|
The Directorate of Market Abuse is a committee of the Financial Services Board
with the statutory mandate to investigate cases of Market abuse
and to enforce the prohibitions against market abuse in the
Securities Services
Act, 36 of 2004 (SSA).
Market abuse consists of insider trading (prohibited in section 73 of the SSA), market manipulation
(prohibited in section 75 of the SSA), and false reporting (prohibited in section 76 of the SSA).
If the DMA is of the opinion that the SSA has been contravened, it will take enforcement action against
the offender. Such cases could be referred to the Enforcement
Committee of the FSB, or handed over to the prosecuting Authorities.
The prohibitions against market abuse, the penalties and the DMA's powers to investigate are set out
in Chapter VIII (sections 72 to 87) of the SSA.
The DMA releases a media release after every meeting to update the public on its current investigations.
Every enforcement action is published once it is completed.
The Johannesburg Stock Exchange, in consultation with the DMA, published a booklet on
insider Trading and Other Market Abuse,
including the effective management of price sensitive information An electronic version of the booklet
is available on this page.
|