• Financial Markets Act, 2012 (Act No. 19 of 2012)
  • Notice No. 70 of 2013
  • Act
  • Chapter I : Preliminary Provisions
    • 1. Definitions and interpretation
    • 1A. Relationship between Act and Financial Sector Regulation Act
    • 2. Objects of Act
    • 3. Application of Act and rules
    • 4. Prohibitions and adherence to authorisation by authorised users, participants and clearing members
  • Chapter II : Preliminary Provisions
    • 5. Powers of the Minister
    • 6. Authority
    • 6A. Criteria for recognition of external market infrastructures
    • 6B. Withdrawal of recognition
    • 6C. Principles of co-operation
  • Chapter III : Preliminary Provisions
    • Licensing of exchange
      • 7. Application for exchange licence
      • 8. Requirements applicable to applicant for exchange licence and licensed exchange
      • 9. Licensing of exchange
    • Functions of licensed exchange
      • 10. Functions of licensed exchange and power of Authority to assume responsibility for functions
      • 11. Listing of securities
      • 12. Removal of listing and suspension of trading
      • 13. Application of amended listing requirements to previously listed securities
      • 15. Maintenance of insurance, guarantee, compensation fund or other warranty
      • 16. Funds of mutual exchange
    • Exchange rules
      • 17. Requirements with which exchange rules must comply
        • 14. Disclosure of information by issuers of listed securities
    • Authorised users
      • 18. Restriction on borrowing against and repledging of securities belonging to other persons
      • 19. Marking of or recording details of securities
      • 20. Restriction on alienation of securities
      • 21. Segregation of funds
      • 22. Segregation of securities
    • General provisions in relation to listed securities
      • 23. Use of designation "stockbroker" and related designations
      • 24. Buying and selling listed securities
      • 25. Reporting of transactions in listed securities
  • Chapter IV : Custody and Administration of Securities
    • 26. Definition
    • Licensing of central securities depository
      • 27. Application for central securities depository licence
      • 28. Requirements applicable to applicant for central securities depository licence and licensed central securities depository
      • 29. Licensing of central securities depository
    • Functions of licensed central securities depository
      • 30. Functions of licensed central securities depository and power of Authority to assume responsibility for functions
    • Participant
      • 31. Authorisation of participant
    • Duties of participant
      • 32. Duties of participant
    • Uncertificated securities
      • 33. Uncertificated securities
      • 34. Duties of issuer of uncertificated securities
    • Depository rules
      • 35. Requirements with which depository rules must comply
    • General provisions relating to custody and administration of securities
      • 36. Registration of securities
      • 37. Ownership of securities
      • 38. Transfer of uncertificated securities or interest in uncertificated securities
      • 39. Pledge or cession of uncertificated securities in securitatem debiti
      • 40. Ranking of interests in securities
      • 41. Acquisition by bona fide transferee
      • 42. Withdrawal and delivery of securities
      • 43. Records
      • 44. Warranty and indemnity
      • 45. Attachment
      • 46. Effectiveness in insolvency
  • Chapter V : Clearing House
    • Licensing of clearing house and central counterparty
      • 47. Application for clearing house licence and central counterparty
      • 48. Requirements applicable to applicants for clearing house licence, central counterparty licence, licensed clearing house and licensed central counterparty
      • 49. Licensing of clearing house and central counterparty
      • 49A. Licensing of external central counterparty 
    • Functions of licensed clearing house and licensed central counterparty
      • 50. Functions of licensed clearing house and licensed central counterparty, and power of Authority to assume responsibility for functions
      • 51. Maintenance of insurance, guarantee, compensation fund or other warranty
      • 52. Funds of mutual independent clearing house or central counterparty
    • Clearing house rules
      • 53. Requirements with which clearing house rules must comply
  • Chapter VI : Trade Repositories
    • 54. Application for trade repository licence
    • 55. Requirements applicable to applicant for trade repository licence and licensed trade repository
    • 56. Licensing of trade repository
    • 56A. Licensing of external trade repository
    • 57. Duties of licensed trade repository
    • 58. Reporting obligations
  • Chapter VII : General Provisions Applicable to Market Infrastructures
    • 59. Annual assessment
    • 60. Cancellation or suspension of licence
    • 61. Carrying on of additional business
    • 62. Conflicts of interest
    • 63. Demutualisation of exchange, central securities depository, independent clearing house or central counterparty
    • 64. Amalgamation, merger, transfer or disposal
    • 65. Duty of members of controlling body
    • 66. Appointment of members of controlling body
    • 67. Limitation on control of and shareholding or other interest in market infrastructures
    • 68. Delegation of functions
    • 69. Report to Authority
    • 70. Attendance of meetings by, and furnishing of documents to, Authority
    • 71. Manner in which rules of certain market infrastructure may be made, amended or suspended, and penalties for contraventions of such rules
    • 72. Limitation of liability
    • 73. Disclosure of information
  • Chapter VIII : Conduct Standards
    • 74. Conduct standards for regulated persons
    • 75. Principles for conduct standards
  • Chapter IX : Provisions Relating to Nominees
    • 76. Approval of nominee
  • Chapter X : Market Abuse
    • 77. Definitions
    • Offences
      • 78. Insider trading
      • 79. Publication
      • 80. Prohibited trading practices
      • 81. False, misleading or deceptive statements, promises and forecasts
    • Insider trading sanction
      • 82. Liability resulting from insider trading
    • Procedural matters
      • 83. Attachments and interdicts
    • Administration of Chapter
      • 84. Additional powers of Authority 
      • 85. Composition and functions of directorate
      • 86. [Repealed] Financing of directorate
    • General provisions
      • 87. Protection of existing rights
      • 88. Confidentiality and sharing of information
  • Chapter XI : Auditing
    • 89. Auditor
    • 90. Accounting records and audit
    • 91. Functions of auditor
    • 92. Furnishing of information in good faith by auditor
    • 93. Power of Authority to request audit
  • Chapter XII : General provisions
    • Powers of Authority and court
      • 94. General powers of Authority
      • 95. [Repealed] Inspections and on-site visits
      • 96. Powers of Authority after supervisory on-site inspection or investigation
      • 97. [Repealed] Power of Authority to impose penalties
      • 98. Power of court to declare person disqualified
    • [Deleted] Enforcement committee
      • 99. [Repealed] Referral to enforcement committee
    • Winding-up, business rescue and curatorship
      • 100. Winding-up or sequestration by court
      • 101. Business rescue
      • 102. Appointment of curator
      • 103. Appointment of business rescue practitioner or liquidator and approval of business rescue plan
    • Miscellanea
      • 104. General interpretation of Act
      • 105. Right of appeal
      • 106. Evidence
      • 107. Regulations
      • 108. Fees
      • 109. Offences and penalties
      • 110. Savings and transitional arrangements
      • 111. Repeal or amendment of laws
      • 112. Short title and commencement
  • Schedule
    • Laws Repealed or Amended
• Regulations
  • Financial Markets Acts Regulations
    • Notice No. R. 98 of 2018
    • Chapter I : Interpretation
      • 1. Definitions
    • Chapter II : Requirements for the Regulation of OTC Derivatives
      • 2. Requirement to be authorised
      • 3. Reporting obligations
      • 4. Clearing
    • Chapter III : Category of Regulated Person
      • 5. Category of regulated person
    • Chapter IV : External Central Securities Depositories Links
      • 6. Approval of an external central securities depository as a special category of participant
      • 7. Requirements for an external link
    • Chapter V : Assets and Resources Requirements for Certain Market Infrastructures
      • 8. Assets and resources requirements for exchanges, central securities depositories, clearing houses and trade repositories  
    • Chapter VI : Central Counterparties
      • 9. Legal basis
      • 10. Access and participation
      • 11. Governance
      • 12. Risk committee
      • 13. Risk management framework
        • 13.1 General
        • 13.2 Business risk
        • 13.3 Counterparty credit risk
        • 13.4 Risk mitigation
        • 13.5 Country and transfer risk
        • 13.6 Liquidity risk
        • 13.7 Remuneration
        • 13.8 Controlling body and senior management
        • 13.9 Operational risk
        • 13.10 Information technology
      • 14. Related parties, subsidiaries and associates
      • 15. Outsourcing
      • 16. Compliance function
      • 17. Efficiency, disclosure and transparency
      • 18. Internal audit function
      • 19. Business continuity
      • 20. Custody, settlement and physical deliveries
      • 21. Qualifying capital
      • 22. General capital requirements
      • 23. Specific capital requirements for credit risk, counterparty credit risk and market risk
      • 24. Specific capital requirements for business risk and for winding-up or restructuring
      • 25. Capital calculation requirements for operational risk
        • 25.1 Basic indicator approach
        • 25.2 Advanced measurement approach
          • 25.2.1 Additional qualitative criteria for the advanced measurement approach
          • 25.2.2 Qualitative standards
          • 25.2.3 Quantitative standards
          • 25.2.4 Internal data
          • 25.2.5 External data
          • 25.2.6 Scenario analysis
          • 25.2.7 Business environment and internal control factors
          • 25.2.8 Capital requirement for the advanced measurement approach
          • 25.2.9 Eligible risk mitigation for the advanced measurement approach
      • 26. Capital calculation requirements for credit risk
        • 26.1 Use of credit ratings
        • 26.2 Exposure to counterparties
        • 26.3 Reduction of credit exposure
        • 26.4 Exposure secured by a pledge or cession in securitatem debiti of eligible collateral
        • 26.5 Eligible collateral for risk mitigation purposes
        • 26.6 Calculation of exposure
      • 27. Capital calculation requirements for credit risk
        • 27.1 Governance
        • 27.2 Exposure to central counterparties, clearing members and matters related to delivery-versus-payment transactions and non-delivery-versus-payment or free-delivery-transactions
        • 27.3 Exposures to qualifying central counterparties
        • 27.4 Exposures to non-qualifying central counterparties
      • 28. Calculation requirements of the minimum required capital for CVA risk
      • 29. Calculation of a central counterparty's credit exposure in terms of the current exposure method
        • 29.1 Matters relating to the exposure amount or EAD
        • 29.2 Matters relating to bilateral netting
        • 29.3 Legal and operational criteria
      • 30. Specific capital calculation requirements for market risk
        • 30.1 Aggregate required amount of capital relating to market risk
        • 30.2 The Standardised Approach
      • 31. Liquidity risk
        • 31.1 Specific requirements for liquidity risk
        • 31.2 Liquidity risk controls
        • 31.3 Assessment of liquidity risk
        • 31.4 Access to liquidity
        • 31.5 Concentration risk
        • 31.6 Liquidity risk stress testing
      • 32. Segregation and portability
      • 33. Margin requirements
        • 33.1 Exposure management
        • 33.2 Margin system
        • 33.3 Percentage
        • 33.4 Time horizon for the calculation of historical volatility
        • 33.5 Time horizons for the liquidation period
        • 33.6 Portfolio margining
        • 33.7 Procyclicality
      • 34. Default procedures
      • 35. Default fund
      • 36. Other financial resources
      • 37. Default waterfall
      • 38. Collateral requirements
        • 38.1 Haircuts
        • 38.2 Concentration limits
        • 38.3 Re-use of collateral collected as initial margin
        • 38.4 Valuing collateral
      • 39. Investment strategy and safeguarding of assets
      • 40. Review of models, stress testing and back testing
        • 40.1 Model Validation
        • 40.2 Testing programmes
        • 40.3 Back testing
        • 40.4 Sensitivity testing and analysis
        • 40.5 Stress testing
          • 40.5.1 Stress testing - Risk factors to test
          • 40.5.2 Stress testing - total financial resources
          • 40.5.3 Stress testing - liquid financial resources
        • 40.6 Maintaining sufficient coverage
        • 40.7 Review of models using test results
        • 40.8 Reverse stress tests
        • 40.9 Testing default procedures
        • 40.10 Frequency
        • 40.11 Time horizons used when performing tests
        • 40.12 Information to be publicly disclosed
      • 41. Interoperability arrangements
        • 41.1 Risk management for interoperability arrangements
        • 41.2 Provision of margins among central counterparties
        • 41.3 Approval of interoperability arrangements
        • 41.4 Consideration by the Authority
      • 42. Record keeping
        • 42.1 General requirements
        • 42.2 Transaction records
        • 42.3 Position records
        • 42.4 Business records
        • 42.5 Records of data reported to a trade repository
    • Chapter VII : Transitional Arrangements and Commencement
      • 43. Transitional arrangements
      • 44. Commencement and short title
    • Schedule A
      • List of Abbreviations and Acronyms
      • Operational Risk (as set out in Regulation 25)
        • Table 25(A)
        • Table 25(B)
      • Credit Risk (Capital calculations for credit risk as set out in Regulation 26)
        • Table 26(A)
        • Table 26(B)
        • Table 26(C): Standard haircut
        • Table 26(D)
        • Table 26(E): Volatility adjusted haircuts
        • Table 26(F): volatility adjusted haircuts for currency mismatches
      • Counterparty Credit Risk (as set out in Regulation 27)
        • Table 27(A)
        • Table 27(B): Credit conversion factor
        • Table 27(C): Potential future exposure add-on factor 
      • Market Risk
        • Table 30(A)
        • Table 30(B): Maturity method: time bands and weights
        • Table 30(C): Horizontal disallowances
        • Table 30(D): Duration method: time bands and assumed changes in yield
• Notices
  • Commencement of Amendments to Financial Markets Act, 2012, as contained in Financial Sector Regulation Act, 2017
    • Notice No. R. 99 of 2018
• Board Notices
  • Prescribed Fees
    • Board Notice No. 137 of 2015
    • 1. Definition
    • 2. Fees
    • 3. Manner of payment of fees
    • 4. Interest in respect of overdue fees
    • 5. Commencement and repeal
  • Approved Amendments to Strate Rules
    • Board Notice 163 of 2017
  • Approved Amendments to the JSE Listings Requirements
    • Board Notice 185 of 2017
  • Approved Amendments to the JSE Listings Requirements : Transferability of Securities
    • Board Notice 51 of 2018
  • Approved Amendments to the A2 X Trading Rules
    • Board Notice 95 of 2018
  • Approved Amendments to the Listing Requirements of Equity Express Securities Exchange (Pty) Ltd
    • Board Notice 16 of 2019
  • Approved Amendments to the JSE Rules and Directives: Interest Rate and Currency (IRC) Market and Derivatives Markets
    • Board Notice 70 of 2019
  • Approved Amendments to the JSE Debt Listings Requirements - Sustainability Segment
    • Board Notice 68 of 2020
  • Approved Amendments to the JSE Derivatives Rules
    • Board Notice 127 of 2021
  • Approved Amendments to the JSE Interest Rate and Currency Derivatives Rules and the JSE Derivatives Rules - Emigrant Client Concept
    • Board Notice 130 of 2021
  • Approved Amendments to the JSE Debt Listing Requirements - Sustainability
    • Board Notice 220 of 2022