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ARTICLE · 10 NOVEMBER 1995

Amendment to SE Control Act 1, 1985 - Synopsis of Changes

JSE Securities Exchange South Africa
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South AfricaAntitrust/Competition Law
Membership

Current Structure

1. Individuals - with unlimited liability.

2. Stockbroking businesses owned by qualified stockbrokers only.

3. South African citizens only.

Future Structure

1. Additionally, the option of corporate membership with limited liability subject to appropriate capital requirements. The trading entity now the member (1995).

2. Additionally, ownership by non-stockbrokers who are fit and proper. This will enable, inter alia, banks to operate stockbroking businesses (1995).

3. Removal of citizenship requirement (1995).

Trading Capacity

Current Situation

Single capacity i.e. stockbrokers deal with South African clients as agents. They may deal as principals with qualifying foreign clients.

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