FSB Position Paper and Guidelines on Personal Account Trading

Board Members: Ms G Marcus (Chairperson) W J Haslam (Deputy Chairman) C C Dance S Maree G K Morolo Mrs H Wilton Executive Officer: R G Cottrell A:\PF106.DOC MINNETTE F I N A N C I A L S E R V I C E S B O A R D Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel (012) 428-8000 Fax (012) 347-0221 e-Mail info@fsb.co.za Int +27 12 428-8000 Int +27 12 347-0221 Toll free 0800110443 Internet: http://www.fsb.co.za Enquiries: MR D P TSHIDI D. Dialling No.: 012-428 8068 Our ref: 12/12/1 Fax: 012-347-0221 Date: 19 May 2000 e-mail: dubet@fsb.co.za CIRCULAR PF NO. 106 (To all self-administered pension funds) PERSONAL ACCOUNT TRADING : FSB POSITION PAPER AND GUIDELINES After thorough research it was decided to issue papers on Personal Account Trading and Guidelines for Personal Account (“PA”) Trading Rules for Employees of Participants in the Financial Markets. These guidelines are the result of a co-operative effort between the Banking Supervision Department of the South African Reserve Bank and the FSB, involving a thorough research of the subject. The Reserve Bank issued a similar circular in terms of the Banks Act. This is, therefore, a consolidated regulatory effort. I thank you for your co-operation in this regard. REGISTRAR OF PENSION FUNDS Enclosures