Financial Markets Control Amendment Act 55 of 1995

The Financial Markets Control Amendment Act 55 of 1995 intends:

• to amend the Financial Markets Control Act, 1989 [repealed in 2005], so as
• to amend a definition and insert a new definition;
• to make new provision for the management of investments; 
• to improve the provisions with respect to the restriction on the use of a name or description implying a connection with a financial exchange;
• to amend the provisions relating to the issue or renewal of financial market licenses;
• to make new provision for the delegation of functions by the executive committee of a financial exchange and for the listing of financial instruments;
• to amend and improve the provisions relating to the rules of a financial exchange;
• to make new provision relating to the separation of property and funds received from other persons by a clearing house and members of financial exchanges;
• to amend the provisions relating to the constitution of the board for hearing appeals;
• to make new provision with respect to the right of appeal against acts of an executive committee, and undesirable advertising or canvassing relating to financial instruments;
• to extend the provisions relating to inspections in regard to certain unlicensed or non-approved persons or businesses;
• to extend the powers of the Registrar of Financial Markets to attend certain meetings;
• to make new provision for the disclosure of certain information by financial exchanges;
• to extend the powers of courts to declare certain persons disqualified in regard to certain activities regulated by the said Act;
• to delete the provision for certain maximum fines;
• to extend the powers of the Minister of Finance to make regulations; and
• to provide for certain limitations of liabilities; and
• to make provision for incidental matters.

Commencement

• 1 April 1996, Section 5 (Gazette 17084 of 29 March 1996)
• 6 November 1995, Section 17B (Gazette 16766 of 11 October 1995)
• 11 October 1995 (Gazette 16766 of 11 October 1995)