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| Attachment | Size |
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| act-54-1995.pdf | 4.29 MB |
54 of 1995
The Stock Exchanges Control Amendment Act 54 of 1995 intends:
- to amend the Stock Exchanges Control Act, 1985 [repealed in 2005], so as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 listed;
- 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 relating 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.
Commencement
- 11 October 1995 (Gazette 16766 of 11 October 1995)
- 6 November 1995, Section 14 (Gazette 16766 of 11 October 1995)
