Financial Markets Act, 2012 (Act No. 19 of 2012)Chapter VII : General Provisions Applicable to Market Infrastructures65. Duty of members of controlling body |
| (1) | The provisions of the Companies Act relating to the duties of a director apply, with the necessary changes, to each member of the controlling body of a market infrastructure, whether it is a company or not. |
| (2) | The members of the controlling body of a market infrastructure owe a fiduciary duty and a duty of care and skill to the market infrastructure, in the exercise of the functions as a market infrastructure. |
[Section 65(2) substituted by section 290, item 47 of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]