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

Chapter VI : Clearing House

Licensing of clearing house

65. General requirements applicable to applicant for clearing house licence

 

(1) An applicant for a clearing house licence must—
(a) have the financial resources, and the management and human resources with appropriate experience, necessary for the operation of a clearing house in terms of this Act;
(b) comply with the requirements prescribed by the registrar for the provision of clearing house services;
(c) maintain infrastructure for the sustained provision of clearing house services; and
(d) maintain security and back-up procedures to ensure the integrity of its records of transactions.

 

(2) The registrar may prescribe any of the requirements referred to in subsections(1)(a), (c), and (d) in greater detail.