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| South Africa NATIONAL LEGISLATION OVERVIEWS  |
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Financial Markets Act, No. 19 of
2012
NOTE: Assented to and published in English, with alternative copy in Xhosa
NOTE: Assented to and published in English, with alternative copy in Xhosa
Long title
To provide for the regulation of financial markets; to license and regulate exchanges, central securities depositories, clearing houses [ , central counterparties ] and trade repositories; to regulate and control securities trading, clearing and settlement, and the custody and administration of securities; to prohibit insider trading, and other market abuses; to provide for the approval of nominees; to provide for [ conduct standards ] ; to replace the Securities Services Act, 2004, as amended by the Financial Services Laws General Amendment Act, 2008, so as to align this Act with international standards; and to provide for matters connected therewith.
[...amended by Act 2017_009_290_20170822 Sch4 Item78]
Table of contents
| SECTION | TITLE |
| ARRANGEMENT OF SECTIONS | |
| CHAPTER I. PRELIMINARY PROVISIONS | |
| 1. | Definitions
and interpretation |
| 1A. | Relationship
between Act and Financial Sector Regulation Act [...inserted by Act
2017_009_290_20170822 Sch4 Item3] |
| 2. | Objects
of Act |
| 3. | Application
of Act and rules |
| 4. | Prohibitions
and adherence to authorisation by authorised users, participants and
clearing members |
| CHAPTER II. REGULATION AND SUPERVISION OF FINANCIAL MARKETS | |
| 5. | Powers of the Minister |
| 6. | Authority [ of Security Services ] [...Title amended by Act 2017_009_290_20170822 Sch4 - was entitled "Registrar and Deputy Registrar of Securities Services"] |
| 6A. | Equivalence recognition of foreign jurisdictions [...inserted by Act 2017_009_290_20170822 Sch4 Item8] |
| 6B. | Withdrawal of recognition [...inserted by Act 2017_009_290_20170822 Sch4 Item8] |
| 6C. | Principles of co-operation [...inserted by Act 2017_009_290_20170822 Sch4 Item8] |
| CHAPTER
III. EXCHANGES |
|
| Licensing of exchange | |
| 7. | Application
for exchange licence |
| 8. | Requirements
applicable to applicant for exchange licence and licensed exchange |
| 9. | Licensing
of exchange |
| Functions of licensed exchange |
|
| 10. | Functions
of licensed exchange and power of Authority to assume responsibility
for functions [
...Title amended by Act 2017_009_290_20170822 Sch4 Item79 - was entitled
"Functions of licensed exchange and power of registrar to assume
responsibility for functions"] |
| 11. | Listing of securities |
| 12. | Removal
of listing and suspension of trading |
| 13. | Application
of amended listing requirements to previously listed securities |
| 14. | Disclosure
of information by issuers of listed securities |
| 15. | Maintenance
of insurance, guarantee, compensation fund or other warranty |
| 16. | Funds
of mutual exchange |
| 17.
|
Requirements
with which exchange rules must comply |
| Authorised users |
|
| 18. | Restriction
on borrowing against and repledging of securities belonging to other
persons |
| 19. | Marking of or recording details of securities |
| 20. | Restriction
on alienation of securities |
| 21. | Segregation
of funds |
| 22. | Segregation
of securities |
| General provisions in relation to
listed securities |
|
| 23. | Use
of designation "stockbroker" and related designations |
| 24. | Buying
and selling listed securities |
| 25. | Reporting
of transactions in listed securities |
| CHAPTER IV. CUSTODY AND ADMINISTRATION OF SECURITIES | |
| 26. | Definition |
| 27. | Application
for central securities depository licence |
| 28. | Requirements
applicable to applicant for central securities depository licence and
licensed central securities depository |
| 29. | Licensing
of central securities depository |
| Functions of licensed central
securities depository |
|
| 30. | Functions
of licensed central securities depository and power of registrar to
assume responsibility for functions |
| Participant | |
| 31. | Authorisation
of participant |
| Duties of participant |
|
| 32. | Duties
of participant |
| Uncertificated securities |
|
| 33. | Uncertificated
securities |
| 34. | Duties
of issuer of uncertificated securities |
| Depository rules |
|
| 35. | Requirements
with which depository rules must comply |
| General provisions relating to
custody and administration of securities |
|
| 36. | Registration
of securities |
| 37. | Ownership
of securities |
| 38. | Transfer
of uncertificated securities or interest in uncertificated securities |
| 39. | Pledge or cession of uncertificated securities in securitatem debiti |
| 40. | Ranking
of interests in securities |
| 41. | Acquisition
by bona fide transferee |
| 42. | Withdrawal
and delivery of securities |
| 43. | Records |
| 44. | Warranty
and indemnity |
| 45. | Attachment |
| 46. | Effectiveness
in insolvency |
| CHAPTER V. CLEARING HOUSE | |
| Licensing of clearing house and central counterparty [...Title amended by Act 2017_009_290_20170822 Sch4 Item26 - was entitled "Licensing of clearing house"] | |
| 47. | Application for clearing house licence and central counterparty licence [...Title amended by Act 2017_009_290_20170822 Sch4 Item26 - was entitled "Application for clearing house licence"] |
| 48. | Requirements applicable to applicant for clearing house licence, central counterparty licence, licensed clearing house and licensed central counterparty [...Title amended by Act 2017_009_290_20170822 Sch4 Item27(a) - was entitled "Requirements applicable to applicant for clearing house licence and licensed clearing house"] |
| 49. | Licensing of clearing house and central counterparty [...Title amended by Act 2017_009_290_20170822 Sch4 - was entitled "Licensing of clearing house"] |
| 49A. | Licensing of external counterparty [...inserted by Act 2017_009_290_20170822 Sch4 Item29] |
| Functions of licensed clearing house and licensed central counterparty [...Title amended by Act 2017_009_290_20170822 Sch4 Item30 - was entitled "Functions of licensed clearing house"] | |
| 50. | Functions of licensed clearing house and licensed central counterparty, and power of registrar to assume responsibility for functions [...Title amended by Act 2017_009_290_20170822 Sch4 Item31(a) - was entitled "Functions of licensed clearing house and power of registrar to assume responsibility for functions"] |
| 51. | Maintenance of
insurance, guarantee, compensation fund or other warranty |
| 52. | Funds of mutual independent clearing house or central counterparty [...Title amended by Act 2017_009_290_20170822 Sch4 Item33 - was entitled "Funds of mutual independent clearing house"] |
| 53.
|
Requirements
with which clearing house rules must comply |
| CHAPTER VI.
TRADE REPOSITORIES |
|
| 54. | Application
for trade repository licence |
| 55. | Requirements applicable to applicant for trade repository licence and licensed trade repository |
| 56. | Licensing of
trade repository |
| 56A. | Licensing of external trade repository [...inserted by Act 2017_009_290_20170822 Sch4 Item38] |
| 57. | Duties of
licensed trade repository |
| 58. | Reporting
obligations |
| CHAPTER
VII. GENERAL PROVISIONS APPLICABLE TO MARKET INFRASTRUCTURES |
|
| 59. | Annual assessment |
| 60. | Cancellation
or suspension of licence |
| 61. | Carrying on of
additional business |
| 62. | Conflicts of
interest |
| 63. | Demutualisation of [ an ] exchange, central securities depository [ , ] [ , ] independent clearing house or central counterparty [...Title amended by Act 2017_009_290_20170822 Sch4 Item45(a) - was entitled "Demutualisation of an exchange, central securities depository, or independent clearing house"] |
| 64. | Amalgamation, merger, transfer or disposal |
| 65. | Duty of members of controlling body |
| 66. | Appointment of members of controlling body |
| 67. | Limitation on
control of and shareholding or other interest in market infrastructures |
| 68. | Delegation of
functions |
| 69. | Report to Authority [...Title amended by Act 2017_009_290_20170822 Sch4 Item50 - was entitled "Report to registrar"] |
| 70. | Attendance of
meetings by, and furnishing of documents to, registrar |
| 71. | Manner in
which rules of certain market infrastructure may be made,
amended or suspended, and penalties for contraventions of such rules |
| 72. | Limitation of
liability |
| 73. | Disclosure of
information |
| [ [ CODE OF CONDUCT ] ] CHAPTER VIII. [ CODE OF CONDUCT ] CONDUCT STANDARDS [...Title amended by Act 2017_009_290_20170822 Sch4 Item52 - was entitled "CHAPTER VIII. CODE OF CONDUCT"] | |
| 74. | Conduct standards for regulated persons [...Title amended by Act 2017_009_290_20170822 Sch4 Item53(a)- was entitled "Code of conduct for regulated persons"] |
| 75. | Principles for conduct standards [...Title amended by Act 2017_009_290_20170822 Sch4 Item54(a) - was entitled "Principles of code of conduct"] |
| CHAPTER
IX. PROVISIONS RELATING TO NOMINEES |
|
| 76. | Approval of
nominee |
| CHAPTER
X. MARKET ABUSE |
|
| 77. | Definitions |
| Offences |
|
| 78. | Insider trading |
| 79. | Publication |
| 80. | Prohibited
trading practices |
| 81. | False,
misleading or deceptive statements, promises and forecasts |
| Insider trading sanction |
|
| 82. | Liability
resulting from insider trading |
| Procedural matters | |
| 83. | Attachments
and interdicts |
| Administration of Chapter |
|
| 84. | Additional powers of Authority [...Title amended by Act 2017_009_290_20170822 Sch4 - was entitled "Powers and duties of Financial Services Board"] |
| 85. | Composition
and functions of directorate |
| 86. | ... [...repealed by Act 2017_009_290_20170822 Sch4 Item60 - was entitled "Financing of directorate"] |
| General provisions |
|
| 87. | Protection of
existing rights |
| 88. | Confidentiality
and sharing of information |
| CHAPTER XI. AUDITING | |
| 89. | Auditor |
| 90. | Accounting
records and audit |
| 91. | Functions of
auditor |
| 92. | Furnishing of
information in good faith by auditor |
| 93. | Power of Authority to request audit [...Title amended by Act 2017_009_290_20170822 Sch4 Item79 - was entitled "Power of registrar to request audit"] |
| CHAPTER
XII. GENERAL PROVISIONS |
|
| Enforcement Committee [...Title amended by Act 2017_009_290_20170822 Sch4 Item66 - was entitled "Powers of Authority and court"]** | |
| 94. | General powers of Authority [...Title amended by Act 2017_009_290_20170822 Sch4 Item67 - was entitled "General powers of registrar"] |
| 95. | ... [...substituted by Act 2013_045_259_20140116 - was entitled "Powers of registrar to conduct on-site visit or inspection"] [...repealed by Act 2017_009_290_20170822 Sch4 Item68 - was entitled "Inspections and on-site visits"] |
| 96. | Powers of Authority after supervisory on-site inspection or investigation [...Title amended by Act 2017_009_290_20170822 Sch4 Item68(a) - was entitled "Powers of registrar after on-site visit or inspection"] |
| 97. | ... [...repealed by Act 2017_009_290_20170822 Sch4 Item70 - was entitled "Power of registrar to impose penalties"] |
| 98. | Power of court
to declare person disqualified |
| ... [...Title deleted by Act 2017_009_290_20170822 Sch4 Item72 - was entitled "Enforcement committee"] | |
| 99. | ... [...repealed by Act 2017_009_290_20170822 Sch4 Item73- was entitled "Referral to enforcement committee"] |
| Winding-up, business rescue and curatorship | |
| 100. | Winding-up or
sequestration by court |
| 101. | Business rescue |
| 102. | Appointment of curator |
| 103. | Appointment of
business rescue practitioner or liquidator and approval of business
rescue plan |
| Miscellanea |
|
| 104. | General interpretation of Act| |
| 105. | Right of appeal |
| 106. | Evidence |
| 107. | Regulations |
| 108. | Fees |
| 109. | Offences and
penalties |
| 110. | Savings and
transitional arrangements |
| 111. | Repeal or
amendment of laws |
| 112. | Short title
and commencement |
| Sch. | SCHEDULE. LAWS REPEALED OR AMENDED (SECTION 111) [s111] |
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