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Cape Town - The Financial Services Board (FSB) has issued a guideline setting out the parameters within which Strate may provide certain companies’ share register information to third parties such as data vendors.
Strate is South Africa’s authorised Central Securities Depository (CSD) for the electronic settlement of equities‚ bonds and money market securities.
The guideline, effective immediately, also provides for share register information to issuers (listed companies and/or their agents) in terms of the Companies Act, 2008.
“Following concerns raised by Strate and other market players regarding the application and interpretation of certain clauses in the Financial Markets Act (FMA), we welcome the clarification in the FSB’s guideline and appreciate the level of attention with which the FSB has dealt with the matter,” said Strate CEO Monica Singer.
Strate keeps the centralised official record of shareholder information in South Africa.
While one of its legal duties is to supply this shareholder information to issuers, Strate has historically also provided data vendors with the shareholder information for analytical purposes.
According to Maria Vermaas, the head of Strate’s legal and regulatory division, Strate is pleased with the way forward.
“Strate is committed to managing the provision of relevant information to the South African financial markets in a manner that is transparent and guided by the country’s regulatory guidelines and best practices," said Vermaas.
"We believe in inclusivity and strive to act in the best interest of all of our stakeholders.”
Strate has published an updated Directive SA.8 to the market to incorporate the FSB’s guideline.
Strate will also be able to provide historic share register information to data vendors for the period since the FMA was implemented.
- Fin24
Strate is South Africa’s authorised Central Securities Depository (CSD) for the electronic settlement of equities‚ bonds and money market securities.
The guideline, effective immediately, also provides for share register information to issuers (listed companies and/or their agents) in terms of the Companies Act, 2008.
“Following concerns raised by Strate and other market players regarding the application and interpretation of certain clauses in the Financial Markets Act (FMA), we welcome the clarification in the FSB’s guideline and appreciate the level of attention with which the FSB has dealt with the matter,” said Strate CEO Monica Singer.
Strate keeps the centralised official record of shareholder information in South Africa.
While one of its legal duties is to supply this shareholder information to issuers, Strate has historically also provided data vendors with the shareholder information for analytical purposes.
According to Maria Vermaas, the head of Strate’s legal and regulatory division, Strate is pleased with the way forward.
“Strate is committed to managing the provision of relevant information to the South African financial markets in a manner that is transparent and guided by the country’s regulatory guidelines and best practices," said Vermaas.
"We believe in inclusivity and strive to act in the best interest of all of our stakeholders.”
Strate has published an updated Directive SA.8 to the market to incorporate the FSB’s guideline.
Strate will also be able to provide historic share register information to data vendors for the period since the FMA was implemented.
- Fin24
