| (1) | The board is responsible for the supervision of compliance with this Chapter. |
| (a) | investigate any matter relating to an offence referred to in sections 73, 75 and 76, including insider trading in terms of section 440F of the Companies Act and the Insider Trading Act committed before the repeal of that section and that Act; |
| (b) | institute such proceedings as are contemplated in this Chapter; |
| (c) | administer the proof of claims and distribution of payments in terms of section 77; |
| (d) | summon any person who is believed to be able to furnish any information on the subject of any investigation or to have in such person’s possession or under such person’s control any document which has bearing upon that subject, to lodge such document with the board, or to appear at a time and place specified in the summons, to be interrogated or to produce such document; and |
| (e) | interrogate any such person under oath or affirmation duly administered, and examine or retain for examination any such document: Provided that any person from whom any document has been taken and retained under this subsection must, so long as such document is in possession of the board, at that person’s request and expense be allowed to make copies thereof or to take extracts therefrom at any reasonable time and under the supervision of the person in charge of the investigation; |
| (f) | in relation to a matter investigated in terms of paragraph (a) on the authority of a warrant, at any time without prior notice— |
| (i) | enter any premises and require the production of any document; |
| (ii) | enter and search any premises for any document; |
| (iii) | open any strongroom, safe or other container which he or she suspects contains any document; |
| (iv) | examine, make extracts from and copy any document or, against the issue of a receipt, remove such document temporarily for that purpose; |
| (v) | against the issue of a receipt, seize any document; |
| (vi) | retain any seized document for as long as it may be required for criminal or other proceedings, |
but the board may proceed without a warrant, if the person in control of any premises consents to the actions contemplated in this paragraph;
| (g) | make market abuse rules after consultation with the directorate— |
| (i) | concerning the administration of this Chapter by the board and the directorate; |
| (ii) | concerning the manner in which investigations in terms of this Chapter are to be conducted; |
| (iii) | concerning the notification of amounts received in terms of sections 77, the procedure for the lodging and proof of claims, the administration of trust accounts and the distribution of payments in respect of claims; |
| (iv) | concerning meetings of the directorate; |
| (v) | which are generally designed to ensure that the board and the directorate are able to perform their functions in terms of this Chapter; |
| (vi) | dealing with the manner in which inside information should be disclosed and, generally, with the conduct expected of persons with regard to such information: |
| (h) | after consultation with the relevant regulated markets in the Republic, require such markets to implement such systems as are necessary for the effective monitoring and identification of possible contraventions of this Chapter. |
(3)
| (a) | A warrant contemplated in subsection (2)(f) may be issued, on application by the board, by a judge or magistrate who has jurisdiction in the area where the premises in question are located. |
| (b) | Such a warrant may only be issued if it appears from information under oath that there is reason to believe that a document relating to the matter being investigated in terms of subsection (2)(a), is kept at the premises in question. |
| (c) | Any person from whom a document has been seized under subsection (2)(f)or such person’s authorised representative, may examine such document and make extracts therefrom under the supervision of the board during normal office hours. |
| (d) | Any person who has been duly summoned under subsection (2)(d) and who, without sufficient cause— |
| (i) | fails to appear at the time and place specified in the summons; |
| (ii) | fails to remain in attendance until excused by the board from further attendance; |
| (iii) | refuses to take the oath or to make an affirmation as contemplated in subsection (2)(e); |
| (iv) | fails to answer fully and satisfactorily any question lawfully put to him or her under subsection (2)(e); or |
| (v) | fails to furnish information or to produce a document in terms of subsection (2)(d), |
commits an offence and is liable on conviction to a fine or to imprisonment for a period not exceeding two years or to both a fine and such imprisonment.
| (4) | The board may, subject to the conditions it may determine, delegate the power to investigate an alleged contravention of this Chapter to any fit person and such person has the powers set out in subsections (2)(d), (e) and (f). |
| (5) | The board must cause the publication in the Gazette of a notice of any proposed market abuse rule or amendment of such a rule, calling upon all interested persons who have any objections to the proposed rule or amendment, to lodge their objections with the board within a period of 14 days from the date of publication of the notice. |
| (6) | If there are no such objections or if the board has, after consultation with the directorate, considered the objections and has decided to introduce the proposed rule or amendment in the form published in the Gazette in terms of subsection (5), the rule or amendment comes into operation on a date determined by the board by notice in the Gazette. |
| (7) | If the board has, after considering such objections, decided after consultation with the directorate to amend the proposed rule or amendment as published in the Gazette in terms of subsection (3), the proposed rule or amendment thus amended must be published by the board in the Gazette and comes into operation on a date determined by the board by notice in the Gazette. |
| (8) | A rule made under subsection (2) is binding on regulated persons and members of the public. |
| (9) | If the Director of Public Prosecutions declines to prosecute for an alleged offence in terms of this Chapter, the board may prosecute in respect of such offence in any court competent to try that offence and section 8(2) and (3) of the Criminal Procedure Act, 1977 (Act No. 51 of 1977), does not apply to such a prosecution. |
| (10) | The board must, at the request of the directorate, investigate any matter and summon and interrogate any person in respect of the matters referred to in subsections (2)(a), (d) and (e). |
