Regulatory Alerts1998-09-22
Designation of Johannesburg Stock Exchange Members as Authorized Mandataries for Money-Broking Transactions
The South African Reserve Bank designates Johannesburg Stock Exchange members as authorized mandataries permitted to accept client funds for money-broking transactions and deposit them into banking accounts maintained by the members. The regulation imposes strict operational conditions, including mandatory JSE committee authorization, standardized contract requirements, daily account reconciliation, and mandatory monthly client statements detailing investments, interest, and fees. It further mandates secure record-keeping, dual-executive signature requirements for fund withdrawals, daily computer system backups, and formally repeals the preceding Government Notice R995.
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