Stock Exchanges Control Amendment Act 54 of 1995
REPUBLIC OF SOUTH AFRICA
GOVERNMENT GAZETTE
STAATSKOERANT
VAN DIE REPUBLIEK VAN SUID-AFRIKA
Registered at the Post Office as a Newspaper As 'n Nuusblad by die Poskantoor Geregistreer
VoL. 364 CAPE TOWN, 4 OCTOBER 1995 ·
KAAPSTAD, 4 OKTOBER 1995 . No. 16721
OFFICE OF THE PRESIDENT KANTOOR VAN DIEPRESIDENT
No. 1517. 4 October 1995 No: l5.i7. 4 Oktober 1995 ";c
It is hereby notified that the President has assented to the following Act which is hereby published for general infor- mation:-
No. 54 of 1995: Stock Exchanges Control Amendment Act, 1995.
Hierby word bekend gemaak dat die President sy goed- keuring geheg bet aan die onderstaande Wet wat hierby ter algemene inligting gepubliseer word:-
No. 54 van 1995: Wysigingswet op Beheer van Effektebeurse, 1995.
Please note that most Acts are published in English and another South African official language. Currently we only have capacity to publish the English versions. This means that this document will only contain even numbered pages as the other language is
printed on uneven numbered pages.
2 No. 16721 GOVERNMENT GAZETTE, 4 OCTOBER 1995
STOCK EXCHANGES CONTROL AMENDMENT ACT, ·1995
UENERAL EXPLANATORY NOTE:
Words in bold type in squ~epra~kets indicate omissions from existing enactments;
Words underlined-· with a solid line indicate insertions in existing enactments.
ACT To amend the Stock Exchanges Control Act, 1985, so as to insert, amend or delete certain definitions; to further regulate the delegation of powers and assignment of duties by committees of stock exchanges; to make further provision for the carrying on of the business of a stock exchange and the buying and selling of listed securities; to make provision for the managing of investments; to regulate anew the issue and renewal of stock exchange licenses; to make' further provision for the contribution to and distribution of fundsof a stock exchange; to make further provision for the rules of a stock exchange;· to make provision for a limitation on the financial interest of the president of a stock exchange; to provide for the separation of the funds of a member and of other persons; to further regulate the committee's duties in relation to the listing of securities; to further regulate the disclosure of information. by issuers of securities which are lis_ted; to further regulate rights of appeal against certain decisions, and the powers of boards of appeal in connection therewith; to make further provision for the buying of securities for payment, or otherwise than for payment, against the offer of delivery of such securities; to make further provision for the signing of certain forms for purposes of transferring securities; to make further provision for the sale of securities otherwise than by means of a bear sale; to provide that the Minister of Finance may prescribe different or additional provisions for delivery of and payment for listed securities; to make further provision for limitations and qualifications in respect of the purchasing or selling of securities, and repudiations thereof; to make further provision for the prohibition of bear sales by certain directors and shareholders; to make further provision for the establishment and maintenance of a guarantee fund in respect of liabilities of members; to further regulate the marking of securities; to further regulate the restriction on borrowing against and the repledging of securities of non-members; to further regulate advertising and canvassing relating to securities; to further regulate manipulative practices; to make further provision for the appointment of auditors, and for the auditing and the reporting of irregularities by such auditors; to make further provision for the inspection of non-approved or unlicensed persons; to provide for the disclosure of information by stock exchanges to other domestic or to foreign
. exchanges; to further regulate the powers of the Registrar in attending certain meetings and the furnishing of certain information to him; to improve and extend certain provisions· rehtting to penalties; to further regulate the power of courts to declare certain convicted members disqualified; to provide for the limitation of certain liabilities; and to delete redundant and obsolete provisions; to provide that the Stock Exchanges Control Act, 1985, shall apply throughout the Republic; and to providefor matters connected therewith ..
4 No. 16721 GOVERNMENT GAZETTE, 4 OCfOBER 1995
Act No. 54, 1995 STOCK EXCHANGES CONTROL AMENDMENT ACT, 1995
(English text signed by the Presid~t;t.) (Assented to 28 September 1995.) .
B E IT ENACTED by the Parliament of the Republic of South Africa, as follows:- Amendment of section 1 of Act 1 of 1985, as amended by section 14 of Act 50 of 1986, section 24 of Act 51 of 1988, section 25 of Act 54 of 1989, section 38 of Act 55 of 1989, section 29 of Act 97 of 1990, section 13 of Act 64 of 1990, section 10 of Act 5 54 of 1991 and section 56 of Act 104 of 1993
1. Section 1 of the Stock Exchanges Control Act, 1985 (hereinafter referred to as the principal Act), is hereby amended-
( a) by the substitution for the definition of "bank" of the following definition: " 'bank' means any bank as defined in the Banks Act, 1990 (Act No. 94 10 of 1990);";
(b) · by the substitution for the definition of "bear sale" of the following definition: " 'bear sale' means the sale of listed securities of which the seller is not
. . the owner at the date of sale;"; (c) ·. by the deletion of the definitions of "carrier against shares"· and "cash sale 15
price"; . . . (d) ·by the insertion before th