A person may only carry on the business of buying or selling listed securities if that person—
| (a) |
is an authorised user and acts in compliance with the relevant exchange rules; |
| (b) |
effects such buying or selling through an authorised user in compliance with the relevant exchange rules; |
| (c) |
is not an authorised user, but is a financial institution transacting as principal with another financial institution also transacting as principal, subject to section 25; or |
| (d) |
is a person who, subject to any condition that the Authority may prescribe, buys or sells listed securities in order to— |
| (i) |
give effect to a reconstruction of a company or group of companies by the issue or reallocation of shares, or a takeover by one company of another or an amalgamation of two or more companies; or |
| (ii) |
effect a change in the control over management or the business of a company. |
National Environmental Management Act, 1998 (107 of 1998)
