professional client
in relation to an authorised user, means -
| a) | another authorised user; |
| c) | a long-term or short-term insurer registered as such under the Long-term Insurance Act, 1998 (Act No. 52 of 1998) or the Short-term Insurance Act, 1998 (Act No. 53 of 1998), respectively; |
| d) | a person outside the Republic who - |
| i) | as a regular feature of the person’s business, renders a service similar to a "securities service’’ as defined in section 1 of the Act or conducts the business of a bank or a business referred to in paragraph (c); and |
| ii) | is registered, licensed, recognised, approved or otherwise authorised to render the service or conduct the business referred to in paragraph (d)(i) by a foreign regulator with functions similar to those of the Registrar of Securities Services, the Registrar of Banks or the Registrar of Long-Term or Short-Term Insurance; |
| e) | any person who is mandated to manage assets and who has confirmed to the satisfaction of the authorised user that the market value of the assets managed by the person will exceed R1 billion at all times during the rendering of securities services to the person; |
| f) | any other person included in the definition of ‘client’ in section 1 of the Act, who has confirmed to the satisfaction of the authorised user that the person will have assets of which the net asset value will exceed R20 million at all times during the rendering of securities services to the person, but who is not - |
| ii) | a pension fund organisation as defined in section 1 (1) of the Pension Funds Act, 1956 (Act No. 24 of 1956); |
| iii) | a friendly society referred to in the Friendly Societies Act, 1956 (Act No. 25 of 1956); |
| iv) | a medical scheme as defined in section 1 (1) of the Medical Schemes Act, 1998 (Act No.131 of 1998). |