Financial Markets Act, 2012 (Act No. 19 of 2012)Chapter XII : General provisionsMiscellanea110. Savings and transitional arrangements |
| (1) | The licence, registration or authorisation of a regulated person who immediately before the date of commencement of this Act was licensed, registered or authorised under the Securities Services Act, 2004 (Act No. 36 of 2004), repealed by this Act, shall have effect from the date of commencement of this Act as if granted under a corresponding provision of this Act: Provided that a licence, registration or authorisation granted for a specified period remains in force, subject to this Act, for so much of that period as falls after the date of commencement of this Act only. |
| (2) | The rules of an exchange or central securities depository made under the Securities Services Act, 2004, repealed by this Act and in force immediately before the date of commencement of this Act, continue to be in force in so far as they are not inconsistent with this Act: Provided that the exchange or central securities depository must, within six months from the date of commencement of this Act, amend or replace its rules so as to comply with the requirements of this Act. |
| (3) | Subsection (2) applies with the changes required by the context to the listing requirements of an exchange. |
| (4) | Sections 84 and 85 apply to any investigation of alleged non-compliance with or offences under the Securities Services Act, 2004, instituted after its repeal by this Act. |
| (5) | [Section 110(5) deleted by section 290, item 77(a) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)] |
| (6) | Despite any other provision of this Act, a clearing house performing the functions of a central counterparty must comply with any requirements imposed by regulations or standards, and must— |
| (a) | until 31 December 2021, be licensed as either an associated clearing house or an independent clearing house, and be approved by the Authority, the South African Reserve Bank and the Prudential Authority, in the manner and form prescribed by the Authority, to perform the functions of a central counterparty; |
| (b) | as of 1 January 2022, be licensed as both an independent clearing house and a central counterparty. |
[Section 110(6) inserted by section 290, item 77(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]