayisensi leniketwe ngato. (11) (a) liGatja kufuna lishicilele satiso sekufakwa kwesicelo sekuchitjiyelwa kwemibandzela yelayisensi kanye netimo lekuniketwe ngato lelayisensi kumaphephandzaba lamabili avelonkhe ngetindleko talona lofaka sicelo, phindze futsi nakuwebhusayithi yeliGatja. (b) Lesatiso kufuna sichaze— (i) ligama lalofaka sicelo; kanye (ii) neluhlobo letichibiyelo letiphakanyisiwe; (iii) sikhatsi lekungaphakanyiswa ngaso imibono kuliGatja mayelana nalesicelo lesifakiwe. (12) liGatja ngekuvumelana neliBhange Ngodla laseNingizimu Afrika kanye neliGatja lebuNgcweti kungachibiyela imigomo yelayisensi nome timo ilayisensi leyaniketwa ngato. (13)(a) ngeMtsetfotimiso letingancu- nywa ngekwesigatjana (5), Ngcongcoshe angacitsa imitsetfotimiso, bese kusti lokudzingekile lokusha kuyanchunywa kumtsetfo wekuhlanganyela nome umtsetfo wenchubo. (b) Indzima (a) ayitsikabeti nome ikhawulise emandla aNgcongcoshe ekuncuma nome achibiyele umtsetfotimiso ngekwesigatjana (5). (c) imitsetfo yekuhlanganyela ingancunyelwa kulungisa tindzaba letingakancunywa kumtsetfotimiso, nome kuniketa ngemniningwane longetiwe kodvwa ungakagcili kumtsetfotimiso letincunywe nguNgcongcoshe ngekwesigatjana (5).’’. - 39 Verify source ↗
Kuchitjiyelwa kwesigaba 57—
AI-assisted research summary: This provision amends section 57 by replacing a paragraph about making specified information available to certain authorities and other prescribed persons.
39. Kuchitjiyelwa kwesigaba 57— (a) ngekuntjintjwa kwendzima (b) esigatjaneni (2) ngalendzima lelandzelako: ‘‘(b) Kwenta [lo]lwatiso lolubekwe [ngunobhala] liGatja kumtsetfo wekuhlanganyela lowentiwe ngekuhlanganyela [nemtsetfo webungcwethi kanye] neliBhange Ngodla laseNingizimu Afrika, lutfolakale [kunobhala] kuliGatja, ligatja lebungcwethi, liBhange Ngodla laseNingizimu Afrika, [kanye Na]leminye imitsetfo lefanele kanye nalabanye bantfu ngekuya ngalokudzingekile lekuncunywe liGatja kumtsetfo This gazette is also available free online at www.gpwonline.co.za - 526 Verify source ↗
No. 41060
AI-assisted research summary: Joint standards may prescribe additional duties, in more detail, beyond those already covered in subsection (2).
526 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 518 concurrence of the South Afri- can Reserve Bank under sec- tion 58 [regarding] as to the manner, form, and frequency of disclosure;’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) [The registrar] Joint stan- dards may prescribe [additional] duties additional to those referred to in subsection (2) [in greater de- tail].’’. - 40 Verify source ↗
The amendment of section 58 by the
AI-assisted research summary: The Minister may repeal certain regulations and can still prescribe or amend regulations, with replacement requirements able to be made in joint or conduct standards.
40. The amendment of section 58 by the addition of the following subsection, the existing section becoming subsection(1): ‘‘(2) (a) Despite subsection (1), re- quirements prescribed under this section that are in force immediately before the commencement of this subsection con- tinue to be in force. (b) In respect of regulations prescribed in terms of subsection (1), the Minister may repeal regulations, and new require- ments may then be prescribed in joint standards or conduct standards. (c) Paragraph (b) does not affect or limit the power of the Minister to pre- scribe or amend regulations in terms of subsection (1). (d) Requirements other than those that were prescribed in regulations referred to in paragraph (b) that were prescribed terms of subsection (1) before the com- mencement of this subsection, may be amended or repealed by conduct stan- dards or joint standards.’’. - 41 Verify source ↗
The substitution for section 59 of the
AI-assisted research summary: This section substitutes a new section 59 headed “Annual assessment”.
41. The substitution for section 59 of the following section: ‘‘Annual assessment - 59 Verify source ↗
The [registrar] Authority, in con-
AI-assisted research summary: The registrar Authority must annually assess whether a licensed market infrastructure complies with the Act, the Financial Sector Regulation Act, and the market infrastructure rules, after consulting the Prudential Authority.
59. The [registrar] Authority, in con- sultation with the Prudential Authority, must annually assess whether a licensed market infrastructure— (a) complies with this Act, the Financial Sector Regulation Act and the rules of the market infrastructure; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 527 519 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo wekuhkanganyela lowentiwe ngekuhlanganyela [nemtsetfo webungcwethi nobe] neliBhange Ngodla laseNingizimu Afrika ngaphasi kwesigaba sema58 njengobo kungakhona, indlela, kanye nekuvetwa kaningi;’’; futsi (b) ngekuntjintjwa kwesigatjana (3) ngalesigatjana lesilandzelako: ‘‘(3) [Nobhala] Umtsetfo wekuhlanganyela [a]ungabeka [leminye] imisebenti lengetiwe kulena lebalwe kusigatjana (2) [ngalokucacile].’’. - 40 Verify source ↗
Kuchitjiyelwa kwesigaba 58
AI-assisted research summary: This section amends section 58 and lets Ngcongcoshe issue, change, or repeal certain regulations and related requirements, subject to subsection (1).
40. Kuchitjiyelwa kwesigaba 58 ngekungetwa kwaletigatjana letilandzelako, sigaba besesivele sikhona siba sigatjana (1): ‘‘(2) (a) Ngekunganakwa kwesiga- tjana (1), lokudzingekile lokuncunywe ngaphasi kwalesigaba lokudzingeke masisha ngembikwekucala kwalesiga- tjana kuchubeka kudzingeke. (b) Ngekwetimiso temtsetfo letincu- nywe ngekwemibandzela wesigatjana (1), Ngcongcoshe angacitsa timiso temtsetfo, bese kutsi lokudzingekile lokusha kungabese sekuncunya kumitsetfo yekuhlanganyela nobe yenchubo. (c) Indzima (b) ayitsikabeti nobe ivimbele emandla aNgcongcoshe kuncuma nobe kuchibiyela timiso temtsetfo ngekwemibandzelayesi- gatjana (1). (d) Lokunye lokudzingekile ngaphandle kwaloko lokuncunyiwe etimisweni temtsetfo lekukhulunywe ngato endzimeni (b), letancunywa ngekwemibandzela yesigatjana (1) ngaphambili kwekucala kwalesigatjana, tingachitjiyelwa nobe ticitfwe ngemtsetfo wenchubo nome wekuhlanganyela.’’. - 41 Verify source ↗
Ngekushintjwa kwesigaba 59
AI-assisted research summary: The Secretary must review market infrastructures every year, in consultation with the relevant professional division.
41. Ngekushintjwa kwesigaba 59 ngalesigaba lesilandzelako: ‘‘Kuhlolwa minyaka yonkhe 59. [Nobhala] LiGatja ngekucocisana neligatja lebungcwethi kufuna njalo ngemnyaka kuhlole kutsi tinsitanchanti tetimakethe— (a) tiyahambisana naloMtsetfo [kanye nemitsetfo yetinsitanchanti temakethe], i-Financial Sector Regulation Act kanye nemitsetfo yesakhiwonchanti setimakethe; This gazette is also available free online at www.gpwonline.co.za - 528 Verify source ↗
No. 41060
AI-assisted research summary: This section requires compliance, where applicable, with Authority directives, requests, conditions or requirements, and with Tribunal decisions.
528 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 520 (b) where applicable, complies with directives, and with requests, condi- tions or requirements of the [regis- trar] Authority in terms of [this Act] a financial sector law; or (c) where applicable, gives effect to de- cisions of the [appeal board in terms of section 105] Tribunal.’’. - 42 Verify source ↗
The amendment of section 60—
AI-assisted research summary: The Authority may cancel or suspend a licence, but only with concurrence from the Prudential Authority and the South African Reserve Bank and only in the listed cases.
42. The amendment of section 60— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘The [registrar] Authority may, with the concurrence of the Pruden- tial Authority and the South African Reserve Bank, cancel or suspend a licence if—’’; (b) by the substitution in subsection (1)(a) for subparagraphs (ii) and (iii) of the following subparagraphs: ‘‘(ii) comply with a directive, re- quest, condition or requirement of the [registrar] Authority in terms of [this Act] a financial sector law; or (iii) give effect to a decision of the [appeal board in terms of section 105] Tribunal;’’; (c) by the substitution in subsection (1)(b) for the words preceding subparagraph (i) of the following words: ‘‘(b) after an [inspection in terms of section 95 of the affairs of the market infrastructure] investigation, the [registrar] Authority is satisfied on rea- sonable grounds that the man- ner in which it is operated is— ’’; and (d) by the substitution in subsection (1)(b) for subparagraph (i) of the following subparagraph: ‘‘(i) not in the best interests of clearing members of indepen- dent clearing houses or of cen- tral counterparties, authorised users or participants, or users or members of the market infra- structure, as the case may be, and their clients; or’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 529 521 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) lapho kufanele khona, kuhambisana nemiyalelo, ticelo, imibandzela noma tidzingo [tanobhala] teliGatja [ngekwaloMtsetfo] ngekwemi- bandzela yemtsetfo wemkhakha wetetimali; noma (c) lapho kufanele khona, kuphumele- liswe tincumo [talebhodi yetikhalo ngekwesigaba 105] teNkhundla yemacala.’’. 42. kuchitjiyelwa kwesigaba 60— (a) ngekuntjintjwa kwemagama landvulela indzima (a) esigatjaneni (1) ngalamagama lalandzelako: ‘‘[Nobhala] LiGatja anga, ngemvumo yeliGatja lebungcwethi kanye neliBhange Ngodla laseNingizimu Afrika [khansela] susa noma amise ilayisensi uma ngabe—’’; (b) ngekuntjintjwa kwaletindzinyana (ii) kanye neye (iii) esigatjaneni (1)(a) ngaletindzinyana letilandzelako: ‘‘(ii) Kuhambisana netinkhomba, sicelo, simo noma tidzingo [tanobhala] teliGatja [ngekuhambisana naloMtsetfo] Ngekwemtsetfo wemkhakha wetetimali; noma (iii) Kuhambisana nesincumo [sebhodi yetikhalo ngekuhambisana nesigaba 105] seNkhundla yemacala;’’; (c) ngekuntjintjwa kwemagama landvulela indzinyana (i) esigatjaneni (1)(b): ‘‘(b) Ngemuva [kwelucwaningo] kweluphenyo [ngekuhambi- sana [nesigaba 95] neSehluko 9 se-Financial Sector Regulation Act [se] kutindzaba tetinsitanchanti temakethe] [nobhala] liGatja [u]liyaneliseka ngetizatfu letivakalako kutsi lendlela lekusetjentwa ngayo i—’’; futsi (d) ngekuntjintjwa kwendzinyana (i) esigatjaneni (1)(b) ngalendzinyana lelandzelako: ‘‘(i) Akukho kunshisekelo lebalu- lekile yelilunga leligunyatiwe yendlu legunyatako letimele nobe emagatja etetetimali lalamulako, basebentisi labagunyatiwe noma labangenelelako noma basebentisi noma emalunga etinsitanchanti temakethe, njengoba kungabe kubekiwe, kanye nemaklayenti abo; noma;’’. This gazette is also available free online at www.gpwonline.co.za - 530 Verify source ↗
No. 41060
AI-assisted research summary: This section is a table header for repeal or amendment details.
530 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 522 Act No. and year Short Title Extent of repeal or amendment - 43 Verify source ↗
The amendment of section 61—
AI-assisted research summary: The Authority may set requirements for certain market infrastructure activities, but only after consulting specified bodies; market infrastructure must not add business that would increase systemic risk.
43. The amendment of section 61— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) A market infrastructure may not conduct any additional business [which may introduce] if to do so would create or increase systemic risk.’’; (b) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The [registrar] Authority may, if [the registrar is of the opinion] it considers that [the] a business, func- tion or service referred to in subsec- tion [(1)] (2) may—’’; (c) by the substitution for the words fol- lowing paragraph (b) of the following words: ‘‘[prohibit or lay down require- ments in respect of the] after con- sultation with the Prudential Author- ity and the South African Reserve Bank, make a determination specify- ing requirements in relation to the market infrastructure carrying on of such business, function or service.’’; (d) by the insertion after subsection (3) of the following subsection: ‘‘(3A) The Authority may not make a determination in terms of subsection (3) in respect of a par- ticular market infrastructure un- less— (a) a draft of the determination has been given to the market infra- structure; (b) the market infrastructure has had a reasonable period of at least 14 days to make submissions to the Authority about the matter; and (c) the Authority had regard to all submissions made to it in decid- ing whether or not to make the determination. (3B) If the Authority considers on reasonable grounds that it is neces- sary to make the determination ur- gently, it may do so without having complied, or complied fully, with subsection (3A).’’; and (e) by the substitution for subsection (4) of the following subsection: ‘‘(4) The Authority must, within 14 days after making a determination in terms of subsection (3), give the market infrastructure a statement of its reasons for making a determina- tion in terms of subsection (3), and a statement of the material facts on which the determination was made.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 531 523 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo 43. kuchitjiyelwa kwesigaba 61 (a) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) Tinsitanchanti temakethe angeke tenta lamanye emabhizinisi [langangenisa] nangabe kwenta njalo kutawakha nobe kukhulise bungoti beluhlelo.’’; (b) ngekuntjintjwa kwemagama landvulela indzima (a) esigatjaneni (3) ngalamagama lalandzelako: ‘‘[nobhala] liGatja [a]linga, uma ngabe [nobhala analomcondvo] iyakubala kwewekutsi [le]ibhizinisi, [lomsebenti] kusebenta, nobe lomsebenti lobalwe kusigatjana [(1)](2) unga—’’; (c) ngekuntjintjwa kwalamagama lalandzela indzima (b) ngalamagama lalandzelako: ‘‘[kuvimbela noma kubeka kucace lokudzingekako ngalokuphatse- lene] ngemuva kwekutsintsana neliGatja lebungcwethi neliBhange Ngodla laseNingizimu Afrika, kwenta tincumo letichasisisa ngalokudzingekile ngekuhambisana netinsitanchanti tetimakethe nekuhambisa lelo bhizinisi, umsebenti noma tinsita.’’; (d) ngekufakwa kwalesigatjana lesilandze- lako ngemuva kwesigatjana (3): ‘‘(3A) LiGatja angeke lente sincumo ngekwemibandzela yesigatjana (3) ngekwetinsitanchanti tetimakethe ketitsite ngaphandle uma ngabe— (a) luhlaka lwaletincumo seluniketwe tinsitanchanti tetimakethe; (b) tinsitanchanti tetimakethe tibe nesikhatsi lesifanele lesilingana nemalanga la-14 lokungenani ekumikisa kuliGatja ngaloludza; futsi (c) liGatja ngako konkhe lokumi- kiswe kilo ekwenteni sincumo sekutsi liyasitsatsa nobe cha sincumo. (3B) Uma ngabe liGataja libala ngetimo tekutsi kubalulekile kwenta sicumo ngekushesha, lingenta njalo ngaphandle kwekuhambisana ngalokuphele nesigatjana (3A).’’; phindze (e) ngekuntjintjwa kwesigatjana (4) ngalesigatjana lesilandzelako: ‘‘(4) LiGatja kufanele, ekhatsi kwemalanga la-14 ngemuva kwekwenta sincumo ngekwemi- bandzela yesigatjana (3), linikete This gazette is also available free online at www.gpwonline.co.za - 532 Verify source ↗
No. 41060
AI-assisted research summary: 532 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 524
532 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 524 - 44 Verify source ↗
The amendment of section 62 by the
AI-assisted research summary: Section 62 is amended so that the annual assessment of the arrangements in paragraph (a) must be done in accordance with conduct standards or joint standards, and the results must be published.
44. The amendment of section 62 by the substitution for paragraph (b) of the follow- ing paragraph: ‘‘(b) an annual assessment, [in the man- ner prescribed by the registrar] in accordance with conduct stan- dards or joint standards, of the ar- rangements referred to in [sub- paragraph] paragraph (a), the results of which must be pub- lished.’’. - 45 Verify source ↗
The amendment of section 63—
AI-assisted research summary: This section amends section 63 to let certain market institutions convert into a public or private company, but only with Authority approval and any requirements the Authority imposes.
45. The amendment of section 63— (a) by the substitution for the heading of the section of the following heading: ‘‘Demutualisation of exchange, central securities depository[ or], independent clearing house or central counterparty’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) An exchange, central securi- ties depository, [or] independent clearing house or central counter- party which is not a public company or a private company as defined in section 1 of the Companies Act, may convert to a public company or private company with the approval of the [registrar] Authority and sub- ject to [the conditions that the reg- istrar may prescribe] requirements imposed by the Authority.’’; (c) by the substitution in subsection (2) for paragraphs (a) to (k) of the following paragraphs: ‘‘(a) the exchange, central securities depository, [or] independent clearing house or central counterparty referred to in sub- section (1) is deemed to be a company incorporated in terms of the Companies Act from a date determined by the [regis- trar] Authority in consultation with the exchange, central se- curities depository, [or] inde- pendent clearing house or cen- tral counterparty in question; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 533 525 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo tinsitanchanti tetimakethe sitatimende setizatfu tekwenta sincumo ngekemibandzela yesigatjana (3), phindze nesitatimende lesinemaciniso lekwentiwe ngawo lesincumo.’’. - 44 Verify source ↗
Kuchitjiyelwa kwesigaba 62
AI-assisted research summary: This provision amends section 62 and section 63, including a rule that certain annual review/inspection results must be issued or published.
44. Kuchitjiyelwa kwesigaba 62 ngekuntjintjwa kwendzima (b) ngalendzima lelandzelako: ‘‘(b) kuhlola ngemnyaka ngekuhambi- sana nemtsetfo wenchubo nome wekuhlanganyela kwalamalungi- selelo labalwe kundzima (a), imiphumela yakhona kufanele ikhishwe.’’. 45. kuchitjiyelwa kwesigaba 63— (a) ngekuntjintjwa kwesihloko salesigaba ngalesihloko lesilandzelako: ‘‘Kuguculwa kwetinhlangano letilawulako, libhange lemasheya lelisemkhatsini, nendlu legunyatako letimele nome ligatja lelisemkhatsini letekuhweba’’; (b) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) LiGatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nobe ligatja lelisemkhatsini letekuhweba Lekungasi[l]yo inkhapani yahulumende noma inkhapani letimele njengoba kuchazwe kusigaba 1 se-Companies Act kungaguculwa kuba yinkhapani yahulumende noma letimele ngemvume [yanobhala] yeliGatja nangekuya [ngemibandzela yekutsi nobhala angakubona kufanele] ngalokudzingekile lokubekwe liGatja.’’; (c) ngekuntjintjwa kwetindzima (a) kuya ku-(k) ngaletindzima letilandzelako esigatjaneni (2): ‘‘(a) kuliGatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nome liGatja lelisemkhatsini letekuhweba [le]lokubalwe kusigatjana (1) ivunyelwe kutsi kube liGatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nome ligatja lelisemkhatsini lelitimele [le]lokubalwe kusigatjana (1) ifanele kutsi ibe yinkhapani lehlanganiswe ngekuhambisana ne-Companies Act kusukela This gazette is also available free online at www.gpwonline.co.za - 534 Verify source ↗
No. 41060
AI-assisted research summary: The Companies and Intellectual Property Commission must accept the filed incorporation notice and register the entity as a company on the specified date.
534 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 526 (b) (c) (d) (e) the Companies and Intellectual Property Commission, estab- lished by section 185 of the Companies Act, must accept the filed notice of incorporation of the exchange, central securi- ties depository, [or] indepen- dent clearing house or central counterparty in terms of sec- tion 13 of that Act and register the entity in question as a com- pany in terms of section 14 of that Act on the date referred to in paragraph (a); the continued corporate exist- ence of the exchange, central securities depository, [or] inde- pendent clearing house or cen- tral counterparty from the date on which it was first licensed [by the registrar] in terms of this Act is unaffected and any actions of the exchange, central securities depository, [or] inde- pendent clearing house or cen- tral counterparty before its con- version remain effectual; the terms and conditions of service of employees of the exchange, central securities depository, [or] independent clearing house or central counterparty are not affected; all the assets and liabilities of the exchange, central securities depository[ or], independent clearing house or central counterparty, including any insurance, guarantee, compen- sation fund or other warranty owned or maintained by the This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 535 527 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) (c) (d) (e) ngelusuku loluncunywe [ngunobhala] liGatja ngekutsintsana nenhlangano letilawulako; leTinkhapani kanye neNkhomishana Yemphahla Yebuhlakani, lesungulwe ngekwesigaba 185 se- Companies Act, kufanele atsatse lesatiso lesifakiwe sekuhlanganisa sale ligatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba ngekwalesigaba 13 saloMtsetfo nekubhalisa lenhlangano lekukhulunywa ngayo njengenkhapani ngekwesigaba 14 saloMtsetfo ngalolusuku lolubalwe kundzima (a); lokuchubeka kube khona kwelibhizinisi leligatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nome ligatja lelisemkhatsini leteku- hweba kusukela ngalolusuku leyaniketwa ngalo ilayisensi yekucala [ngunobhala] ngekwaloMtsetfo alikatsintseki naleminye imisebenti yalenhlangano letilawulako ngembi kwekuguculwa kuhlala kunemandla; [lemibandzela yekusebenta kwebasebenti labatilawulako ayitsintseki;] imogomo nemibandzela yetinsita tebasebenti beligatja letekuhweba, ligatja lelisemkhatsini letekuhweba, indlu legunyata ngekutimela nome ligatja lelisemkhatsini letekuhweba ayitsikabeteki; tonkhe timphahla kanye nemitfwalo kweligatja, libhange lelisemkh atsini lemasheya, indlu legunyata ngekutimela nome libhange lelisemkhatsini, kufaka ekhatsi nanome yiphi imishwalensi, siciniseko, sikhwama sekuncephetelisa nome letinye ticiniseko letilawulwa ligatja letekuhweba, libhange lelisemkhatsini lemasheya, indlu legunyata ngekutimela nome ligatja lelisemkhatsini letekuhweba kwentela tibophelelo temsebentisi This gazette is also available free online at www.gpwonline.co.za - 536 Verify source ↗
No. 41060
AI-assisted research summary: On conversion, the company takes over the predecessor entity’s rights and obligations, and existing agreements and related documents keep their force.
536 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 528 (f) (g) exchange, central securities depository[ or], independent clearing house or central counterparty to cover any liabilities of the clearing members of independent clearing houses or central counterparties, authorised users or participants, as the case may be, to clients, remain vested in and binding upon the company or such other entity acceptable to the [registrar] Authority as the company may designate; the company has the same rights and is subject to the same obligations as were pos- sessed by or binding upon the exchange, central securities depository, [or] independent clearing house or central counterparty immediately before its conversion; all agreements, appointments, transactions and documents entered into, made, executed or drawn up by, with or in favour of the exchange, central securi- ties depository[ or], indepen- dent clearing house or central counterparty and in force im- mediately before the conver- sion remain in force and effec- tual, and are construed for all purposes as if they had been entered into, made, executed or drawn up by, with or in favour of the company, as the case may be; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 537 529 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo logunyatiwe wetindlu letigunyatwe ngekutimela nome emagatja lasemkhatsini etekuhweba, basebentisi labagunyatiwe nome labangenelelako, njengobe kungaba njalo, kumaklayenthi agcinwa phindze asibopho kunkapani nome lelinye ligatja lelivunyelwako kuliGatja njengoba inkapani ingancuma; [tonkhe timphahla kanye nemitfwalo yenkhapani letilawulako , kufaka ekhatsi noma muphi umshwalense, siciniseko, sikhwama sekuncephetelisa noma lenye iwaranti lephetfwe noma legcinwe yinhlangano kuvala noma muphi umtfwalo yalelilunga leligunyatiwe yendlu legunyatako letimele, basebentisi labagunyatiwe noma Labangenelelako, njengoba kungabe kubekiwe, kumaklayenti, kutawuhlala kubekwe futsi kusibopho kulenkhapani noma kulesinye sikhungo lesivumelekile kunobhala njengoba inkhapani ingabeibekile]; inkhapani inemalungelo lafanako kantsi iya ngemisebenti lebeyiphetfwe noma isibopho kuligatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba ngekushesha ngembi kwekuhlangana; tonkhe tivumelwano, kuncuma ngetinsuku, ematransekshini kanye nemiculu lekukhulunywa ngayo, leyentiwe, lesunguliwe noma ledvwetjiwe, ngekuhambisana neligatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako noma ligatja lelisemkhatsini letekuhweba nal[e]okusebenta ngekushesha ngembi kwalokugucula lokuhlala kukhona nalokunemphumelelo, kantsi kwentelwa tonkhe tidzingo njengoba kungabe kuvunyelwene, kwentiwe, kucalisiwe noma kudvwetjwe ngu, ngekumelana nenkhapani, njengoba kungabe kubekiwe; (f) (g) This gazette is also available free online at www.gpwonline.co.za - 538 Verify source ↗
No. 41060
AI-assisted research summary: Certain pre-conversion security instruments, claims, and legal proceedings continue to have effect after the conversion, with claims and proceedings transferable to or against the company.
538 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 530 (h) (i) (j) any bond, pledge, guarantee or other instrument to secure fu- ture advances, facilities or ser- vices by the exchange, central securities depository, [or] inde- pendent clearing house or cen- tral counterparty which was in force immediately before the conversion, remains in force, and is construed as a bond, pledge, guarantee or instrument given to or in favour of the company, as the case may be; any claim, right, debt, obliga- tion or duty accruing to any person against the exchange, central securities depository, independent clearing house or central counterparty or owing by any person to such ex- change, central securities de- pository, [or] independent clearing house or central counterparty is enforceable against or owing to the com- pany, subject to any law gov- erning prescription; any legal proceedings that were pending or could have been instituted against the exchange, central securities depository, [or] independent clearing house or central counterparty before the conversion may be continued or instituted against the company, subject to any law governing prescription; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 539 531 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (h) (i) (j) [noma yini lehlanganisiwe, sifungo, siciniseko noma lelinye lithulusi kucinisekisa lokungenteka ngalokutako, tindzawo noma imisebenti lekwentiwa tinhlangano letimele lebeyisebenta ngekushesha ngembi kwetingucuko letitawuhlala tikhona, kantsi kutsatfwa njengebhondi, sifungo, siciniseko noma lithulusile- liniketwe ngekuhambisana nenkhapani, njengoba kungabe kubekiwe;] noma yini lehlanganisiwe, sifungo, siciniseko noma lelinye lithulusi kucinisekisa lokungenteka ngalokutako, tindzawo noma imisebenti lekwentiwa ligatja, libhange lemasheya lelisemkhatsini, libhange lelisemkhatsini letekuhweba nome yindlu legunyata ngekutimela lebeyisebenta ngekushesha ngembi kwetingucuko letitawuhlala tikhona, kantsi kutsatfwa njengebhondi, sifungo, siciniseko noma lithulusi leliniketwe ngekuhambisana nenkhapani, njengoba kungabe kubekiwe; noma yiphi ikleyimu, lilungelo, sikweleti, umtfwalo noma umsebenti lotalela noma bani ngekumelana naligatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako noma ligatja lelisemkhatsini letekuhweba noma lekukweletwa ngunoma ngubani kuleyo nhlangano nome ligatja lelisemkhastini letekuhweba kutawuci- ndzetelwa ngekumelana noma kukweletwa ngunoma ngubani kulenkhapani, ngekuya nganoma ngumuphi umtsetfo lolawula lolokubekiwe; noma ngabe nguyiphi inchubo lesemtsetfweni lebeyingaka- pheleli noma ingabe ibekiwe ngekumelana naleligatja, libhange lemasheya lelise- mkhatsini, [noma] indlu letimele legunyatako nome ligatja lelisemkhatsni letekuhweba ngembi This gazette is also available free online at www.gpwonline.co.za - 540 Verify source ↗
No. 41060
AI-assisted research summary: If the company complies with the Act’s requirements for the relevant exchange-related entity, the licence remains vested in the company.
540 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 532 (k) the licence of the exchange, central securities depository, [or] independent clearing house or central counterparty, remains vested in the company if the company complies with all the requirements of this Act in respect of an exchange, cen- tral securities depository, [or] independent clearing house or central counterparty.’’. - 46 Verify source ↗
The amendment of section 64 by the
AI-assisted research summary: The amendment says that, in an amalgamation or transfer of assets and liabilities, the relevant assets and liabilities vest in and bind the amalgamated or taking-over entity.
46. The amendment of section 64 by the substitution in subsection (5) for paragraph (a) of the following paragraph: ‘‘(a) all the assets and liabilities of the amalgamating entities (or in the case of a transfer of assets and liabilities, of the entity by which the transfer is effected), including any insurance, guarantee, com- pensation fund or other warranty owned or maintained by any of them to cover any liabilities of clearing members of independent clearing houses or central counterparties, authorised users or par- ticipants, as the case may be, to clients, vest in and become binding upon the amalgamated entity or, as the case may be, the entity taking over such assets and liabilities or such other entity acceptable to the [registrar] Authority as the parties to the amalgamation may designate;’’. - 47 Verify source ↗
The amendment of section 65 by the
AI-assisted research summary: Members of a market infrastructure’s controlling body must owe fiduciary duty and care and skill to the market infrastructure when performing their functions.
47. The amendment of section 65 by the substitution for subsection (2) of the fol- lowing subsection: ‘‘(2) The members of the controlling body of a market infrastructure owe a fiduciary duty and a duty of care and skill to the market infrastructure, in the exercise of the functions as a market infrastructure.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 541 533 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (k) kwaletingcogco kungachu- tjekwa noma letibekwe ngekumelana nenkhapani, ngekuya nganoma muphi umtsetfo lolawula lokube- kwako; kanye ilayisensi yaleligatja, libhange lemasheya lelisemkhatsini, [noma] indlu letimele legunyatako nobe ligatja lelisemkhatsini letekuhweba kuyawuhlala kubekwe emandleni alenkapani uma ngabe lenkhapani ihambisana nato tonkhe tidzingo talo- Mtsetfo ngekuya ngenhlangano letilawulako, indlu legunyatako letimele nobe libhange lelisemkhatsini letekuhweba.’’. - 46 Verify source ↗
Kuchitjiyelwa kwesigaba 64
AI-assisted research summary: This section amends section 64(5)(a) so that the listed property, liabilities, and related obligations continue to rest with the merged company or the relevant transferee company.
46. Kuchitjiyelwa kwesigaba 64 ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (5): ‘‘(a) yonkhe imphahla kanye nemitfwalo yalokuhlanganiswa kwetinhlangano (noma uma ngabe kunalokudluliselwako lkuyimphahla noma umtfwalo, walenhlangano lapho khona lokudluliselwa kusetjentiswa khona), kufaka ekhatsi noma muphi umshwalense, siciniseko, sikhwama sekuncephetelisa noma iwaranti lekungeyalomunye wabo noma loyilawulako kutsi ifake ekhatsi noma miphi imitfwalo yelilunga leligunyatiwe [y]lendlu yekugunyata [le]ngekutimela[e] nome emagatja lasemkhastini etekuhweba, basebentisi labagunyatiwe noma Labangenelelako, njengoba kungabe kubekiwe, kumaklayenti, kutawuhlala futsi kutawuba sibopho kulenhlangano lehlanganisiwe noma, njengoba kungabe kubekiwe, lenhlangano letawube isebentisa leto timphahla nemitfwalo noma lokunye lokukhona kuleligatja lokuvumelekile [kubobhala] kuliGatja njengobaletinhlangano kulokuhlanganiswa kungabekwa;’’. - 47 Verify source ↗
Kuchitjiyelwa kwesigaba 65—
AI-assisted research summary: This section amends section 65 by replacing subsection (2).
47. Kuchitjiyelwa kwesigaba 65— (a) ngekuntjintjwa kwesigatjana (2) ngalesigatjana lesilandzelako: ‘‘(2) Lamalunga alomtimba lophetse tinsitanchanti tetimakethe [le]akweleta budlelwano This gazette is also available free online at www.gpwonline.co.za - 542 Verify source ↗
No. 41060
AI-assisted research summary: This text appears to be a Gazette/table heading and does not state an operative rule.
542 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 534 - 48 Verify source ↗
The amendment of section 66—
AI-assisted research summary: This section amends section 66 by changing paragraph (c) in subsection (1) and deleting subsections (8) and (9).
48. The amendment of section 66— (a) by the substitution in subsection (1) for paragraph (c) of the following para- graph: ‘‘(c) does not meet the fit and proper requirements prescribed [by the registrar] in the relevant joint standards.’’; and (b) by the deletion of subsections (8) and (9). - 49 Verify source ↗
The amendment of section 67—
AI-assisted research summary: A person may not acquire shares or other interests in a market infrastructure above the approved limit without prior approval from the Authority, and related applications must follow the Authority’s prescribed form and manner.
49. The amendment of section 67— (a) by the substitution for subsection (4) of the following subsection: ‘‘(4) A person may not, without the prior approval of the [registrar]Authority, acquire shares or any other interest in a market in- frastructure in excess of that ap- proved under subsection (3)[, but not exceeding 49 per cent].’’; (b) by the substitution in subsection (6) for the words preceding paragraph (a) of the following words: ‘‘[The] An approval referred to in subsection (3), (4) or (5)—’’; (c) by the substitution in subsection (7) for paragraph (a) of the following para- graph: ‘‘(a) compelling that person to re- duce, within a period deter- mined by the court, the shareholding or other interests in the market infrastructure to a shareholding with a total nomi- nal value not exceeding [15 or 49 per cent, as the case may be,]— (i) in a case where subsection (3) applies, 15 per cent; or (ii) 49 per cent, of the total nominal value of all the issued shares of the market infrastructure; and’’; and (d) by the substitution for subsection (8) of the following subsection: ‘‘(8) An application referred to in [subsections] subsection (3), (4) or (5) must be made in the manner and form prescribed by the [registrar] Authority.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 543 535 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo emkhatsini walabanemasheya [kute] kanye [ba]nekunakekela nelikhono kuletinsitanchanti tetimakethe, ekwenteni imisebenti njengenhlangano letimele.’’. - 48 Verify source ↗
Kuchitjiyelwa kwesigaba 66—
AI-assisted research summary: This section changes section 66 by replacing paragraph (c) and deleting subsections (8) and (9).
48. Kuchitjiyelwa kwesigaba 66— (a) ngekuntjintja indzima (c) ngalendzima lelandzelako esigatjaneni sekucala: ‘‘(c) akufinyeleli kuletidzingo tekuvele ungene letibekwe [ngunobhala] kumtsetfo wekuhlanganyela lofanele.’’; (b) ngekususwa kwetigatjana (8) kanye nese (9). - 49 Verify source ↗
Kuchitjiyelwa kwesigaba 67—
AI-assisted research summary: A person may not seek shares or other interests in market infrastructures without prior permission, and any relevant application must be made in the prescribed form.
49. Kuchitjiyelwa kwesigaba 67— (a) ngekuntjintjwa kwetigatjana (4) ngaletigatjana letilandzelako: ‘‘(4) Umuntfu angeke, ngaphandle kwemvume yangaphambilini [yanobhala] yeliGatja, afune emasheya noma lenye intalo kutinsitanchanti tetimakethe, kutfola loko lokuvunyelwe ngaphansi kwesigatjana (3)[, kodvwa kungandluli kumaphesenti langema-49].’’; (b) ngekuntjintjwa kwemagama landvulela indzima (a) esigatjaneni (6) ngalamagama lalandzelako: ‘‘[Le]Imvume lecondziswe kusigatjana (3), (4) noma (5)—’’; (c) ngekuntjintjwa kwendzima (a) esigatjaneni (7) ngalendzima lelandzelako: ‘‘(a) acindzetele lowo muntfu kutsi anciphise, ngesikhatsi lesincunywe yinkhantolo, lokuba nemasheya noma lenye intalo kuletinsitanchanti tetimakethe kulonemasheya lonelizinga lelilinganisiwe lelingandluli [emaphesenti lali-15 noma 49]— (i) esimeni lapho khona sigatjana (3) sisebenta, emaphesenti la-15; nobe (ii) emaphesenti langema-49 nasekaphelele, [njengoba kungabe kubekiwe] kulelizinga lelilinganisiwe leliphelele yawo onkhe emasheya laniketiwe kutinsitanchanti tetima- kethe; kanye’’; kanye (d) ngekuntjintjwa kwesigatjana (8) ngalesigatjana lesilandzelako: ‘‘(8) Sicelo lesibalwe ku[s]tiga- tjana (3), (4) noma (5) kufanele sentiwe ngendlela lebekwe [Ngunobhala] liGatja.’’. This gazette is also available free online at www.gpwonline.co.za - 544 Verify source ↗
No. 41060
AI-assisted research summary: Table heading for section 544 of Act No. 9 of 2017, showing columns for short title and extent of repeal or amendment.
544 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 536 - 50 Verify source ↗
The substitution for section 69 of the
AI-assisted research summary: This section substitutes a new section 69 headed “Report to Authority.”
50. The substitution for section 69 of the following section: ‘‘Report to [registrar] Authority - 69 Verify source ↗
Within four months after the fi-
AI-assisted research summary: A market infrastructure must submit an annual report and audited annual financial statements to the registrar within four months after its financial year-end.
69. Within four months after the fi- nancial year-end of a market infrastruc- ture, that market infrastructure must sub- mit to the [registrar] Authority an annual report containing the details [pre- scribed by the registrar] determined in joint standards and audited annual finan- cial statements that fairly present the financial affairs and status of the market infrastructure.’’. - 51 Verify source ↗
The amendment of section 71—
AI-assisted research summary: Market infrastructure rules may not conflict with listed standards, and the Authority may amend rules or issue an interim rule.
51. The amendment of section 71— (a) by the insertion after subsection (1) of the following subsection: ‘‘(1A) Rules that are made by a market infrastructure may not con- tradict any regulation, conduct stan- dard, prudential standard, or joint standard issued in term of this Act or the Financial Sector Regulation Act.’’; (b) by the substitution in subsection (2) for paragraph (b) of the following para- graph: ‘‘(b) The [registrar] Authority may, after consultation with the Pru- dential Authority and the South Afri- can Reserve Bank, subject to this section, amend the rules or issue an interim rule.’’; (c) by the substitution in subsection (3) for paragraphs (b) and (c) of the following paragraphs: ‘‘(b) The [registrar] Authority must as soon as possible after the receipt of a proposed amendment publish— (i) the amendment on the [regis- trar’s] Authority’s website; and (ii) a notice in the Gazette that the proposed amendment is avail- able on the [registrar’s] Au- thority’s website, This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 545 537 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 50 Verify source ↗
Ngekuntjintjwa kwesigaba 69
AI-assisted research summary: This section replaces section 69 with a new section starting with a report by the secretary to the Board.
50. Ngekuntjintjwa kwesigaba 69 ngalesigaba lesilandzelako: ‘‘Umbiko [wanobhala] kuliGatja [wenhlangano letilawulako] - 69 Verify source ↗
Ekhatsi kwetinyanga letine
AI-assisted research summary: Market institutions must submit an annual report and audited annual financial statements to the secretary within four months after the end of the financial year.
69. Ekhatsi kwetinyanga letine nasekuphele umnyaka timali wetinsitanchanti tetimakethe, letinsitanchanti tetimakethe kufanele tetfule [kunobhala] kuliGatja umbiko wemnyaka wonkhe locuketse imininingwane [lebhalwe ngunobhala] letfolwe kuma-Joint standards kan0ye netitatimende temnyaka temali letihloliwe letikhombisa simo setimali kanye nesimo saletinsitanchanti tetimakethe.’’. - 51 Verify source ↗
Kuchitjiyelwa kwesigaba 71-
AI-assisted research summary: Market rules may not conflict with the Act and related instruments. The Board may amend rules or issue a temporary rule after consultation, and it must promptly publish a proposed amendment on its website and in the Gazette.
51. Kuchitjiyelwa kwesigaba 71- (a) ngekufakwa kwalesigatjana lesila- ndzelako ngemuva kwesigatjana (1) ‘‘(1A) Imitsetfo leyentiwe tinsitanchanti tetimakethe tingete tashayisana nanobe ngutiphi timiso temtstefo, umtsetfo wenchubo, ligatja lebungcwethi, umtsetfo wekuhlanganyela lokhoshwe ngekwemibandzela yaloMtsetfo nome i-Financial Sector Regulation Act.’’; (b) ngekuntjintjwa kwendzima (b) ngalendzima lelandzelako esigatjaneni (2): ‘‘(b) [Nobhala anga, ngekuya ngalesigaba, kuchibiyela lemitsetfo noma kukhipha umtsetfo wesikhashane.] LiGatja ngemuva kwekucocisana nemtsetfo webungcwethi kanye neliBhange Ngodla laseNingizimu Afrika, ngekuya ngalomtsetfo lingachibiyela imitsetfo nome linikete ngemtsetfo wesikhashane.’’; (c) ngekuntjintjwa kwetindzima (b) na (c) ngaletindzima letilandzelako esigatjaneni (3): ‘‘(b) [Nobhala] liGatja kufanele ngekushesha ngemuva kwekutfola [t]sichibiyelo le[t]siphakanyisiwe [tikhishiwe] lishicilele— (i) [kuchitjiyela] sichibiyelo kwewebhusayithi yeliGatja [lesemtsetfweni]; kanye (ii) satiso kuGazethi kutsi lokuchibiyela lokuphakanyisiwe kuyatfolakala kuwebhusayithi yeliGatja [lesemtsetfweni], kubita bonkhe bantfu labanenshisekelo labaphiki- sanako naletichibiyelo letiphakanyisiwe kutsi bafake This gazette is also available free online at www.gpwonline.co.za - 546 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may amend certain market infrastructure rules after consultation, and must publish the amendment and reasons; interested persons with objections must lodge them within 14 days.
546 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 538 calling upon all interested persons who have any objections to the pro- posed amendment to lodge their ob- jections with the [registrar] Author- ity within a period of 14 days from the date of publication of the notice. (c) If there are no such objections, or if the [registrar] Authority has considered the objections and, if necessary, has consulted with the market infrastructure and the persons who raised such objections and has decided to approve or amend the proposed amendment, the [registrar]Authority must publish— (i) the amendment and the date on which it comes into operation on the [official] Authority’s website; and (ii) a notice in the Gazette, which notice must state— (aa) that the amendment to the rules has been approved; (bb) that the rules as amended are available on the [offi- cial] Authority’s website and the website of the mar- ket infrastructure; and’’; (d) by the substitution in subsection (4) for paragraph (a) of the following para- graph: ‘‘(a) The [registrar] Authority, after consultation with the Prudential Authority and the South African Re- serve Bank, by notice in the Gazette and on the [official] Authority’s website, may amend the rules of that market infrastructure—’’; (e) by the substitution in subsection (4) for paragraph (b) of the following: ‘‘(b) Where the [registrar] Author- ity has amended the rules of a market infrastructure under paragraph (a), the [registrar] Authority must—’’; (f) by the substitution in subsection (4)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) give reasons for the amend- ment, and explain the impera- tive referred to in paragraph (a)(i), in the Gazette and on the [official] Authority’s website.’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 547 539 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo tikhalo tabo [nganobhala] kuliGatja kungakapheli emalanga lali-14 kusukela ngalelilanga lekushicilelwa kwalesatiso. (c) Uma ngabe kungekho lokuphikiswako, noma uma ngabe [nobhala] liGatja [a]likutsetse loku lokuphikiswako kanye, uma kufanele, [a]litsintsene netinsita- nchanti tetimakethe kanye nalomuntfu lophikisako kanye naloncume kuvuma noma kuphakamisa sichibiyelo, [nobhala] liGatja kufanele [a]lishicilele— (i) [okuchibiyela] kuchibiyela nelusuku lapho kucala khona kusebenta kuwebhusayithi yeliGatja [lesemtsetfweni]; kanye (ii) ngesatiso kugazethi, lapho khona lesatiso kufanele sisho kutsi— (aa) lokuchibiyela kwalemitsetfo kuvunyelwe; (bb) kutsi lemitsetfo njengoba ichitjiyelwe ikhona kuwebhusayithi yeliGatja [lesemtsetfweni] yaletinsitanchanti tetimakethe; kanye:’’; lolusuku lokuchitjiyelwa lekutawusetjentiswa ngalo. (cc) (d) ngekuntjintjwa kwendzima (a) ngalendzima lelandzelako esigatjaneni (4): ‘‘(a) [Nobhala] LiGatja ngemuva, ngemuva kwekucocisana neliGatja lebuNgcwethi kanye neliBhange Ngodla laseNingizimu Afrika lingachibiyela Imitsetfo yaleso sakhiwonchanti setimakethe, ngekwesatiso kuGazethi kanye nakuwebhusayithi yeliGatja [lesemtsetfweni, kungachitjiyelwa lemitsetfo yaletinsitanchanti tetimakethe]— (e) ngekuntjintjwa kwendzima (b) ngalendzima lelandzelako esigatjaneni (4): ‘‘(b) Lapho khona [nobhala] liGatja [a]lichibiyel[e]a imtsetfo yetinsitanchanti tetimakethe ngaphansi kwendzima (a), [nobhala] liGatja kufanele—’’; (f) ngeshintjwa kwendzinyana (ii) ngalendzinyana lelandzelako esigatjaneni (4)(b): ‘‘(ii) kuniketa tizatfu talokuchi- biyela, nekuchaza kubaluleka lokubalwe kusigaba (a)(i), This gazette is also available free online at www.gpwonline.co.za - 548 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may approve a market infrastructure’s suspension of its rules for up to 30 days, if notice is posted on the Authority’s website.
548 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 540 Extent of repeal or amendment (g) by the substitution in subsection (5) for paragraphs (a) and (b) of the following paragraphs: ‘‘(a) Subject to prior approval of the [registrar] Authority, a market infrastructure may suspend any of the rules of that organisation for a period not exceeding 30 days at a time after reasonable notice of the proposed suspension has been adver- tised on the [official] Authority’s website. (b) The [registrar] Authority may after consultation with the Prudential Authority and the South African Re- serve Bank, for the period of such suspension, issue an interim rule by notice in the Gazette to regulate the matter in question.’’; (h) by the substitution in subsection (6)(a) for subparagraphs (iv) to (vii) of the following subparagraphs: (v) ‘‘(iv) suspension or cancellation of the right to be a clearing member of an independent clearing house or central counterparty, an authorised user or a participant; disqualification, in the case of a natural person, from holding the office of a director or of- ficer of a clearing member of an independent clearing house or central counterparty, an authorised user or a partici- pant, as the case may be, for any period of time; a restriction on the manner in which a clearing member of an independent clearing house or central counterparty, an authorised user or a partici- pant may conduct business or may utilise an officer, em- ployee or agent; (vi) This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 549 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 541 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo kuGazethi kanye nakuwe- bhusayithi yeliGatja [lesemtsetfweni];’’; (g) ngekuntjintjwa kwetindzima (a) na (b) ngaletindzima letilandzelako esigabenni (5): ‘‘(a) Ngekuya ngemvume yangaphambilini [yanobhala] yeliGatja, tinsitanchanti Tetimakethe ingamisa noma muphi yalemitsetfo yalenhlangano kwentela sikhatsi lesingadluli emalanga langema-30 ngesikhatsi ngemuva kwesatiso lesivakalako salokumiswa lokuphakanyisiwe kukhangiswe kuwebhu [lesemtsetfweni]. (b) [Nobhala] LiGatja, ngemuva kwekucocisana neliGatja lebuNgcwethi kanye neliBhange Ngodla laseNingizimu Afrika [a]lingakhokha umtsetfo wesikhashana ngesatiso kuGazethi kwentela kulawula loludzaba. [kulesikhatsi sekumiswa, kube khona umtsetfo wesikhashane ngekwesatiso kugazethi kulawula loludzaba lekukhulunywa ngalo.]’’; (h) ngekuntjintjwa kwetindzinyana (iv) kuya ku-(vii) ngaletindzinyana letilandzelako esigatjaneni (6)(a): ‘‘(iv) kumiswa noma (v) (vi) kukhanselwa kwelilungelo lekuba lilunga leligunyatiwe lendlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba, umsebentisi losemtsetfweni noma labangenelelako; kungasavumeli, uma ngabe kungumuntfu, kutsi aphatse lihhovisi lemcondzisi noma abe sisebenti selilunga leligunyatiwe sendlu letimele legunyatiwe nome ligatja lelisemkhatsini letekuhweba, umsebentisi losemtsetfweni noma labangenelelako, njengoba kungabe kubekiwe, nganoma sikhatsi lesingakanani; imitsetfo levimbela indlela lilunga leligunyatiwe yendlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba, umsebentisi losemtsetfweni noma labangenelelako bangenta umsebenti noma bangasebentisa umsebenti, sisebenti ne ejenti; This gazette is also available free online at www.gpwonline.co.za - 550 Verify source ↗
No. 41060
AI-assisted research summary: This section amends earlier text about disciplinary hearings and the Authority’s inspection information.
550 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 542 (vii) suspension or cancellation of the authorisation of an officer or employee of a clearing member of an independent clearing house or central counterparty, an authorised user or a participant to per- form a function in terms of the rules;’’; and (i) by the substitution in subsection (6)(b) for subparagraph (iii) of the following subparagraph: ‘‘(iii) a market infrastructure may take into account at a disci- plinary hearing any informa- tion obtained by the [registrar]Authority in the course of an inspection con- ducted [under section 95] in terms of the Financial Sector Regulation Act;’’. - 52 Verify source ↗
The amendment of the heading for
AI-assisted research summary: The heading for Chapter VIII is changed from “Code of Conduct” to “Conduct Standards.”
52. The amendment of the heading for Chapter VIII by the substitution for the heading of the following heading: ‘‘[CODE OF CONDUCT] CHAPTER VIII CONDUCT STANDARDS’’.
Part
CHAPTER VIII
- 53 Verify source ↗
The amendment of section 74—
AI-assisted research summary: Section 74 is amended so that conduct standards may set requirements for certain market participants and other regulated persons.
53. The amendment of section 74— (a) by the substitution for the heading of the section of the following heading: ‘‘[Code of conduct] Conduct stan- dards for regulated persons’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) [The registrar may in an appropriate consultative manner prescribe a code of conduct for] Conduct standards may prescribe requirements in relation to— [(i)](a) authorised users, partici- pants or clearing members of independent clearing houses or central counterparties; or [(ii)](b) any other regulated person, where the required standard of conduct is not prescribed in another law or [code of conduct] conduct standard, and a [code of conduct] conduct standard is neces- sary or expedient for the achievement of the objects of this Act.’’; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 551 543 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (vii) kumisa noma kukhansela kweligunya lesisebenti noma umsebenti welilunga leligunyatiwe wendlu letimele legunyatiwe nome ligatja lelisemkhatsini letekuhweba, an umsebentisi losemtsetfweni noma labangenelelako kutsi bente umsebenti ngekuhambisana nalemitsetfo;’’; futsi (i) ngekuntjintjwa kwendzinyana (iii) ngalendzinyana lelandzelako esigatjaneni (6)(b): ‘‘(iii) tinsitanchanti tetimakethe tingatsatsa noma luphi lwatiso lekutsetfwa kwelicala tsite [lelicala lelitsetsiwe] l[o]elutfolwe [ngunobhala] liGatja ekuhlolweni lokwentiwe ngekwemibandzela ye- Financial Sector Regulation Act [ngalesikhatsi kuhlolwa ngaphansi kwesigaba 95];’’. - 52 Verify source ↗
Kuchitjiyelwa kwesihloko seSehluko
AI-assisted research summary: This section changes the title of Chapter VIII.
52. Kuchitjiyelwa kwesihloko seSehluko VIII ngekuntjintjwa kwalesihloko ngalesihloko lesilandzelako: ‘‘[INDLELA YEKUTIPHATSA] SEHLUKO VIII UMTSETFO WENCHUBO’’ - 53 Verify source ↗
Kuchitjiyelwa kwesigaba-74—
AI-assisted research summary: The conduct rule may set what is required for certain authorized persons and for any person subject to the Act when no other conduct rule sets that standard.
53. Kuchitjiyelwa kwesigaba-74— (a) ngekuntjintjwa kwesihloko salesigaba ngalesihloko lesilandzelako: ‘‘Umtsetfo wenchubo webantfu labalawulwako’’; (b) ngekuntjintjwa kwesigatjana (1) ngalesigatjana lesilandzelako: ‘‘(1) [Nobhala angenta ngendlela lefanele yekutsintsana anikete indlela Yekutiphatsa] Umtsetfo wenchubo ungancuma lokudzingekile ngalokuphatselene— [(i)](a) nebasebentisi labagunyatiwe, labangenelelako noma lilunga leligunyatiwe lendlu letimele legunyatako nobe emagatja etetimali lalamulako; nobe [(ii)](b) noma ngabe ngubani umuntfu losemtsetfweni, lapho khona lizinga lelidzingekako lekutiphatsa [alikabekwa nobe] alikancunywa kulomunye umtsetfo wenchubo [noma This gazette is also available free online at www.gpwonline.co.za - 552 Verify source ↗
No. 41060
AI-assisted research summary: A prescribed conduct standard is binding on the specified regulated persons, and also on their officers, employees, and clients.
552 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 544 Extent of repeal or amendment (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) A [code of conduct] conduct standard is binding on authorised users, participants or clearing mem- bers of independent clearing houses or central counterparties or any other regulated person in respect of whom the [code of conduct] conduct stan- dard was prescribed, as the case may be, and on their officers and employ- ees and clients.’’. - 54 Verify source ↗
The amendment of section 75—
AI-assisted research summary: This section amends section 75 by changing its heading and updating the wording on conduct standards for authorised users, participants, clearing members, and other regulated persons.
54. The amendment of section 75— (a) by the substitution for the heading of the section of the following heading: ‘‘Principles [of code of conduct] for conduct standards’’; (b) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘A [code of conduct] conduct stan- dard for authorised users, partici- pants or clearing members of inde- pendent clearing houses or central counterparties must be based on the principle that—’’; (c) by the substitution in subsection (1) for paragraph (a) of the following para- graph: ‘‘(a) an authorised user, participant or clearing member of an inde- pendent clearing house or cen- tral counterparty must—’’; (d) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘A [code of conduct] conduct stan- dard for regulated persons, other than the regulated persons men- tioned in subsection (1), must be based on the principle that the regu- lated person must—’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 553 545 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo indlela yekutiphatsa], [kantsi] phindze futsi [indlela yekutiphatsa] nemtsetfo wenchubo [i]uyadzingeka noma [i]uyaphutfuma kwentela kuphumelela kwaletinjongo taloMtsetfo.’’; futsi (c) ngekuntjintjwa kwesigatjana (2) ngalesigatjana lesilandzelako: ‘‘(2) [Indlela yekutiphatsa] Umtsetfo wenchubo [i]uyabopha kubasebentisi labagunyatiwe, labangenelelako noma lilunga leligunyatiwe lendlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba noma lomunye umuntfu lolawulwako lekunguye umtsetfo wancunyelwa yena [losemtsetfweni] [lona lewakhishelwa indlela yekutiphatsa], njengoba kungabe kubekiwe, nakutisebenti kanye nebasebenti nemaklayenti.’’. - 54 Verify source ↗
Kuchitjiyelwa kwesigaba 75—
AI-assisted research summary: This provision amends section 75 by changing its title and wording.
54. Kuchitjiyelwa kwesigaba 75— (a) ngekuntjintjwa kwesihloko salesigaba ngalesihloko lesilandzelako: ‘‘Imigomo yekuchutjwa kwemtsetfo [yekutiphatsa]’’; (b) ngekuntjintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako esigatjaneni (1): ‘‘[Indlela yekutiphatsa] umtsetfo wenchubo [y]webasebentisi labasemtsetfweni, labangenelelako, noma emalunga lagunyatiwe latimele endlu legunyatako nome ligatja lelisemkhastini letekuhweba kufanele icondziswe kulomgomo wekutsi—’’; (c) ngekuntjintjwa kwendzima (a) ngale- ndzima lelandzelako esigatjaneni (1): ‘‘(a) umsebentisi losemtsetfweni, labangenelelako noma lilunga leligunyatiwe lendlu letimele legunyatako nome ligatja lelisemkhatsini letekuhweba kufanele—’’; (d) ngekuntjintjwa kwemagama landvulelaindzima (a) ngalamagama lalandzelako esigatjaneni (2): ‘‘[Indlela yekutiphatsa] umtsetfo wenchubo [y]webaqntfu labasemtsetfweni, ngaphandle kwalaba labasemtsetfweni lababalwe kusigatjana (1), kufanele icondziswe kumigomo yekutsi lomuntfu losemtsetfweni kufanele—’’; This gazette is also available free online at www.gpwonline.co.za - 554 Verify source ↗
No. 41060
AI-assisted research summary: This section amends wording so that a conduct standard may provide for additional matters necessary or expedient for the Act’s objects.
554 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 546 Extent of repeal or amendment (e) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘A [code of conduct] conduct stan- dard may provide for—’’; and (f) by the substitution in subsection (3) for paragraph (f) of the following para- graph: ‘‘(f) any other matter which is neces- sary or expedient to be regu- lated in a [code of conduct] conduct standard for the achievement of the objects of this Act.’’. - 55 Verify source ↗
The amendment of section 76—
AI-assisted research summary: The Authority must approve certain nominees, nominees must follow Authority-determined conduct standards, and the Authority must keep a list of approved nominees.
55. The amendment of section 76— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) The criteria for the approval of a nominee of an authorised user or a participant and the ongoing re- quirements applicable to it must be equivalent to [that applied by the registrar when approving a nomi- nee under subsection (3)] criteria determined in conduct standards for nominees.’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) (a) [The registrar may pre- scribe requirements for— (i) the approval of a nominee that is not approved as a nominee in terms of subsection (1); and (ii) approved nominees.] A nomi- nee that is not approved as a nominee in terms of subsection (1) must— (i) be approved by the Author- ity; and (ii) comply with conduct stan- dards determined by the Authority. (b) The [registrar] Authority must maintain a list of all nominees approved under this section.’’. - 56 Verify source ↗
The amendment of section 77—
AI-assisted research summary: This section amends section 77 by deleting the definition of “claims officer” and replacing wording in section 77(3) and section 77(3)(f).
56. The amendment of section 77— (a) by the deletion of the definition of ‘‘claims officer’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 555 547 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (e) Ngekuntjintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako esigatjaneni (3): ‘‘[Indlela yekutiphatsa] Umtsetfo wenchubo [i]unganiketa—’’; futsi (f) Ngekuntjintjwa kwendzima (f) ngale- ndzima lelandzelako esigatjaneni (3): ‘‘(f) noma ngabe yiphi lenye indzaba lefanele noma lekufanele ilawulwe ngekushesha [yendlela yekutiphatsa] kumtsetfo wenchubo ngekuphumelelisa tinjongo taloMtsetfo.’’. - 55 Verify source ↗
Kuchitjiyela kwesigaba 76—
AI-assisted research summary: This section amends section 76 so that certain nominated persons must be approved by the Committee and follow the procedure set by the Committee, and the Committee must keep a list of approved persons.
55. Kuchitjiyela kwesigaba 76— (a) ngekuntjintjwa kwesigatjana (2) ngalesigatjana lesilandzelako; ‘‘(2) Lendlela yekuvunyelwa kwalophakanyisiwe wemsebentisi losemtsetfweni noma labangenelelako kanye nalokudzingeka njalo lokusebenta kibo kufanele kuhambisane [nalolokubhalelwe ngunobhala ngalesikhatsi avumela lophakanyisiwe ngaphansi kwesigatjana (3)] nendlela yalabakhetsiwe lencunywe mtsetfo wenchubo.’’; futsi (b) ngekuntjintjwa kwesigatjana (3) ngalesigatjana lesilandzelako: ‘‘(3) [(a) Nobhala angabeka tidzingo— (i) tekuvunyelwa kwalophakanyi- siwe longakavunyelwa kutsi aphakanyiswe ngekwesiga- tjana (1), kanye (ii) labaphakanyisiwe labavunyiwe (b) Nobhala kufanele agcine luhla lwako konkhe lokuvunyelwe kwa lophakanyisiwe ngaphansi kwalesigaba.] (a) lophakanyisiwe longakavu- nyelwa njengalophakanyisiwe ngekwemibandzela yesigatjana (1) kufanele— (i) avunyelwe liGatja; futsi (ii) ahambisane nemtsetfo wenchubo loncunywe liGatja ngaphasi kwe-Financial Sector Regulations Act. (b) [Nobhala] liGatja kufanele ligcine luhlu lwabo bonkhe labaphakanyisiwe labavunyelwe ngaphasi kwalesigaba.’’. - 56 Verify source ↗
Kuchitjiyelwa kwesigaba 77—
AI-assisted research summary: This provision amends section 77 by deleting the definition of “lihhovisi lemakleyimu”.
56. Kuchitjiyelwa kwesigaba 77— (a) ngekususwa kwenchazelo ye- ‘‘lihhovisi lemakleyimu’’; This gazette is also available free online at www.gpwonline.co.za - 556 Verify source ↗
No. 41060
AI-assisted research summary: This section amends the definitions of “inside information” and “insider” by replacing specified wording.
556 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 548 Extent of repeal or amendment (b) by the substitution for paragraph (b) of the definition of ‘‘inside information’’ of the following paragraph: ‘‘(b) if it were made public, would be likely to have a material effect on the price or value of any security listed on a regu- lated market or of any deriva- tive instrument related to such a security;’’; and (c) by the substitution in paragraph (a) of the definition of ‘‘insider’’ for subpara- graph (i) of the following subpara- graph: ‘‘(i) being a director, employee or shareholder of an issuer of se- curities listed on a regulated market or an issuer of deriva- tive instruments related to such securities to which the inside information relates; or’’. - 57 Verify source ↗
The amendment of section 78—
AI-assisted research summary: This section amends section 78 so that insider dealing offences are stated for insiders and for people dealing for insiders in affected securities or related derivatives.
57. The amendment of section 78— (a) by the substitution in subsection (1) for paragraph (a) of the following para- graph: ‘‘(a) An insider who knows that he or she has inside information and who deals, directly or indirectly or through an agent for his or her own account, in the securities listed on a regulated mar- ket or in derivative instruments related to such securities, to which the inside information relates or which are likely to be affected by it, commits an of- fence.’’; (b) by the substitution in subsection (2) for paragraph (a) of the following para- graph: ‘‘(a) An insider who knows that he or she has inside information and who deals, directly or indirectly or through an agent for any other per- son, in the securities listed on a regulated market or in derivative instruments related to such securi- ties, to which the inside information relates or which are likely to be af- fected by it, commits an offence.’’; (c) by the substitution in subsection (3) for paragraph (a) of the following para- graph: ‘‘(a) Any person who deals for an insider, directly or indirectly or through an agent, in the securities listed on a regulated market or in derivative instruments related to such securities, to which the inside information possessed by the insider relates or which are likely to be af- fected by it, who knew that such person is an insider, commits an of- fence.’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 557 549 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) ngekuntjintjwa kwendzima (b) enchazelweni ye— ‘‘lwati lwangekhatsi’’ ngalendzima lelandzelako: ‘‘(b) uma ngabe bekwatiwa nguwonkhe umuntfu bekungaba nemtselela wemphahla kulelinani noma bungako banoma maphi emasheya kumakethe lelawulwako nobe-ke ngukuphi lokususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo;’’; phindze (c) ngekuntjintjwa kwendzinyana (i) enchazelweni ye- ‘‘ngekhatsi’’ lesendzimeni (a) ngalendzinyana lelandzelako: ‘‘(i) angumcondzisi, umsebenti noma lonemasheya kantsi angumniketi wemasheya labhalisiwe kumakethe lesemtsetfweni nobe lolususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo lapho lolwatiso lwangekhatsi luhambisana khona; noma’’. - 57 Verify source ↗
Kuchitjiyelwa kwesigaba 78—
AI-assisted research summary: A person who knows they have inside information and trades listed securities on a regulated market may commit an offence.
57. Kuchitjiyelwa kwesigaba 78— (a) ngekuntjintjwa kwendzima (a) esigatjaneni (1) ngalendzima lelandzelako: ‘‘(a) Longekhatsi lowatiko kutsi unelwatiso lwangekhatsi nalosebenta ngconoma pheceleti noma ngekuha- mbisana ne-ejenti kutentela yena kumasheya labhalisiwe kumakethe lesemtsetfweni lapho khona lolwatiso lolungekhatsi luhambisana nobe lolususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo, lutawubangela kutsi abe nelicala.’’; (b) ngekuntjintjwa kwendzima (a) esigatjaneni (2) ngalendzima lelanzdelako: ‘‘(a) Longekhatsi lowatiko kutsi unelwatiso lwangekhatsi nalotsengisa, ngalokucondzile noma lokuncikile noma ngekumelela i-ejenti yanoma ngumuphi umuntfu kulamasheya labhaliwe kumakethe lesemtsetfweni lapho khona lolwatiso lolungekhatsi luhlose khona noma nalekungafanele lutsintfwe ngiyo, nobe lolususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo kubangela licala.’’; (c) ngekuntjintjwa kwendzima (a) esigatjaneni (3) ngalendzima lelandzelako; This gazette is also available free online at www.gpwonline.co.za - 558 Verify source ↗
No. 41060
AI-assisted research summary: An insider may not encourage or stop another person from dealing in affected securities or related derivatives when they know they have inside information; there is an exception where disclosure was necessary for proper work performance and the information was disclosed as inside information.
558 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 550 Extent of repeal or amendment (d) by the substitution in subsection (4) for paragraph (b) of the following para- graph: ‘‘(b) An insider is, despite para- graph (a), not guilty of the offence contemplated in that paragraph if such insider proves on a balance of probabilities that he or she disclosed the inside information because it was necessary to do so for the purpose of the proper performance of the func- tions of his or her employment, of- fice or profession in circumstances unrelated to dealing in any security listed on a regulated market or trad- ing with a derivative instrument re- lated to such a security and that he or she at the same time disclosed that the information was inside in- formation.’’; and (e) by the substitution for subsection (5) of the following subsection: ‘‘(5) An insider who knows that he or she has inside information and who encourages or causes another person to deal or discourages or stops another person from dealing in the securities listed on a regulated market or in derivative instruments related to such securities, to which the inside information relates or which are likely to be affected by it, commits an offence.’’. - 58 Verify source ↗
The amendment of section 82—
AI-assisted research summary: This section amends section 82 and requires the Authority to pay recovered amounts into a specially designated trust account.
58. The amendment of section 82— (a) by the substitution for the expression ‘‘Enforcement Committee’’, wherever it occurs in the section, of the expres- sion ‘‘Authority’’; (b) by the substitution for subsection (4) of the following subsection: ‘‘(4) Any amount recovered by the [board] Authority as a result of the proceedings contemplated in this section must be deposited by the [board] Authority directly into a specially designated trust account and— This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 559 551 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (d) Noma ngabe ngubani lotsengiselana nemuntfu longekhatsi noma ngekumelela yena noma ngekusebentisa i-ejenti kulamasheya labhalisiwe kumakethe lesemtsetfweni lapho khona lwatiso lalosekhatsi lolucuketfwe ngulolosekhatsi luhambelana nalo noma lutawutsintfwa ngilo, nobe lolususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo lowatiko kutsi umuntfu lonjalo ungekhatsi, unelicala. (e) ngekuntjintjwa kwendzima (b) esigatjaneni (4) ngalendzinyana lelandzelako: ‘‘(b) Umuntfu longekhatsi, kkungabukwa indzima (a), akanacala lelivetwe kundzima uma ngabe lona longekhatsi uyacinisekisa ngalokwanele kutsi uluvetile lolwatiso lolungekhatsi ngoba bekufanele kutsi ente njalo kute kutsi kusebenteke kahle emsebentini wakhe, ehhovisi noma emsebentini kutintfo letingahlobananga nekuhwebelana kunoma nguwaphi emasheya lahambisanako laseluhlweni lwasemakethe lesemtsetfweni nobe luhwebo ngeku suselwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo nekutsi ngaleso sikhatsi uvete kutsi lolwatiso bekulwatiso lwangekhatsi. (g) ngekuntjintjwa kwesigatjana (5) ngalesigatjana lesilandzelako: ‘‘(5) Umuntfu longekhatsi lowatiko kutsi unelwatiso lwangekhatsi nalogcugcutela noma abangele lomunye umuntfu kutsi ahwebelane noma advumate noma amise lomunye umuntfu kutsi ahwebelane kulamasheya laseluhlweni kumakethe lesemtsetfweni nobe lolususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo lapho lolwatiso lwangekhatsi lubhekise khona noma uma kungatsintfwa ngilo [nobe lolususelwa eluhlwini lwetetimali loluphatselene nemasheya lanjalo] angaba nelicala.’’. 58. kuchitjiyelwa kwesigaba 82— (a) ngekuntjintjwa kwekuvetwa kwe ‘‘likomidi lelibeka imitsetfo’’ ngeligama lelitsi ‘‘liGatja’’ nobe’’; kukuphi lapho livela khona kulesigaba; (b) ngekuntjintjwa kwesigatjana (4) ngalesigatjana lesilandzelako: ‘‘(4) Noma ngabe nguliphi linani lelibekwe [yibhodi] liGatja njengemphumela walenchubo This gazette is also available free online at www.gpwonline.co.za - 560 Verify source ↗
No. 41060
AI-assisted research summary: Affected persons must submit claims to the Authority within 90 days after a notice is published.
560 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 552 (a) the [board] Authority is, as a first charge against the trust ac- count, entitled to reimbursement of all expenses reasonably in- curred by it in bringing such pro- ceedings and in administering the distributions made to claim- ants in terms of subsection (5); (b) the balance, if any, must be dis- tributed by the [claims officer] Authority to the claimants re- ferred to in subsection (5) in ac- cordance with subsection (6); and (c) any amount not paid out in terms of paragraph (b) accrues to the [board] Authority.’’; (c) by the substitution in subsection (5) for paragraph (a) of the following para- graph: ‘‘(a) submit claims to the [direc- torate] Authority within 90 days from the date of publication of a notice in one national newspaper or on the [official] Authority’s website inviting persons who are affected by the dealings referred to in section 78(1) to (5) to submit their claims; and’’; and (d) by the substitution in subsection (5)(b) for the words preceding subparagraph (i) of the following words: ‘‘prove to the reasonable satisfaction of the [claims officer] Authority that—’’. - 59 Verify source ↗
The substitution for section 83 of the
AI-assisted research summary: Section 59 substitutes section 83 with a new section titled “Attachments and interdicts.”
59. The substitution for section 83 of the following section: ‘‘Attachments and interdicts - 83 Verify source ↗
On application by the [board]
AI-assisted research summary: On application by the Board Authority, a court may grant an interdict or order attachment of assets or evidence in Chapter X matters to prevent concealment, removal, dissipation, or destruction.
83. On application by the [board] Authority, a court may in relation to any matter referred to in Chapter X grant an interdict or order the attachment of as- sets or evidence to prevent their conceal- ment, removal, dissipation or destruc- tion.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 561 553 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo levetwe kulesigaba kufanele ifakwe ku-akhawunti leyakhelwe loko [yibhodi] liGatja kube yi-akhawunti [yebatsenjwa] yesikhwama semfelandzawonye futsi— (a) [ibhodi] liGatja, njengoba ngiyo yekucala lemelene ne-akhawunti yebatsenjwa,inemvume yekuntjintjela tonkhe tindleko letitfolakele ngalokungakho- nakala ngekutsi yenta leto tinchubo nangekulawula lokusatjalaliswa lokwentiwe ngulabafake tikhalo temali ngekwesigatjana (5); (b) lelinani lelisele, uma likhona, kufanele lisatjalaliswe [sisebenti semakleyimu] liGatja kulabo labafake tikhalo lababalwe kusigatjana (5) ngekuhambisana nesigatjana (6); kantsi futsi (c) noma ngabe nguliphi linani lelingakakhokhelwa ngekwendzima (b) nentalo [Kubhodi] kuliGatja.’’; (c) ngekuntjintjwa kwendzima (a) esigatjaneni (5) ngalendzima lelandzelako: ‘‘(a) batfumelo emakleyimu [ehhovisi] kuliGatja kungakapheli emalanga lali-90 kusukela ngalelilanga lekukhishwe ngalo satiso ephephandzabeni lavelonkhe noma kuwebhusayithi [lesemtsetfweni] [yalo] yeliGatja kumenywa bantfu labatsintsekako ngekuhwebelana lokubalwe kusigaba 78(1) kuya (5) kutsi batfumele emakleyimu; kanye’’; futsi (d) ngekuntjintjwa kwemagama landvulela indzinyana (i) esigatjaneni (5)(b) ngalamagama lalandzelako; ‘‘bavumele ngekwenetiseka lokufanele [kusisebenti semakleyimu] kuliGatja [lekufanele] kutsi—’’. - 59 Verify source ↗
Kuntjintjwa kwesigaba 83
AI-assisted research summary: This section amends section 83 with the following text.
59. Kuntjintjwa kwesigaba 83 ngalesigaba lesilandzelako: ‘‘Lokufakiwe netivimbo - 83 Verify source ↗
Ngesicelo lesifakwe [yibhodi]
AI-assisted research summary: On application by the board, the court may issue a warrant connected to a Chapter X matter or to property/documents and evidence that may be concealed, removed, improperly handled, or interfered with.
83. Ngesicelo lesifakwe [yibhodi] liGatja, inkhantolo inganiketa incwadzi yekubitela enkhantolo ngalokuhambe- lana naloludzaba lolubalwe kuSehluko X noma ngeluhlelo lwalemphahla lefakiwe noma bufakazi bekuvikela lokufihliwe, lokukhishiwe, lokungahambi kahle noma lokuphatamisako.’’. This gazette is also available free online at www.gpwonline.co.za - 562 Verify source ↗
No. 41060
AI-assisted research summary: This extract is only a heading/table fragment about repeal or amendment; it does not state an operative rule.
562 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 554 - 60 Verify source ↗
The substitution for section 84 of the
AI-assisted research summary: This section substitutes a new section 84 headed “Additional powers of Authority.”
60. The substitution for section 84 of the following section: ‘‘Additional powers of Authority - 84 Verify source ↗
The Authority may—
AI-assisted research summary: The Authority may make conduct standards and issue regulator’s directives, after consulting the relevant regulated markets, to support monitoring and identifying possible contraventions, and it may also make conduct standards for disclosure of inside information.
84. The Authority may— (a) after consultation with the relevant regulated markets in the Republic,— (i) make conduct standards, or (ii) give regulator’s directives for the implementation of such sys- tems as are necessary for the effective monitoring and identi- fication of possible contraven- tions of this Chapter; and (b) make conduct standards for the dis- closure of inside information.’’. - 61 Verify source ↗
The substitution for section 85 of the
AI-assisted research summary: The Directorate of Market Abuse continues to exist, and the Authority may determine its functions, powers, and duties.
61. The substitution for section 85 of the following section: ‘‘Composition and functions of direc- torate 85. (1) (a) The Directorate established by section 12 of the Insider Trading Act, 1998 (Act No. 135 of 1998), and that continued to exist under the Securities Services Act, 2004 (Act No. 36 of 2004), continues to exist under the name Direc- torate of Market Abuse, despite the re- peal of those Acts. (b) A reference to the Insider Trading Directorate in any law must, unless clearly inappropriate, be construed as a reference to the Directorate of Market Abuse. (c) The Authority may determine the functions, powers and duties of the di- rectorate, which may include to consider and make recommendations relating to investigations into offences referred to in sections 78, 80 and 81 of this Act and section 135(2) of the Financial Sector Regulation Act. (2)(a) The directorate consists of members and alternate members ap- pointed by the Authority. (b) The members of the directorate holding office at the date that Part 6 of Chapter 17 of the Financial Sector Regu- lation Act comes into force remain as members for the terms and subject to the conditions applicable to them on their respective appointments. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 563 555 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
Part
Chapter 17 of the Financial Sector Regu-
- 60 Verify source ↗
Kushintjwa kwesigaba 84
AI-assisted research summary: The Branch may make procedural regulations after consulting the appropriate regulated markets, including rules for disclosure of inside information.
60. Kushintjwa kwesigaba 84 ngalesigaba lesilandzelako ‘‘Emandla langetiwe eliGatja 84. liGatja linga— (a) ngemuva kwekubuta kutimakethe letifanele letilawuliwe kuRiphabhu- lukhi, (i) ente umtsetfo wenchubo, nome (ii) anikete ngemandla kute kusungulwe tinhlelo letinjalo njengobe tibalululekile ekunakweni nasekutfolweni kwekwaphulwa lokungahle kube khona kuleSehluko; futsi; (b) ente umtsetfo wenchubo wekuvetwa kwelwati lwangekhatsi.’’. - 61 Verify source ↗
Kushintjwa kwesigaa 85 ngalesigaba
AI-assisted research summary: The board continues operating under the Market Abuse Board name, may be given functions and powers by the authority, and its members are appointed and continue in office under their appointment terms.
61. Kushintjwa kwesigaa 85 ngalesigaba lesilandzelako ‘‘Kwakheka nekusebenta kwebhodi yebacondzisi’’ 85. (1) (a) iBhodi yeBacondzisi lesungulwe sigaba 12 Insider Trading Act, 1998 (Umtsetfo Nom. 135 wanga 1998), futsi lechubeke yaphila ngaphasi kwe-Securities Services Act, 2004 (Umtsetfo Nom. 36 wanga 2004), uyachubeka kusebenta ngaphasi kweligama iBhodi yebaCondzisi bekuHlukunyetwa kwetiMakethe ngisho nome seyicitsiwe leMitsetfo. (b) Irefusensi kubhodi yebhodi yebacondzisi beteluhwebo lwangekhatsi kunome nguwuphi umtsetsetfo kufuna yakhiwe njengerefurensi kuBhodi yebaCondzisi bekuHlukunyetwa kwetiMakethe. (c) liGatja lingancuma imisebenti, emandla nekusebenta kwebhodi yebacondzisi, lokungafaka ekhatsi nekucabanga nekwenta tincomo lokuphatselene nekuphenya kuhlukubeta lekucondziswe kuko kutigaba 70, 80 kanye na-81taloMtsetfo kanye nesigaba 135(2) se-Financial Sector Regulation Act. (2)(a) Lebhodi yebacondzisi yakhiwa malunga nemalunga langetiwe lacokwe liGatja. (b) Emalunga lebhodi yebacondzisi lasehhovisi ngelusuku lolushiwo kuSehluko 17 se-Financial Sector Regulation Act, achubeka abe ngemalunga ngekwemigomo netimo lababekelwe kona ngekucokwa kwabo. This gazette is also available free online at www.gpwonline.co.za - 564 Verify source ↗
No. 41060
AI-assisted research summary: The Authority decides members’ terms, may remove a directorate member for good cause, and certain nominated people must be available, knowledgeable, and not practising authorised users.
564 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 556 (c) A member and an alternate member hold office for a period, not exceeding three years, as the Authority may deter- mine at the time of the member’s ap- pointment, and is eligible for reappoint- ment upon the expiry of the member’s term of office. (d) If on the expiry of the term of of- fice of a member, a reappointment is not made or a new member is not appointed, the former member must remain in office for a further period of not more than six months. (e) The Authority may remove a mem- ber of the directorate from office on good cause shown and after having given the member sufficient opportunity to show why the member should not be removed. (3) The members of the directorate may comprise of— (a) not more than two members of staff of the Authority; (b) one person and an alternate from each of the licensed exchanges in the Republic; (c) one commercial lawyer of appropri- ate experience and an alternate; (d) one accountant of appropriate experi- ence and an alternate; (e) one person of appropriate experience and an alternate from the insurance industry; (f) one person of appropriate experience and an alternate from the banking industry; (g) one person of appropriate experience and an alternate from the fund man- agement industry; (h) one person of appropriate experience and an alternate that represents insti- tutional investors; (i) one person of appropriate experience and an alternate nominated by the South African Reserve Bank; (j) one person of appropriate experience and an alternate nominated by the Prudential Authority; and (k) two other persons of appropriate ex- perience and alternates, to ensure that the directorate is comprised of an appropriate mix of skills and experi- ence. (4) The persons referred to in subsec- tion (3) who are nominated— (a) must be available to serve as mem- bers of the directorate; (b) must have appropriate knowledge of financial markets; and (c) may not be practising authorised users. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 565 557 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) Lilunga kanye nelilunga lelingetiwe bababa lihhovisi iminyaka lengedluli kulemitsatfu, njengoba ligatja lingancuma esikhatssini sekucokwa kwelilunga, futsi ligunyatiwe kubuyisela lilunga futsi lapho sekuphele sikhatsisalo sekubamba ehhovisini. (d) Nangabe lilunga lingacokwa futsi lapho liphelelwe sikhatsi ehhovisi, lelo lunga kufuna lihlale hhovisi tinyanga letinye letingedluli kuletisitfupha. (e) liGatja lingasusa lilunga lebhodi yebancondzisi ehhovisi ngesihle phindze nangemuva kwekuniketa lelo lunga litfuba lelanele kukhombisa kutsi kungani kufanele lingasuswa. (3) Emalunga ebhodi yebacondzisi ingakhiwa— (a) malunga langadluli kulamabili ebasebenti beliGatja; (b) umuntfu loyedvwa kanye nalongetiwe bemagatja etekuhweba lasemtsetfweni kuRiphabhuliki; (c) ummeli wetemnotfo leyedvwa lonelwati lolwanele kanye nemlekeleli; (d) ngcwethi wetemnotfo nonelwati lolufanele kanye nemlekeleli; (e) umuntfu loyedvwa lonelwati lolufanele nemlekeleli labaphuma kumkhakha wemishwalensi; (f) umuntfu leyedvwa lonelwati lolufanele nemlekeleli labaphuma kumkhakha wetekubhanga; (g) umuntfu loyedvwa lonelwati lolufanele nemelekeleli labaphuma kumkhakha wekulawulwa kwelusitotimali; (h) umuntfu loyedvwa lonelwati lolufanele kanye nemelekeleli labamele basisi kutikhungo; (i) umuntfu loyedvwa lonelwati lolufanele kanye nemelekeleli labacokwe liBhange Ngodla laseNingizimu Afrika; (j) umuntfu loyedvwa lonelwati lolufanele kanye nemelekeleli labacokwe ngumtsetfo webungcweti; futsi (k) bantfu labanye lababili labanekwati lolufanle kanye nebalekeleli, kucinisekisa kutsi lebhodi yebacondzisi yakhiwe yinhlanganisela yemakhono nelwati. (4) labantfu lekucondziswe kibo kusigatjana (3) labacokiwe— (a) kufuna babe khona ekusebenteni njengemalunga ebhodi yebacondzisi; (b) kufuna babe nelwati lolufanele ngetimakethe temnotfo; futsi (c) angeke babe basebentisis labasebenta ngekugunyatwa. This gazette is also available free online at www.gpwonline.co.za - 566 Verify source ↗
No. 41060
AI-assisted research summary: This section sets rules for the directorate’s chairperson, meetings, minutes, and disclosure of interests.
566 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 558 (5) The Authority must designate a chairperson, who may not be the Com- missioner of the Authority, and a deputy chairperson who performs the functions of the chairperson when the office of chairperson is vacant or when the chair- person is unable to perform the chairper- son’s functions. (6) All members of the directorate, other than the additional members, have one vote in respect of matters considered by the directorate, but an alternate mem- ber only has a vote in the absence from a meeting of the member whom the alter- nate is representing. (7) A meeting of the directorate is convened by the chairperson. (8) If four members of the directorate in writing request the chairperson of the directorate to convene a meeting of the directorate, a meeting must be held within seven business days of the date of receipt of the request. (9) A meeting of the directorate is chaired by the chairperson or, in the chairperson’s absence, by the deputy chairperson or another member desig- nated by the chairperson or the remain- ing members. (10) The directorate determines its procedures, subject to any directions of the Authority. (11) The decision of a majority of the members of the directorate constitutes the decision of the directorate. (12) The Authority must ensure that written minutes of each meeting of the directorate are kept in a manner deter- mined by the Authority. (13) A member of the directorate must disclose, at a meeting of the directorate, or in writing to each of the other mem- bers of the directorate, any interest in a matter that is being or is intended to be considered by the directorate, being an interest that— (a) the member has; or (b) a person has who is a related party to the member. (14) A disclosure in terms of subsec- tion (13) must be given as soon as prac- ticable after the member concerned be- comes aware of the interest. (15) A member referred to in subsec- tion (13) may not participate in the con- sideration of or decision on that matter by the directorate unless— (a) the member has disclosed the inter- est in accordance with subsection (13); and (b) the other members of the directorate have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 567 559 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (5) LiGatja kufuna licoke sihlalo, longeke abe ngukomishi weliGatja, nasekelasihlalo lowenta imisebenti yasihlalo lapho kungekho muntfu ehhovisi lasihlalo nome lapho sihlalo angakhoni kwenta imisebenti yakhe njengasihlalo. (6) Onkhe emalunga ebhodi yeticondziso, ngaphandle kwemalunga lanagetiwe aneliviti lelilodvwa etindzabeni letiphakanyiswa yibhodi yebacondzisi, kepha lilunga lelingetiwe liba nelivoti kuphela nangabe lona lelimmele angekho kumhlangano. (7) Umhlangano webhodi yebacondzisi uhlanganiswa ngusihlalo. (8) Nangabe emalunga lamane ngekubhala acela sihlalo kutsi ahlanganise umhlangano webhodi yebacondzisi, lomhlangano kufuna ubanjwe ekhatsi kwemalanga lasikhombisa ekusebenta kusuka ngelusuku sihlalo latfole ngalo lesicelo. (9) Umhlangano webhodi yebacondzisi uphatfwa ngusihlalo nome, lapho angekho sihlalo, kuma sekela wakhe etintsanjeni nome lelinye lilunga lelicokwe ngusihlalo nome-ke lamanye emalungo lakhona. (10) Ibhodi yebacondzisi incuma tinchubo tayo ngekwetindlela teliGatja. (11) Sincumo selinyenti lemalunga ebhodi yebacondzisi sakha sincumo sebhodi. (12) LiGatja kufanele licinisekise kutsi emaminitsi labhaliwe emhlangano ngamunye webhodi yebacondzisi agcinwe ngendlela lencunywe liGatja. (13) Lilunga lebhodi yeticondziso kufuna livete kubhodi, nome ngekubhalela ngamunye wemalunga ebhodi nome siphi sifiso eludzabeni loluphakanyisiwe nome lolusatawuphakanyiswa yibhodi, kungaba sifiso— (a) lilunga lelinaso; nome (b) umuntfu lanaso lohlobene nalelilunga. (14) Kuveta ngekwesigatjana (13) kufuna kwentiwe masisha ngemuva kwekuba lelo lunga selati ngalesifiso. (15) Lilunga lekucondziswe kulo kusigatjana (13) angeke labamba lichaza lapho ibhodi iphakamisa nome incuma ngaloludzaba, ngaphandle nangabe— (a) lelilunga livete lesifiso ngekuhambisana nesigatjana (13); futsi (b) lamanye emalunga ebhodi ancume kutsi lesifiso asitsikabeti tinchubo letifanele tekusebenta kwelilunga ngalokuyamene naloludzaba.’’. This gazette is also available free online at www.gpwonline.co.za - 568 Verify source ↗
No. 41060
AI-assisted research summary: This text is a Gazette heading and table heading for Section 568, identifying a repeal or amendment extent table.
568 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 560 Act No. and year Short Title Extent of repeal or amendment - 62 Verify source ↗
The repeal of section 86.
AI-assisted research summary: This section repeals section 86.
62. The repeal of section 86. - 63 Verify source ↗
The substitution for section 88 of the
AI-assisted research summary: This section says section 88 is being substituted with a new section about confidentiality and sharing of information.
63. The substitution for section 88 of the following section: ‘‘Confidentiality and sharing of infor- mation - 88 Verify source ↗
The [directorate] Authority may
AI-assisted research summary: The Authority may share information about matters dealt with in this Chapter with specified regulatory and public bodies.
88. The [directorate] Authority may share information concerning any matter dealt with in terms of this Chapter with the [institutions which have nominated persons to the directorate, the] Take- over Regulation Panel[,] established by section 196 of the Companies Act, the South African Reserve Bank, the Pru- dential Authority, the Independent Regu- latory Board for Auditors constituted in terms of the Auditing Profession Act, a [licensed exchange, a licensed central securities depository, or a licensed in- dependent clearing house] market in- frastructure, the Financial Intelligence Centre established by the Financial Intel- ligence Centre Act, the National Trea- sury, the Minister and the persons, inside the Republic or elsewhere, responsible for regulating, investigating or prosecut- ing insider trading, prohibited trading practices and other market abuses.’’. - 64 Verify source ↗
The amendment of section 90 by the
AI-assisted research summary: The section requires accounting records to be kept continuously, annual financial statements to be prepared to the specified standards, and the records and statements to be audited on time, unless the Authority allows a later date on application by a regulated person.
64. The amendment of section 90 by the substitution for paragraphs (a) and (b) of the following paragraphs: ‘‘(a) maintain on a continual basis the accounting records [prescribed by the registrar] determined in joint standards and prepare annual finan- cial statements that conform with the financial reporting standards prescribed under the Companies Act and contain the information that may be [prescribed by the registrar] determined in joint stan- dards; cause such accounting records and annual financial statements to be audited by an auditor appointed under section 89, within a period [prescribed by the registrar] de- termined in joint standards or such later date as the [registrar] Author- ity may allow on application by a regulated person; and’’. (b) This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 569 561 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 62 Verify source ↗
Kucitfwa kwesigaba 86
AI-assisted research summary: Section 62 references section 86.
62. Kucitfwa kwesigaba 86 - 63 Verify source ↗
Kuntjintjwa kwesigaba 88
AI-assisted research summary: The office may share information about matters dealt with under this Chapter with certain listed bodies.
63. Kuntjintjwa kwesigaba 88 ngalesigaba lesilandzelako: ‘‘Kubamba imfihlo nekwabelana ngelwatiso 88. [Lihhovisi] liGatja lingabelana ngelwatiso loluhambisana nanoma nguluphi ludzaba lekusetjentwe ngalo ngekwaleSehluko ne[tikhungo letinebantfu labakhetselwe kulelihhovisi, le]Litsimba Lekudlulisela Umsebenti[,] lelisungulwe ngekwesigaba 196 se-Companies Act, Libhange Ngodla lase Ningizimu Afrika, liGatja lebuHlakani, Ibhodi yeligatja lelinemvume, libhange lemasheya lelisemkhatsini, noma indlu letimele lenemvume yekugunyata Yebahloli Mabhuku leyakhiwe ngekwe Auditing Profession Act, [tonkhe tinhlangano letitibusako] simonchanti semakethe, i-Financial Intelligence Centre Act, Betimali Telive, Ngcongcoshe kanye nebantfu, lapho khona ekhatsi eRiphabhulikhi noma kulenye indzawo, losebenta kulawula. Kuphenya noma kushisa kuhwebelana ngekhatsi, kutsengiselana lokungakavunyelwa kanye nalokunye kuhlukunyetwa kwetimakethe.’’. - 64 Verify source ↗
Kuchitjiyelwa kwesigaba 90
AI-assisted research summary: This section amends section 90 to require financial records to be kept, annual financial statements to be prepared, and those records and statements to be audited.
64. Kuchitjiyelwa kwesigaba 90 ngekuntjintjwa kwetindzima (a) neye (b) esigabeni 90 ngaletindzima letilandzelako: ‘‘(a) agcine njalo emarekhodi etimali (b) [lekakhishwe] [ngunobhala] lancunywe ngekwemtsetfo wekuhlanganyela abuye alungi[ng]se titatimende temali temnyaka wonkhe lekuhambisana nalokubika ngetimali lokubekwe ngaphansi kwe-Companies Act kantsi kube nalolwatiso [lolungakhishwa] [ngunobhala] lolungancunywa ngekwenchubo yemtsetfo; futsi abangele kutsi lawo marekhodi etimali kanye netitatimende temnyaka wonkhe tihlolwe ngumhloli mabhuku locashwe ngaphansi kwesigaba 89, ngesikhatsi [lesibekwe] [ngunobhala] lesincunywe ngekwemtsetfo wekuhlanganyela noma lolo lusuku lwamuva lolungavunyelwa [ngunobhala] liGatja ngesicelo lesifakwe ngumuntfu losemtsetfweni; kanye’’. This gazette is also available free online at www.gpwonline.co.za - 570 Verify source ↗
No. 41060
AI-assisted research summary: This excerpt is a Gazette header and table heading for repeal or amendment; it does not state an operative rule.
570 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 562 - 65 Verify source ↗
The amendment of section 91—
AI-assisted research summary: This section amends section 91 so that an auditor of a regulated person must report certain prescribed matters after an audit, subject to subsection (3).
65. The amendment of section 91— (a) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘When an auditor of a regulated person has conducted an audit in terms of subsection (1), the auditor must, subject to subsection (3), re- port to the regulated person or to the exchange, central securities deposi- tory, [or] independent clearing house or central counterparty in question, if the auditor is the auditor of an authorised user, participant or clear- ing member of an independent clear- ing house or central counterparty, and on request to the [registrar]Authority— ’’; and (b) by the substitution for paragraph (b) of the following paragraph ‘‘(b) on the matters prescribed [by the registrar, including mat- ters relating to the nominees of those regulated persons] in conduct standards.’’. - 66 Verify source ↗
The substitution in Chapter XII for
AI-assisted research summary: The heading before section 94 in Chapter XII is replaced with “Powers of Authority and court.”
66. The substitution in Chapter XII for the heading preceding section 94 of the following heading: ‘‘Powers of [registrar] Authority and court’’. - 67 Verify source ↗
The substitution for section 94 of the
AI-assisted research summary: The Authority may investigate suspected non-compliance by a person providing securities services and can require written production of reasonably needed information, documents, or records.
67. The substitution for section 94 of the following section: ‘‘General powers of [registrar] Authority 94. (1) If the [registrar] Authority receives a complaint, charge or allega- tion that a person ([hereinafter referred to as] ‘‘the respondent’’) who provides securities services (whether the respon- dent is licensed or authorised in terms of this Act or not) is contravening or is fail- ing to comply with any provision of this Act, or if the [registrar] Authority has reason to believe that such a contraven- tion or failure is taking place, the [regis- trar] Authority may investigate the mat- ter [by directing that respondent in writing to— (i) provide the registrar with any in- formation, document or record reasonably required by the regis- trar about such services; This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 571 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 563 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 65 Verify source ↗
Kuchitjiyelwa kwesigaba 91
AI-assisted research summary: This section amends section 91 by changing the wording of paragraph (a) and paragraph (b).
65. Kuchitjiyelwa kwesigaba 91 (a) ngekuntjintjwa kwemagama landvulela indzima (a) ngalamagama lalandzelako: ‘‘Nangabe umhleli timali wemuntfu lolawulwako ente kuhlela timali ngekwesigatjana (1), umhleli timali kufanele ngekwesigatjana (3), abike kuloyo muntfu lolawulwako nobe kuteluhhwebo, libhange lelisemkhatsini lemasheya, indlu legunyata ngekutimela nome ligatja lelilamulako lekungayo, nangabe umhleli timali wemsebentisi logunyatiwe, longenelelako nome lilunga leligunyatiwe lendlu legunyata ngekutimela nome ligatja lelilamulako, futsi ngefaka sicelo kuliGatja—’’; futsi (b) ngekuntjintja indzima (b) ngalendzima lelandzelako: ‘‘(b) ngaletindzaba letibekiwe [ngunobhala, kufaka ekhatsi tindzaba letiphatselene nalophakanyisiwe walabo bantfu labasemtsetfweni] kunchubo yemtsetfo.’’. - 66 Verify source ↗
Ngekuntjintjelwa kuSahluko XII
AI-assisted research summary: This section changes the heading before section 94 in Chapter XII.
66. Ngekuntjintjelwa kuSahluko XII sihloko lesandvulela sigaba 94 ngalesi- hloko lesilandzelako: [Kushintjwa kwesigaba 94 ngalesigaba lesilandzelkao:] ‘‘Emandla [anobhala] eliGatja nenkhantolo’’ - 67 Verify source ↗
Kuntjintjwa kwesigaba 94
AI-assisted research summary: The secretary may investigate complaints or suspected non-compliance and can require the person involved to provide information, documents, or records.
67. Kuntjintjwa kwesigaba 94 ngalesigaba lesilandzelkao: ‘‘Emandla latayelekile [anobhala] liGatja 94. (1) Uma ngabe [nobhala] liGatja lingatfola sikhalo, kubekwa licala noma kucatjangelwa kutsi umuntfu (lapha njengoba abekwe njengalotiphendvu- lelako) loniketa umsebenti wemasheya (noma ngabe lona lophendvulako unelayisensi noma ugunyatiwe ngekwaloMtsetfo noma cha) uphula noma uyahluleka kuhambisana nanoma miphi imibandzela yaloMtsetfo, noma uma ngabe [nobhala] liGatja [a]linesizatfu sekukholwa kutsi lokungenelela noma lokuhluleka kuyenteka, [nobhala] liGatja [a]lingaphenya loludzaba [ngekutsi acondzise lolophendvulako ngekumbalela kutsi— (i) anikete nobhala noma luphi lwatiso, imiculu noma emarekho- diladzinga ngunobhala ngalemise- benti; This gazette is also available free online at www.gpwonline.co.za - 572 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may issue a regulator’s directive about objectionable securities-related advertising or documents, including stopping publication or requiring amendments.
572 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 564 (ii) appear before the registrar at a specified time and place] in terms of the Financial Sector Regulation Act. (2) [Despite any contrary law, the registrar may, if] The power of the Au- thority to give a regulator’s directive in terms of the Financial Sector Regulation Act extends to giving such a directive in respect of an advertisement, brochure or other document relating to securities that is [misleading or] for any reason objec- tionable[, direct that the advertise- ment, brochure or other document not be published or the publication thereof be stopped or that such amendments as the registrar considers necessary be effected].’’. - 68 Verify source ↗
The repeal of section 95.
AI-assisted research summary: This section repeals section 95.
68. The repeal of section 95.
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