| (a) | subject to the requirements prescribed by the Minister have assets and resources in the Republic, which resources include financial, management and human resources with appropriate experience, to perform its functions as set out in this Act; |
| (b) | have governance arrangements that are clear and transparent, promote the safety and efficiency of the central securities depository, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of the relevant stakeholders; |
| (c) | demonstrate that the fit and proper requirements prescribed in the relevant joint standards are met by the applicant, or the central securities depository, as the case may be, members of its controlling body and senior management; |
[Section 28(1)(c) substituted by section 290, item 18(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)]
| (d) | have made arrangements for the efficient and effective monitoring of compliance by participants with the depository rules; |
| (e) | have the infrastructure necessary for the sustained operation of a central securities depository in terms of this Act; |
| (f) | have arrangements in place to manage operational risk associated with the operation of a central securities depository; |
| (g) | make provision to the satisfaction of the Authority for settlement of transactions and for the management of settlement risk; and |
| (h) | have made arrangements for security and back-up procedures to ensure the integrity of its records. |
| (a) | require an applicant or a licensed central securities depository to furnish such additional information, or require such information to be verified, as the Authority may deem necessary; |
| (b) | take into consideration any other information regarding the applicant or a licensed central securities depository, derived from whatever source, including any other supervisory authority, if such information is disclosed to the applicant or a central securities depository and the latter is given a reasonable opportunity to respond thereto; and |
| (c) | prescribe any of the requirements referred to in subsection (1) in greater detail. |
(3)
| (a) | Despite subsection (1), requirements prescribed under this section that are in force immediately before the commencement of this subsection continue to be in force. |
| (b) | In respect of regulations prescribed in terms of subsection (1)(a), the Minister may repeal regulations, and new requirements may then be prescribed in joint standards or conduct standards. |
| (c) | Paragraph (b) does not affect or limit the power of the Minister to prescribe or amend regulations in terms of subsection (1)(a). |
| (d) | Requirements prescribed in terms of subsection (1)(c) or (2)(c) before the commencement of this subsection may be amended or repealed by conduct standards or joint standards. |
[Section 28(3) inserted by section 290, item 18(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)]
