Securities Services Act, 2004 (Act No. 36 of 2004)Chapter II : Regulation and Supervision of Securities Services5. Registrar and Deputy Registrar of Securities Services |
| (1) | The executive officer and a deputy executive officer referred to in section 1 of the Financial Services Board Act are the Registrar and the Deputy Registrar of Securities Services, respectively. |
| (2) | The registrar must perform the functions assigned to the registrar by or under this Act and must supervise compliance with this Act by every regulated person. |
| (3) | In performing those functions the registrar— |
| (a) | must act in a manner which— |
| (i) | is compatible with the objects of this Act; and |
| (ii) | is most appropriate for meeting those objects; |
| (b) | must have regard to— |
| (i) | international supervisory standards; |
| (ii) | the principle that a restriction which is placed on a regulated person, or on the rendering of securities services, should be proportionate to the purpose for which it is intended; |
| (iii) | the desirability of facilitating innovation in securities services; |
| (iv) | the international nature of regulated persons and securities services; |
| (v) | the principle that competition between regulated persons should not be impeded or distorted; and |
| (vi) | the need to use resources in the most effective and cost-efficient way; |
| (c) | must give written reasons for a decision to any person adversely affected by such decision; |
| (d) | may impose conditions that are consistent with this Act in respect of any licence, authorisation, approval, consent or permission granted by the registrar and may amend or withdraw such conditions. |