| (a) |
subject to the requirements prescribed by the Minister, have assets and resources, which resources include financial, management and human resources with appropriate experience, to perform its duties as set out in this Act; |
| (b) |
have governance arrangements, that are clear and transparent, promote the safety and efficiency of the trade repository, and support the stability of the broader financial system, other relevant public interest considerations, and the objectives of relevant stakeholders; |
| (c) |
demonstrate that the fit and proper requirements prescribed in the joint standards are met by the applicant,members of its controlling body and senior management; |
[Section 55(1)(c) substituted by section 290, item 36(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 reliable and secure systems with adequate and scalable capacity for the sustained operation of a trade repository; |
| (e) |
have made arrangements for security and back-up procedures to ensure the integrity of its records of transactions; |
| (f) |
have sound administrative and accounting procedures, internal control mechanisms, effective procedures for risk assessment, and effective control and safeguard arrangements for information processing systems; |
| (g) |
have objective, non-discriminatory and publicly disclosed requirements for access and participation; |
| (h) |
identify sources of operational and business risks and adopt processes and procedures to mitigate and manage those risks; and |
| (i) |
establish, implement and maintain an adequate business continuity policy and disaster recovery plan aiming at ensuring the preservation of its functions, the timely recovery of operations and the fulfilment of the trade repository’s obligations. |
| (2) |
The Authority may take into consideration any other information regarding the applicant, derived from whatever source, including any other supervisory authority, if such information is disclosed to the applicant and the latter is given a reasonable opportunity to respond thereto. |
[Section 55(2) substituted by section 290, item 36(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)]
(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) before the commencement of this subsection may be amended or repealed by conduct standards or joint standards. |
[Section 55(3) inserted by section 290, item 36(c) 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)]
National Environmental Management Act, 1998 (107 of 1998)
