Act No. 36 of 2004

Securities Services Act

The repeal of the whole Act.

Act No. 37 of 2002

Financial Advisory and Intermediary Services Act, 2002

1. The substitution in section 45(1) for

paragraph(a)(i) of the following paragraph:

"(1) The provisions of this Act do not apply to the rendering of financial services by—

Act No. 45 of 2002

Collective Investment

Schemes Control Act, 2002

The substitution for section 5 of the following:

"Requirement for the administration of collective investment schemes and application of Act

(1) No person may perform any act or enter into any agreement or transaction for the purpose of administering a collective investment scheme, unless such person—

(a) is registered as a manager by the registrar or is an authorised agent; or

(b) is exempted from the provisions of this Act by the registrar by notice in the Gazette.

(2) The provisions of this Act do not apply to the rendering of securities services by any "authorised user", "clearing member", "licensed central securities depository" "licensed clearing house", "licensed exchange" or "participant" as defined in section 1 of the Financial Markets Act, 2012 to the extent that the rendering of those services are specifically supervised under that Act;".

Act No. 89 of 1998

Competition Act, 1998

1. The substitution for section 18(2) of the following:

"(2) Despite anything to the contrary in this Act, the Competition Commission may not make a decision in terms of section 13(5)(b) or 14(1)(b), and the Competition Tribunal may not make an order in terms of section 16(2), if the—

Act No. 28 of 2001

Financial Institutions (Protection of Funds) Act, 2001

1. The deletion of section 8.

2. The substitution for section 6A(2) of the following:

"(2) The directorate may, after an investigation carried out by the directorate under [Chapter VIII of the Securities Services Act, 2004] Chapter X of the Financial Markets Act, 2012, refer an alleged contravention to the enforcement committee.".

3. The substitution for section 6D(2)(a) of the following:

"(a) Impose a penalty by ordering the respondent to pay a sum of money to the board; and".

4. The substitution for section 6D(2)(b)(ii) of the following subparagraph:

"(ii) if the respondent contravened section [73, 75 or 76 of the Securities Services Act, 2004]78 of the Financial Markets Act, 2012, order the respondent to pay to the board [a compensatory]an amount calculated in accordance with section [77(1), (2), (3) or (4)] section 82 of that Act.".

5. The substitution for section 6H of the following section:

"Utilisation of administrative sanction

(1) Any payment received by the board pursuant to an administrative sanction imposed under section 6D(2)(a) must, subject to [subsection] subsections (2) and (3), be utilised for purposes of consumer education or the protection of the public.

(2) A compensatory amount received pursuant to an order under section 6D(2)(b)(ii) must be dealt with in accordance with section [77(7), (8) and (9) of the Securities Services Act, 2004] 82(4) to (7) of the Financial Markets Act, 2012.".

Act No. 71 of 2008

Companies Act, 2008

1. Section 1 of the Companies Act is hereby amended by—

" ‘central securities depository’ has the meaning set out in section 1 of the [Securities Services Act, 2004 (Act No. 36 of 2004)] Financial Markets Act, 2012;";

" ‘exchange’ when used as a noun, has the meaning set out in section 1 of the [Securities Services Act, 2004 (Act No. 36 of 2004)] Financial Markets Act, 2012;";

" ‘listed securities’ has the meaning set out in section 1 of the [Securities Services Act, 2004 (Act No. 36 of 2004)] Financial Markets Act, 2012;";

" ‘nominee’ [has the meaning set out in section 1 of the Securities Services Act, 2004 (Act No. 36 of 2004)] means a person that acts as the registered holder of securities or an interest in securities on behalf of other persons;";

" ‘participant’ has the meaning set out in section 1 of the [Securities Services Act, 2004 (Act No. 36 of 2004)] Financial Markets Act, 2012;";

" ‘uncertificated securities’ means any securities defined as such in section [29 of the Securities Services Act, 2004 (Act No. 36 of 2004)] 1 of the Financial Markets Act, 2012;".

2. The substitution in section 5(4)(b)(i) of the Act for item (ff) of the following:

"(ff) [Securities Services Act, 2004 (Act 36 of 2004)] Financial Markets Act, 2012;".

3. The substitution in section 69(8)(b)(iv) of the Act for item (cc) of the following:

"(cc) under this Act, the Insolvency Act, 1936, (Act 24 of 1936), the Close Corporations Act, 1984, the Competition Act, the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), the [Securities Services Act, 2004 (Act 36 of 2004)] Financial Markets Act, 2012, or Chapter 2 of the Prevention and Combating of Corrupt Activities Act, 2004 (Act 12 of 2004);".

4. The substitution for section 116(4)(a)(iii) of the following:

"(iii) has been granted the consent of the Minister of Finance in terms of section 54 of the Banks Act or obtained the approval of the Registrar of Securities Services in terms of section 64 of the Financial Markets Act, 2012, if so required by that Act; and".

5. The substitution for section 116(9) of the following:

"(9) If, with respect to a transaction involving a company that is regulated in terms of the Banks Act or the Financial Markets Act, 2012, there is a conflict between a provision of subsection (7) and a provision of section 54 of [that] the Banks Act or section 64 of the Financial Markets Act, 2012 Act, as the case may be, the provisions of [that Act]those Acts prevail.".

Act No. 24 of 1936

Insolvency Act, 1936

1. The substitution for section 35A of the following:

"35A. Transactions on exchange.— (1) In this section—

["exchange"] "market infrastructure" means—

(a) an exchange as defined in section 1 and licensed under section [10]9 of the [Securities Services Act, 2004 and for the purposes of this section includes] Financial Markets Act, 2012; and

(b) a central securities depository as defined in section 1 and licensed under section 29 of that Act [and which is also licensed as a clearing house under section 66 of that Act,]; or

(c) a clearing house as defined in section 1 of that Act and licensed under section 49 of that Act;

"[exchange] rules" means the exchange rules, [and] depository rules or clearing house rules, as defined in section 1 of the [Securities Services Act, 2004]Financial Markets Act, 2012;

"market participant" means an authorised user, a participant, a clearing member or a client [or a settling party]as defined in section 1 of the [Securities Services Act, 2004]Financial Markets Act, 2012, or any other party to a transaction;

"transaction" means any transaction to which the rules [of an exchange]apply.

(2) If upon the sequestration of the estate of a market participant the obligations

of such market participant in respect of any transaction entered into prior to sequestration have not been fulfilled, the [exchange in question] market infrastructure in respect of any obligation owed to it, or any other market participant in respect of obligations owed to such market participant, shall in accordance with the [rules of that exchange] rules applicable to any such transaction be entitled to terminate [all such] transactions or revoke settlement instructions and the trustee of the insolvent estate of the market participant shall be bound by such termination or revocation.

(3) No claim as a result of the termination or revocation of any transaction as contemplated in subsection (2) shall exceed the amount due upon termination or revocation in terms of the [rules of an exchange]rules in question.

(4) Any [rules of an exchange] rules and the practices thereunder which provide for the netting of a market participant’s position or for set-off in respect of transactions concluded by the market participant or for the opening or closing of a market participant’s position or for the revocation of settlement instructions shall upon sequestration of the estate of the market participant be binding on the trustee in respect of any transaction or contract concluded by the market participant prior to such sequestration, but which is, in terms of such rules and practices, to be settled on a date occurring after the sequestration, [but which is, in terms of such rules and practices, to be settled on a date occurring after sequestration,] or settlement of which was overdue on the date of sequestration.

(5) Section 341(2) of the Companies Act, 1973 (Act No. 61 of 1973), and sections 26, 29 and 30 of this Act shall not apply to property disposed of in accordance with the rules [of an exchange].".

Act 78 of 1998

National Payment System

Act, 1998

The substitution for section 8(1) of the following:

"(1) The provisions of this section apply despite anything to the contrary in the law relating to insolvency or in the Companies Act, the Banks Act, the Cooperative Banks Act, the Postal Services Act, 1998 (Act 124 of 1998), [or] the Mutual Banks Act or the Financial Markets Act, 2012.".