| (f) | carry on the business of buying or selling unlisted securities if prohibited under section 20 or in contravention of conditions imposed or prescribed under that section; |
| (g) | act as a participant unless accepted in terms of section 34 as a participant by a central securities depository; |
| (h) | if the person is an authorised user, undertake the management of listed securities unless that person complies with exchange rules regulating the management of listed securities. |
| (2) | Subject to any contrary provision in any other law, a person who is not— |
| (a) | licensed as an exchange, a central securities depository, or a clearing house; |
may not purport to be an exchange, central securities depository, clearing house, participant, or authorised user, as the case may be, or behave in a manner or use a name or description which suggests, signifies or implies that there is some connection between that person and an exchange, a central securities depository, clearing house, participant or authorised user, as the case may be.
