Contingency Fees Act, 1997
R 385.00
Securities Services Act, 2004 (Act No. 36 of 2004)Chapter IV : Custody and Administration of SecuritiesFunctions of participant35. Functions of participant |
A participant —
| (a) | must, if securities are deposited with the participant, deposit them with a central securities depository unless the client expressly directs otherwise in writing; |
| (b) | must maintain a securities account for a client in respect of securities deposited; |
| (c) | must reflect the number or nominal value of each kind of securities deposited in a securities account; |
| (d) | must administer and maintain a record of all securities deposited with it in accordance with the depository rules; |
| (e) | must record all securities of the same kind deposited with it in a subregister if so required by the depository rules; |
| (f) | must disclose to clients and issuers the fees and charges required by it for its services; |
| (g) | must notify a client in writing or as otherwise agreed to by the client of an entry made in the client’s securities account; |
| (h) | must on request disclose to— |
| (i) | the registrar information about the securities recorded in a securities account; |
| (ii) | an issuer information about the securities issued by that issuer and recorded in a securities account; |
| (i) | must have a central securities account with a central securities depository, and may— |
| (i) | deposit securities with or withdraw securities from that central securities depository; or |
| (ii) | transfer, pledge or cede an interest in securities through that central securities depository; |
| (j) | must exercise the rights in respect of securities deposited by it with a central securities depository in its own name on behalf of a client when so instructed by the client; and |
| (k) | must balance and reconcile the aggregate of the securities accounts with the central securities accounts on a daily basis. |
