What is a Nominee?
Section 36 (1)(b) of the Securities Services Act (“SSA or the Act”) defines a Nominee as:
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A participant, or any other Nominee who has an account with a participant, must be approved by the central securities depository in terms of depository rules;
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The above statutory and legislative requirements limit Strate’s obligations to the approval of Nominees and their subsequent adherence to Directive SAN only. Strate does not undertake the regulation of Nominees.
In terms of paragraph 6.6.4 of the CSD Rules:
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A participant may only open a Securities Account in the name of a nominee where the nominee has been approved by the CSD in accordance with the Act, Rules and Directives. |
It must be noted that where an Authorised User (broker) as defined in the Act, has an account with a Participant, their Nominee is approved by the relevant exchange in terms of section 36(1)(a) of the Act.
Persons applying for approval in terms of section 36(1)(b) of the Act must first be approved by the Financial Services Board (“FSB”) to operate a Nominee in terms of their Holding Company license. Applications will not be considered by Strate unless the applicant submits proof of such FSB approval.
The approval of a Participants’ Holding Company includes the approval if its Nominee.
Approval of and requirements for Strate Nominees
Applications in terms of section 36(1)(b) and Strate Rule 6.6.4 must comply with the requirements as detailed in Strate Directive SAN “Requirements imposed by the Controlling Body of the Central Securities Depository (CSD) for Nominees to operate in the Strate environment.
All applications for approval or Nominee queries should be directed to,
Strate Supervision on Tel: (011) 759 5320/21 or Strate-supervision@strate.co.za
Disclosure by Nominees
Paragraph 2.2.1 of Directive SAN states: the Holding Company must have a system capable of providing the CSD with a download of beneficial ownership information of all Strate eligible securities registered in the name of the nominee, in the format and frequency as defined by the CSD, in Directive SDB (Equities) or Bonds, from time to time.
For queries relating to Nominee disclosures and testing, please contact,
George Holland on Tel: (011) 759 -5326 or alternatively Strate Supervision.
Strate approved Nominees
| ABSA Nominees (Pty) Ltd |
Equities and Bonds |
| AIMS Nominees (Pty) Ltd |
Equities |
| Citi Nominees (Pty) Ltd |
Equities |
| CMB Nominees (Pty) Ltd |
Equities |
| Computershare Nominees (Pty (Ltd) |
Equities
Bonds |
FNB Retail Equities Nominees (Pty) Ltd
First National Nominees (Pty) Ltd
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Equities
Equities and Bonds |
| First National Trust Nominees (Pty) Ltd |
Equities
Bonds |
GB Nominees (Pty) Ltd
Goudstad Nominees (Pty) Ltd |
Bonds
Equities and Bonds |
Investors Independent Custodian (Pty) Ltd
Nedcor Bank Nominees Limited |
Equities
Equities and Bonds |
| Old Mutual SA Nominees (Pty) Ltd |
Equities |
| RMB PB Nominees (Pty) Ltd |
Equities
Bonds |
| Sanlam Fundshare Nominee (Pty) Ltd
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Equities
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| Sanlam Share Account (Pty) Ltd
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Equities
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