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FSCA releases FMA Guidance Notice 1 of 2019 - what constitutes an 'exchange' as contemplated in the FMA

Publish date: 22 February 2019
Issue Number: 59
Diary: CompliNEWS
Category: Financial Markets

The purpose of the guidance notice issued by the Financial Sector Conduct Authority (FSCA) is to provide legal certainty in areas of the Financial Markets Act 19 of 2017 (FMA), where there is legal uncertainty regarding the application of the FMA.

The notice also serves to caution the public to refrain from purporting to be an exchange or referring to themselves as an exchange if they are not a licensed exchange in terms of the FMA.

The FSCA has received numerous queries and complaints from the public in respect of institutions purporting to be exchanges or performing exchange activities while they are not licensed as exchanges in terms of the FMA.

Section 4(2)(a) of the FMA prohibits a person who is not a licensed exchange from purporting to be an exchange or behave in a manner or use a name or description which suggests, signifies or implies that there is some connection between that person and an exchange.

Full Guidance Note 1 of 2019 on 'exchange' in terms of FMA

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Working Smart

By Lee Rossini

Identifying and focussing on certain niche markets offers opportunities for financial advisers willing to delve deeper into specialised segments. But what are niche markets, and what role can they play in a financial advice business? At its core, a niche market refers to a subset of a larger market with its own distinct needs, preferences, and demands. These markets are often characterised by their specificity, catering to a particular demographic, industry, or interest group. While mainstream markets target broader audiences, niche markets focus on serving a more specialised clientele.

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