Financial Markets Act, 2012 (Act No. 19 of 2012)

Chapter IX : Provisions Relating to Nominees

76. Approval of nominee
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(1)
(a)A nominee of an authorised user must be approved as a nominee by the exchange in terms of exchange rules and comply with the requirements set out in the rules.
(b)A nominee of a participant must be approved as a nominee by the central securities depository in terms of depository rules and comply with the requirements set out in the rules.

 

(2)The criteria for the approval of a nominee of an authorised user or a participant and the ongoing requirements applicable to it must be equivalent to criteria determined in conduct standards for nominees.

[Section 76(2) substituted by section 290, item 55(a) 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)]

 

(3)
(a)A nominee that is not approved as nominee in terms of subsection (1) must—
(i)be approved by the Authority; and
(ii)comply with conduct standards determined by the Authority;
(b)The Authority must maintain a list of all nominees approved under this section.

[Section 76(3) substituted by section 290, item 55(b) 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)]