Management and Control (Part I) Flashcards
Define “employee”
An individual engaged by a member whose function relates to the provision of regulated services.
Define “settlement officer”
An employee of a member appointed by that member in terms of the rules to manage the member’s obligations in relation to the settlement of transactions in equity securities effected by that member.
Define “alternate settlement officer”
An employee of either a member or a CSP appointed by such a member, fulfilling the function of the settlement officer in the settlement officer’s absence.
Define “compliance officer”
The person appointed by a member in terms of the rules to assist the board of directors of the member in ensuring compliance by the member with the Act, the rules and the directives.
Define “officer” in relation to a member.
Includes any executive director, compliance officer, settlement officer or alternate settlement officer thereof.
An officer or non-executive director of a member or a shareholder who is a natural person and who directly or indirectly holds in excess of 10% of the issued shares of a member must meet certain criteria, subject to waiver by the JSE. What are they?
- Be of full legal capacity.
- Not be an unrehabilitated insolvent.
- Comply with such criteria of good character and high business integrity as the JSE deems fit.
What criteria will be taken into account by the JSE in determining whether a person who is required to meet the JSE’s fit and proper requirements is of good character and high business integrity?
The JSE will take into account whether the person has been :
1. Convicted of a criminal offence involving fraud or theft, dishonesty or market abuse.
2. Held civilly liable for fraud, theft, dishonesty or market abuse.
3. declared to have contravened legislation in respect of market abuse, money laundering or terrorist or related activity, with or without the imposition of an administrative penalty, whether in the Republic or elsewhere.
4. Disqualified by a court from acting as a director of a company.
5. The subject of a formal investigation by any regulatory or government agency.
6. Expelled, whether as an authorised user or otherwise, from any exchange or external exchange.
7. Employed by or associated with an authorised user of any exchange or external exchange, which authorised user was expelled from that exchange and where the person has, in the opinion of the JSE, contributed to the circumstances leading to the expulsion.
8. Declared a defaulter on the JSE or any other exchange or external exchange.
9. Refused entry to or expelled from any profession or vocation or been dismissed or requested to resign from any office or employment, or from any fiduciary office or similar position of trust.
10. Refused approval or had approval involuntarily withdrawn in respect of any status granted by a regulatory authority.
