National Small Business Act, 1996 (Act 102 of 1996)
R 385
Financial Markets Control Act, 1989 (Act No. 55 of 1989)4. Restriction on Carrying On of Business of Financial Market or of Buying and Selling Listed Financial Instruments |
| (1) | No person shall carry on or hold himself out as carrying on the business of a financial market, except under a financial market licence. |
| (2) | No person shall carry on the business of buying and selling — |
| (a) | unlisted financial instruments on a financial market on behalf of other persons or on his own account; or |
| (b) | listed financial instruments on behalf of other persons or on his own account, unless — |
| (i) | in the case of such buying and selling on behalf of other persons, he is a financial instrument trader; |
| (ii) | in the case of such buying and selling on his own account, he is a financial instrument trader or financial instrument principal, or he is a person other than a financial instrument trader or financial instrument principal and the buying and selling is effected through a financial instrument trader. |
| (3) | A person shall for the purposes of this Act be deemed to be carrying on the business of buying and selling financial instruments if in the opinion of the Registrar — |
| (a) | it is a regular feature of his business to buy and sell financial instruments on behalf of other persons or on his own account; or |
| (b) | he holds himself out as a person who carries on the business of buying and selling financial instruments. |
