Statistics Act, 1999
R 385
Insider Trading Act, 1998 (Act No. 135 of 1998)12. Establishment and powers of Directorate |
| 1) | The Insider Trading Directorate is hereby established as a committee of the Financial Services Board to exercise the power of the Financial Services Board to institute any civil proceedings as contemplated in this Act in the name of the Financial Services Board. |
| 2) | The Minister shall appoint as members of the Directorate-- |
| a) | the executive officer of the Financial Services Board or his or her deputy; |
| b) | one person and an alternate nominated by each of the regulated markets in the Republic; |
| c) | one commercial lawyer and an alternate of appropriate experience nominated by the Law Society of South Africa; |
| d) | one accountant and an alternate of appropriate experience nominated by the South African Institute of Chartered Accountants; |
| e) | one person and an alternate of appropriate experience nominated by the insurance industry; |
| f) | one person and an alternate of appropriate experience nominated by the banking industry; |
| g) | two business persons and alternates. |
| 3) | The Minister may, in addition, appoint two other persons of appropriate experience to serve as members of the Directorate. |
| 4) | The persons referred to in subsections (2) and (3) shall be nominated by reason of their availability and knowledge of financial markets and may not be practising members of a regulated financial market or stockbrokers, financial instrument traders or financial instrument principals. |
| 5) | The chairperson of the Directorate shall be a member of the Directorate nominated by the Directorate to exercise the powers and perform the duties of the chairperson. |
| 6) | The members of the Directorate shall be entitled to co-opt one or more persons as additional members of the Directorate. |
| 7) | All members of the Directorate, other than the additional members, shall have one vote in respect of matters considered by the Directorate, but alternate members shall only have a vote in the absence from a meeting of the member whom the alternate is representing. |
| 8) | The meetings of the Directorate shall be held at such times and places as the chairperson may determine, but four members of the Directorate may by notice in writing to the chairperson of the Directorate demand that a meeting of the Directorate be held within seven business days of such notice. |
| 9) | The person presiding at a meeting of the Directorate shall determine the procedure of such meeting. |
| 10) | The decision of a majority of the members of the Directorate at any meeting at which there are at least four members present shall constitute the decision of the Directorate. |
| 11) | No proceedings of the Directorate shall be invalid by reason only of the fact that a vacancy existed on the Directorate or that any member was not present during such proceedings or any part thereof. |
| 12) | The Directorate shall, in the performance of its functions, be assisted by an executive director, appointed by the Financial Services Board in consultation with the Directorate, who shall be entitled to attend all meetings of the Directorate but shall not be entitled to vote at such meetings. |
| 13) | The Directorate shall be entitled to withdraw, abandon or compromise any civil proceedings instituted in terms of section 6, but any agreement of compromise must be made an order of court and the amount of any payment made in terms of such compromise must be made public. |
| 14) | Where civil proceedings have not been instituted, any agreement of settlement may, on application to the court by the Financial Services Board after due notice to the other party or parties, be made an order of court. |
