Medicines and Related Substances Act, 1965
R 385
Financial Markets Control Act, 1989 (Act No. 55 of 1989)26. Inspections |
| (1) | The provisions of the Inspection of Financial Institutions Act, 1984 (Act No. 38 of 1984), shall apply mutatis mutandis to — |
(a)
| (i) | a financial exchange or the clearing house of such an exchange; |
| (ii) | a member or an officer or employee of a member; |
(b)
| (i) | any person not licensed to carry on the business of a financial exchange; |
| (ii) | a person who is not a member; or |
| (iii) | a person not approved in terms of section 5 of this Act, |
but who is carrying on the business of a financial exchange, a member or person requiring approval in terms of section 5; and
| (c) | any other person whom the Registrar has reason to believe contravenes or has contravened any provision of this Act. |
[Paragraph (c) added by section 11(a) of Act 73 of 1996]
[Subsection (1) substituted by section 18(a) of Act 55 of 1995]
| (2) | In such application of the said provisions of the Inspection of Financial Institutions Act, 1984 — |
| (a) | section 4(2) thereof shall be construed as if the words "or any person who has had any dealings with such institution" were inserted after the words "of the financial institution"; and |
| (b) | the proviso to section 8(1) thereof shall be construed as if the following further paragraph had been added: |
| "(e) | the registrar shall communicate to the executive committee or to the official responsible for surveillance of the business carried on by a financial exchange any relevant information pertaining to the affairs of a member or past member of that financial exchange obtained by him in the course of an inspection under this Act, or from a report by an inspector on such an inspection."; |
[Paragraph (b) amended by section 11(b) of Act 73 of 1996]
| (c) | any financial exchange, clearing house, member or an officer or employee of a member or other person referred to in subsection (1) shall be deemed to be a financial institution, and the Registrar to be the registrar as defined in section 1 of the Inspection of Financial Institutions Act, 1984. |
[Paragraph (c) amended by section 11(c) of Act 73 of 1996]
| (3) | The executive committee or the disciplinary tribunal contemplated in section 13(b) may in any disciplinary proceedings in terms of the rules take into consideration any relevant information furnished to the committee by virtue of the provisions of subsection (2)(b). |
[Subsection (3) substituted by section 18(d) of Act 55 of 1995]
