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Financial Markets Act, 2012 (Act No. 19 of 2012)

Chapter I : Preliminary Provisions

3. Application of Act and rules

 

(1) Sections 100 to 103 do not apply in relation to the South African Reserve Bank, or a designated institution as defined in section 1(1) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017).

[Section 3(1) substituted by section 32 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]

 

(2) Any law or the common law relating to gambling or wagering does not apply to any activity regulated by or under this Act.

 

(3) Despite any other law, if there is an inconsistency between any provision of this Act and a provision of any other national legislation, except the Financial Intelligence Centre Act and the Financial Sector Regulation Act, this Act prevails.

[Section 3(3) substituted by section 290, item 4(a) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]

 

(4) Without affecting the generality of subsection (3), the provisions of this Act and the rules relating to insolvency proceedings and settlement effectiveness of entries in a central securities account and securities account, prevail over any other law, legislation, agreement or founding document of any person, and are binding on any person.

 

(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 Prudential Authority, in respect of a matter regulated under this Act, that power or duty must be exercised or performed in consultation with the Authority, and any decision taken in accordance with that power or duty must be taken with the concurrence of the Authority.

[Section 3(5) substituted by section 290, item 4(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]

 

(6) Despite the provisions of the Consumer Protection Act, 2008 (Act No. 68 of 2008), that Act does not apply to any activities of a regulated person, or goods or services provided by a regulated person, that are subject to this Act.