• Sharebar
Financial Services
Thursday, September 10, 2015 - 02:16
Improving check list

The FSB has published on its website a draft of a Board Notice that it intends to issue relating to the reporting of transactions in listed securities concluded outside of an exchange, as provided for in section 25 of the Financial Markets Act.

The Registrar of Securities Services identified the need for a revised Board Notice after observing that further correspondence between the reporting party and the registrar was often required to assess whether a transaction reported to the registrar indeed fell within the ambit of section 24(c). It is hoped that the more detailed form will reduce the need for further correspondence, and that it will therefore bring efficiencies to the process.
The registrar has also noted an increase of reports of transactions concluded outside of an exchange by parties that seek to rely on section 24(c), in circumstances where the provisions of the said section have clearly not been met. It is hoped that the revised information form will serve as a checklist to enable market participants to ensure that they do in fact meet all the requirements prescribed by section 24(c) or (d), as the case may be, prior to an intended outside of exchange transaction.
The FSB has invited interested parties to provide their comment on the proposed Board Notice on or before close of business 21st September 2015 via Facsimile: 012 346 6533 or email: Bella.Kgatitswe@fsb.co.za.
The amendment will be a follow up to Board Notice 102 of 2013.
 

Copyright © Insurance Times and Investments® Vol:28.9 1st September, 2015
1499 views, page last viewed on August 22, 2019