| (i) | any "authorised user", "clearing member", "licensed clearing house", "licensed central securities depository", "licensed exchange" or "participant" as defined in section 1 of the Financial Markets Act, 2012 that is authorised by that Act to render those financial services; |
[Section 45(1)(a)(i) amended by Section 111 of the Financial Markets Act, 2012]
| (ii) | [Section 45(1)(a)(ii) deleted by section by section 290, item 23(a) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)] |
| (iii) | a person performing the functions referred to in section 13B of the Pension Funds Act, 1956 (Act No. 24 of 1956), if such person complies with the requirements and conditions contemplated in that section; or |
| (iv) | a person carrying on the business referred to in section 58 of the Medical Schemes Act, 1998 (Act No. 131 of 1998), if such person complies with the requirements contemplated in that section, to the extent that the rendering of financial services is regulated by or under those Acts, respectively; |
| (i) | the executor, administrator or trustee of any deceased or insolvent estate, or a person acting on behalf of such executor, administrator or trustee ; |
| (ii) | the curator of a person under curatorship, or a person acting on behalf of such curator; |
| (iii) | the liquidator of a company in liquidation, business rescue practitioner of a company subject to business rescue proceedings, or a person acting on behalf of such liquidator or business rescue practitioner; |
[Section 45(1)(iii) amended by section 206 of Act No. 45 of 2013]
| (iv) | the trustee of an inter vivos trust as defined in section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988), not being a business trust created for the purpose of profit-making achieved through the combination of capital contributed by the beneficiaries of the trust and through the administration or management of the capital by trustees on behalf of and for the benefit of the beneficiaries, or a person acting on behalf of such first-mentioned trustee; |
| (v) | the parent, tutor or guardian of a minor, or a person acting on behalf of such parent, tutor or guardian, unless the financial services are rendered as a regular feature of any such person's business; or |
| (c) | any other trustee or custodian appointed under any law to the extent that the rendering of such services is regulated by or under such law. |
| (1A) | The provisions of this Act do not apply to the— |
| (a) | performing of the activities referred to in paragraph (b)(ii) and (iii) of the definition of "intermediary service" by a product supplier— |
| (i) | who is authorised under a particular law to conduct business as a financial institution; and |
| (ii) | where the rendering of such service is regulated under such law; and |
Section 45(1A)(a) inserted by section by section 290, item 23(b) in Schedule 4, of Act No. 9 of 2017 - has not commenced (paragraph (h) of Notice 169 of 2018)]
| (b) | rendering of financial services by a manager as defined in section 1 of the Collective Investment Schemes Control Act, 2002, to the extent that the rendering of financial services is regulated under that Act. |
Section 45(1A)(b) inserted by section by section 290, item 23(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (1B) | The exemption referred to in— |
| (a) | subsection (1A)(a) does not apply to a person to whom the product supplier has delegated or outsourced the activity, or any part of the activity, contemplated in paragraph (a), and where the person is not an employee of the product supplier; and |
Section 45(1B)(a) inserted by section by section 290, item 23(b) in Schedule 4, of Act No. 9 of 2017 - has not commenced (paragraph (h) of Notice 169 of 2018)]
| (b) | subsection (1A)(b) does not apply to an authorised agent as defined in section 1 of the Collective Investment Schemes Control Act, 2002. |
Section 45(1B)(b) inserted by section by section 290, item 23(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (a) | The law referred to in item I of the Schedule is hereby amended to the extent indicated in the fourth column of the Schedule. |
| (b) | The laws referred to in item II of the Schedule are hereby, with effect from the date determined in terms of section 7(1), amended or repealed to the extent indicated in the fourth column of the Schedule: Provided that any unconcluded business of any financial services provider in terms of such law on that date may be concluded within the prescribed period as if any such amendment or repeal has not taken effect. |
| (3) | Until such time as the Collective Investment Schemes Control Act, 2002, referred to in sections 1(1) and 45(1)(a)(ii) of this Act comes into operation, any reference in this Act to— |
| (a) | a collective investment scheme and manager must be construed as references to a unit trust scheme and management company, and scheme and manager, referred to in the Unit Trusts Control Act, 1981 (Act No. 54 of 1981), and the Participation Bonds Act, 1981 (Act No. 55 of 1981), respectively; and |
| (b) | any word or expression defined in the Unit Trusts Control Act, 1981, and the Participation Bonds Act, 1981, unless clearly inappropriate or inconsistent with this Act, has the meaning so defined. |
| (4) | Until such time as the Securities Services Act, 2002, referred to in sections 1(1) and 45(1)(a)(i) of this Act comes into operation, any reference in this Act to— |
| (a) | an authorised user, exchange, a clearing house, central securities depository and participant, must be construed as references to a member, stock exchange , clearing house, financial exchange, recognised clearing house, central securities depository and depositary institution referred to in the Stock Exchanges Control Act, 1985 (Act No. 1 of 1985), Financial Markets Control Act, 1989 (Act No. 55 of 1989), and Custody and Administration of Securities Act, 1992 (Act No. 85 of 1992), respectively; and |
| (b) | any word or expression defined in the Stock Exchanges Control Act, 1985, Financial Markets Control Act, 1989, and Custody and Administration of Securities Act, 1992, unless clearly inappropriate or inconsistent with this Act, has the meaning so defined. |
