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Securities Services Act, 2004 (Act No. 36 of 2004)

Chapter I : Preliminary Provisions

4. Prohibitions

 

(1) No person may—
(a) operate as an exchange unless that person is licensed under section 10;
(b) operate as a central securities depository unless that person is licensed under section 32;
(c) operate as a clearing house unless that person is licensed under section 66;
(d) act as an authorised user unless authorised by an exchange in terms of the exchange rules;
(e) carry on the business of buying or selling listed securities unless that person complies with section 19;
(f) carry on the business of buying or selling unlisted securities if prohibited under section 20 or in contravention of conditions imposed or prescribed under that section;
(g) act as a participant unless accepted in terms of section 34 as a participant by a central securities depository;
(h) if the person is an authorised user, undertake the management of listed securities unless that person complies with exchange rules regulating the management of listed securities.

 

(2) Subject to any contrary provision in any other law, a person who is not—
(a) licensed as an exchange, a central securities depository, or a clearing house;
(b) a participant; or
(c) an authorised user,

may not purport to be an exchange, central securities depository, clearing house, participant, or authorised user, as the case may be, or behave in a manner or use a name or description which suggests, signifies or implies that there is some connection between that person and an exchange, a central securities depository, clearing house, participant or authorised user, as the case may be.