FMA definitions 3 Flashcards
(15 cards)
‘‘external exchange’’
a foreign person who is authorised by a supervisory authority to perform a function or functions similar to one or more of the functions of an exchange as set out in this Act, which laws—
(a) establish a regulatory framework equivalent to that established by this Act; and
(b) are supervised by a supervisory authority;
‘‘financial institution’’
- a bank
- any pension fund organisation registered in terms of the Pension Funds Act, 1956 any person referred to in section 13B of that Act administering the securities of such a pension fund or the disposition of benefits provided for
- any friendly society registered in terms of the Friendly Societies Act, 1956, or any person in
charge of the management of the affairs of such a society - any **collective investment scheme **as defined in section 1 of the Collective Investment Schemes Control Act, 2002
- any long-term or short-term insurer registered as such under the Long-term Insurance Act, 1998 or the Short-term Insurance Act, 1998.
‘‘Financial Services Board Act’’
Financial Services Board Act, 1990 (Act No. 97 of 1990);
‘‘foreign collective investment scheme’’
a scheme, carried on in a country other than the
Republic in pursuance of which members of the public—
(a) are invited or permitted to invest money or other assets in one or more groups of assets (whether called a portfolio or by any other name) of such scheme;
(b) acquire an interest or undivided share (whether called a unit or by any other name) in such a group of assets upon such investment; and
(c) participate proportionately in the income or profits and the risk derived from such investment;
‘‘in writing’’,
anything which must be done in writing in terms of this Act, includes electronic actions;
‘‘listed securities’’
means securities included in the list of securities kept by an exchange
‘‘management of securities and funds’’
(a) to exercise discretion in buying or selling securities or in exercising any rights attached to those securities on behalf
of another person;
(b) the safeguarding of securities on behalf of another person; or
(c) the safeguarding of another person’s funds intended for the purchase of securities on behalf of that other person;
‘‘Minister’’
the Minister of Finance;
‘‘nominee’’
a person approved under section 76 to act as the holder of securities or of an interest in securities on behalf of other persons
‘‘participant’’
a person authorised by a licensed central securities depository to perform custody and administration services or settlement services or both in terms of the depository rules, and includes an external
participant, where appropriate;
‘‘prescribed’’
prescribed by the Minister by regulations or by a conduct standard or a joint standard
‘‘registrar’’
the Registrar and Deputy Registrar of Securities Services
‘‘regulated person’’
(a) a licensed central counterparty
(b) a licensed central securities depository;
(c) a licensed clearing house;
(d) a licensed exchange;
(e) a licensed trade repository;
(f) an authorised user;
(g) a clearing member;
(h) a nominee;
(i) a participant;
(j)an issuer;
(k)a licensed external central counterparty, a
licensed external trade repository; or
(j) any other person specified in regulations for this purpose;
settle
LISTED SECURITIES & MONEY MARKET SECURITIES
- the completion of a transaction by effecting the
transfer of a security in the relevant uncertificated securities registers and the payment of funds in respect of that transaction, through a settlement system.
LISTED & UNLISTED DERIVATIVE INSTRUMENT
-the completion of a transaction by the fulfilment of all contractual obligations associated with the resultant position in the derivative instrument.
UNLISTED SECURITIES
- the crediting and debiting of the accounts of the transferee and transferor, respectively, with the aim of completing a transaction in securities and receipt of a notification that payment has been received.
OTHER SECURITIES
- the discharge of the obligations arising from a transaction in such securities
‘‘settlement services’’
any services offered and activities performed by an authorised user, a participant or a clearing member in terms of the relevant rules to facilitate settlement of transactions in securities;
