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

Chapter IV : Custody and Administration of Securities

Nominee

36. Approval of nominee

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(1)A nominee of—
(a)an authorised user must be approved by the exchange in terms of exchange rules;
(b)a participant, or any other nominee who has an account with a participant, must be approved by the central securities depository in terms of depository rules.

 

(2)A nominee that is not approved as a nominee in terms of subsection (1) must be approved by the registrar and must comply with the requirements which the registrar may prescribe for nominees before it can function as a nominee in terms of this Act.

 

(3)The registrar must maintain a list of all nominees approved in terms of exchange rules or depository rules.