Securities Services Act, 2004 (Act No. 36 of 2004)Chapter II : Regulation and Supervision of Securities Services6. Financial Markets Advisory Board |
| (1) | The Financial Markets Advisory Board established by section 3 of the Financial Markets Control Act, 1989 (Act No. 55 of 1989), continues to exist, despite the repeal of that Act by section 117. |
| (2) | The advisory board consists of— |
| (a) | a chairperson; and |
| (b) | the other members, including persons representing regulated persons and clients, appointed by the Minister after consultation with the board. |
| (3) | The registrar is a member of the advisory board by virtue of the registrar’s office but may not vote on matters on which the registrar is to be advised by the advisory board. |
| (4) | A member of the advisory board holds office for the period determined by the Minister when the appointment is made. |
| (5) | The board pays to a member of the advisory board who is not in the full-time employment of the State— |
| (a) | the remuneration or allowances determined by the board; and |
| (b) | the reimbursement of expenses incurred in the performance of the member’s duties. |
| (6) |
| (a) |
| (i) | The chairperson of the advisory board must convene the first meeting of the advisory board after the commencement of this Act and thereafter the advisory board meets at a time and place determined by the advisory board. |
| (ii) | The chairperson convenes a meeting following upon a meeting at which there was no quorum. |
| (b) | The quorum for a meeting of the advisory board is a majority of its members. |
| (7) | The advisory board may on its own initiative, and must, at the request of the Minister or the registrar, investigate and report or advise on administrative and technical matters concerning regulated persons or the provision of securities services. |
| (8) | The advisory board may— |
| (a) | appoint a subcommittee consisting of members of the advisory board and, if necessary, other persons, to investigate and advise on matters referred to the subcommittee by the advisory board; |
| (b) | call upon any person to assist it or to investigate a matter relating to regulated persons or securities services. |
| (9) | The registrar may submit to the advisory board any information that is relevant to any matter investigated by the advisory board. |
| (10) | The registrar is responsible for the administrative work incidental to the functions of the advisory board and a subcommittee of the advisory board. |
| (11) |
| (a) | The board must pay the expenses connected with the functions of the advisory board. |
| (b) | The advisory board must obtain the approval of the board before expenses are incurred. |
| (12) | The provisions of the Commissions Act, 1947 (Act No. 8 of 1947), regarding the summoning and examination of persons and the administering of oaths and affirmations to them, the calling for the production of books, documents and objects, and offences by witnesses, apply with the changes required by the context to an investigation by the advisory board or a subcommittee thereof. |