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Securities Services Act, 2004 (Act No. 36 of 2004)

Chapter II : Regulation and Supervision of Securities Services

5. Registrar and Deputy Registrar of Securities Services

 

(1) The executive officer and a deputy executive officer referred to in section 1 of the Financial Services Board Act are the Registrar and the Deputy Registrar of Securities Services, respectively.

 

(2) The registrar must perform the functions assigned to the registrar by or under this Act and must supervise compliance with this Act by every regulated person.

 

(3) In performing those functions the registrar—
(a) must act in a manner which—
(i) is compatible with the objects of this Act; and
(ii) is most appropriate for meeting those objects;
(b) must have regard to—
(i) international supervisory standards;
(ii) the principle that a restriction which is placed on a regulated person, or on the rendering of securities services, should be proportionate to the purpose for which it is intended;
(iii) the desirability of facilitating innovation in securities services;
(iv) the international nature of regulated persons and securities services;
(v) the principle that competition between regulated persons should not be impeded or distorted; and
(vi) the need to use resources in the most effective and cost-efficient way;
(c) must give written reasons for a decision to any person adversely affected by such decision;
(d) may impose conditions that are consistent with this Act in respect of any licence, authorisation, approval, consent or permission granted by the registrar and may amend or withdraw such conditions.