scholarly journals OVERVIEW OF THE ROLE-PLAYERS IN THE INVESTIGATION, PREVENTION AND ENFORCEMENT OF MARKET-ABUSE PROVISIONS IN SOUTH AFRICA

Obiter ◽  
2021 ◽  
Vol 34 (2) ◽  
Author(s):  
Howard Chitimira ◽  
Vivienne A Lawack
Keyword(s):  
South Africa ◽  
Public Policy ◽  
Financial Services ◽  
General Public ◽  
Policy Makers ◽  
Market Abuse ◽  
Role Players ◽  
Overview Analysis

This article analyses the role and effectiveness of selected key role-players primarily dealing with the investigation, prevention and enforcement of the market abuse prohibition in South Africa in order to increase awareness on the part of the general public, policy-makers and other relevant stakeholders. To this end, the article provides an overview analysis of selected role-players as well as their distinct functions in the investigation, prevention and combating of market-abuse practices in South Africa. This is done by discussing the roles of the Financial Services Board, the Directorate of Market Abuse and the Enforcement Committee.

scholarly journals SELECTED CHALLENGES IN THE SOUTH AFRICAN ANTI-MARKET ABUSE ENFORCEMENT FRAMEWORK IN RELATION TO SOME ASPECTS OF THE FINANCIAL MARKETS

Obiter ◽  
2014 ◽  
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Financial Markets ◽  
Crisis Management ◽  
South African ◽  
Global Financial Crisis ◽  
Accounting Standards ◽  
The South ◽  
Policy Makers ◽  
Market Abuse ◽  
Overview Analysis

The objective of this article is to provide an overview analysis of the challenges and/or flaws in the current anti-market abuse-enforcement framework in relation to some selected specific aspects of the financial markets in South Africa. This is primarily done to increase awareness on the part of the policy makers and other relevant stakeholders and to innovate possible solutions to such flaws in order to enhance the enforcement of the market-abuse prohibition in South Africa. Moreover, this is done to investigate whether the current South African anti-market abuse-enforcement framework is robust enough to deal with some market abuse-related challenges that manifested during the recent global financial crisis. In relation to this, the article seeks to explore this and other enforcement-related concerns by, first, taking a closer look at the adequacy of the South African anti-market abuse-enforcement framework with regard to remuneration structures and crisis management. Secondly, the adequacy of the South African anti-market abuse-enforcement framework with regard to management of risk will be discussed. Lastly, the adequacy of the aforementioned enforcement framework will be examined in relation to accounting standards.

scholarly journals A Historical Overview of the Regulation of Market Abuse in South Africa

2017 ◽  
Vol 17 (3) ◽  
pp. 971
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Financial Markets ◽  
South African ◽  
Insider Trading ◽  
Stock Exchanges ◽  
Market Manipulation ◽  
Historical Overview ◽  
The South ◽  
Market Abuse ◽  
Overview Analysis

In an early attempt to combat market abuse in the South African financial markets, legislation such as the Companies Act, the Financial Markets Control Act and the Stock Exchanges Control Act were enacted. However, these Acts failed to effectively curb market abuse activities that were allegedly rife in the financial markets. Consequently, the Insider Trading Act was enacted and came into effect on 17 January 1999. While the introduction of the Insider Trading Act brought some confidence in the financial markets, market abuse activities were still not extinguished. The provisions of the Insider Trading Act were to some extent inadequate and ineffectively implemented. Eventually, the Securities Services Act was enacted to repeal all the flawed provisions of the Insider Trading Act. Notwithstanding these efforts on the part of the legislature, more may still need to be done to increase the number of convictions and settlements in cases involving market abuse in South Africa. It is against this background that a historical overview analysis of the regulation of market abuse is carried out in this article to expose the flaws that were previously embedded in the South African market abuse laws prior to 2004. This is done to raise awareness of the situation on the part of the relevant stakeholders, as they consider whether such flaws were adequately resolved or subsequently re-introduced under the Securities Services Act and the Financial Markets Act. To this end, the article firstly discusses the historical development and regulation of market manipulation prior to 2004. Secondly, the regulation and enforcement of insider trading legislation prior to 2004 are examined. Moreover, where possible, certain flaws of the previous market abuse laws that were re-incorporated into the current South African market abuse legislation are isolated and recommendations are made in that regard.

scholarly journals Digital Financial Services: Prospects and Challenges

2021 ◽  
Vol 24 ◽  
pp. 1-25
Author(s):  
Martha Gertruida Van Niekerk ◽  
Nkgolodishe Hermit Phaladi
Keyword(s):  
South Africa ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Services ◽  
Recognition System ◽  
Financial Inclusion ◽  
Market Abuse ◽  
Lack Of Information ◽  
Digital Identification ◽  
Verification Methods

Digital financial services (DFSs), being financial services accessed and delivered through digital channels, have grown rapidly in South Africa as well as globally. The adoption of the technology for DFSs has led to an increase in financial inclusion, enabling more individuals and businesses to have access to useful and affordable financial products and services, where payments, savings, credit, investment and insurance are included. Through the Financial Sector Regulation Act 9 of 2017 financial inclusion was statutorily enacted for the first time. The regulators are now empowered to insist that financial institutions take proactive steps to expand financial inclusion and can take the necessary steps to enforce these powers. One of the factors that have an influence on whether consumers will adopt DFSs is consumers' perspectives of DFSs. Lack of information and knowledge combined with the cost of data negatively influences the adoption of DFSs. The transfer of information to unbanked people in South Africa with regards to DFSs should be enhanced by the state as it strives to improve financial literacy. DFSs are susceptible to financial crimes like fraud, money laundering, terrorist financing, bribery, corruption and market abuse. The challenges that threaten the interests of customers should be addressed by stricter information verification methods when transacting with clients online. Technological detectors and digital identification should be used more effectively to verify customers and to alert authorities to suspicious transactions. Financial institutions might consider authenticating online transactions by thumb-print or a voice recognition system. This paper emphasises that because of the prospects of greater and deeper financial inclusion in South Africa, the use of DFSs has to be improved and developed and the challenges have to be constructively addressed to unleash the true potential thereof.

scholarly journals SELECTED CHALLENGES AFFECTING THE RETROACTIVE TRANSFER PRICING ADJUSTMENTS OF IMPORTED GOODS IN SOUTH AFRICA

Obiter ◽  
2021 ◽  
Vol 42 (3) ◽  
Author(s):  
Howard Chitimira ◽  
Oratile Maselwa
Keyword(s):  
South Africa ◽  
Multinational Enterprises ◽  
Transfer Pricing ◽  
Policy Makers ◽  
Overview Analysis ◽  
Regulatory Challenges

The article analyses selected challenges associated with retroactive transfer pricing adjustments of imported goods under the Customs and Excise Act 91 of 1964 (Customs and Excise Act). This is done in order to examine the regulatory challenges affecting retroactive transfer pricing adjustments and customs valuation processes of imported goods under the Customs and Excise Act. Thus, the enforcement of retroactive transfer pricing adjustments of imported goods for Multinational Enterprises (MNEs) is scrutinised in terms of the Customs and Excise Act. To this end, the article provides an overview analysis of selected regulatory and related challenges affecting retroactive transfer pricing adjustments and actual valuation processes of imported goods within different MNEs in South Africa. Accordingly, the article explores selected challenges in order to recommend possible remedies and measures that could be employed by policy makers to enhance the regulatory and enforcement framework under the Customs and Excise Act.

Health, Body Weight, and Obesity

2015 ◽  
pp. 151-178
Author(s):  
Darius N. Lakdawalla ◽  
Julian Reif
Keyword(s):  
Public Policy ◽  
Body Weight ◽  
Food Intake ◽  
Peer Effects ◽  
General Public ◽  
Food Prices ◽  
Empirical Literature ◽  
Economic Literature ◽  
Policy Makers

The rise in obesity has generated enormous concern among policy makers and the general public. Economists have focused on explaining the causes of this rise, along with the attendant implications for public policy. This chapter summarizes the economic literature on the theory of weight determination, including the optimal determination of food intake and exercise, and the influence of prices and peer effects. In addition, the chapter reviews the empirical literature that tests a range of explanations for the rise in obesity, such as declining food prices, increasing price of exercise, rising income, peer effects, and the decline in cigarette consumption.

scholarly journals Measuring and profiling financial literacy in South Africa

2018 ◽  
Vol 21 (1) ◽  
Author(s):  
Elizabeth L. Nanziri ◽  
Murray Leibbrandt
Keyword(s):  
South Africa ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Multivariate Regression Analysis ◽  
Policy Makers ◽  
Financial Decisions ◽  
South Africans ◽  
Financial Behaviour ◽  
Using Data

Background: Microeconomic theories of financial behaviour tend to assume that consumers possess financial skills necessary to undertake related financial decisions. Aim and setting: We investigated this assumption by exploring the distribution of financial literacy among South Africans. Method: In the absence of a standard measure, a financial literacy index was constructed for the country using data collected on attitudes (towards), access to and use of financial services over the period 2005–2009. In a multivariate regression analysis, we used the index to examine the extent to which differences in financial literacy correlate with demographic and economic characteristics. Results: The index revealed substantial variation in financial literacy by age, education, province and race. Overall, demographic characteristics contributed up to 10% of the financial literacy differences among individuals in South Africa. Conclusion: These results can be used to guide policy makers where to place more emphasis in terms of financial education for South Africans.

Some Comments on the Enforcement Committee's Jurisdiction in the Adjudication and Settlement of Market Manipulation Cases: Pather and Another v Financial Services Board and Others [2014] 3 All SA 208 (GP)

2018 ◽  
Vol 62 (3) ◽  
pp. 471-482
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Financial Services ◽  
Market Manipulation ◽  
Market Abuse

AbstractThe article examines the court judgment in Pather and Another v Financial Services Board and Others [2014] 3 All SA 208 (GP) to explore the Enforcement Committee (EC)’s jurisdiction to settle market abuse cases in South Africa.

Influence of the Institutional Environment on Entrepreneurial Intentions in an Emerging Economy

2013 ◽  
Vol 14 (3) ◽  
pp. 179-191 ◽  
Author(s):  
Boris Urban
Keyword(s):  
South Africa ◽  
Public Policy ◽  
Emerging Economies ◽  
Institutional Environment ◽  
Emerging Market ◽  
Emerging Economy ◽  
Entrepreneurial Intentions ◽  
Institutional Pressures ◽  
Regression Analyses ◽  
Policy Makers

Building on the literature on institutions, this paper examines the regulatory, normative and cognitive institutional dimensions that may influence entrepreneurial intentions in an emerging market context. Recognizing that idiosyncrasies and barriers in the institutional dimensions of emerging economies contrast with those of the developed market economies, hypotheses are formulated and tested using correlation and regression analyses. Results from a sample of 199 respondents indicate that perceptions of the different institutional dimensions are positively but not significantly correlated with entrepreneurial intentions. These findings suggest that public policy makers and market entrants need to be aware of the less than favourable conditions for entrepreneurship in South Africa, and of the numerous and often conflicting institutional pressures and constraints faced by potential entrepreneurs.

Do We Matter? The Attention the General Public, Policy Makers, Academics Give to Accounting Research

2020 ◽  
Author(s):  
F. Greg Burton ◽  
Scott L. Summers ◽  
T. Jeffrey Wilks ◽  
David A. Wood
Keyword(s):  
Public Policy ◽  
General Public ◽  
Accounting Education ◽  
Journal Articles ◽  
Policy Makers ◽  
Accounting Research ◽  
Elite Level ◽  
Tax Research

Many question the value of accounting scholarship to society. We compare the attention the general public, policy makers, and academics give to academic accounting research relative to other business disciplines and other more general disciplines (economics, psychology, and other sciences). The results indicate that accounting research receives significantly less attention from the general public than all other disciplines and also performs relatively poorly in receiving policy makers’ attention compared to both economics and finance. Within accounting subtopics, tax research receives more attention from the general public and policy makers than other topic areas. We also find that articles in other disciplines’ elite journals cite relatively little of accounting’s elite-level publications, but non-elite journal articles cite accounting research in similar numbers to other disciplines. Finally, we rank scholars, institutions, and journals by the attention they receive. We discuss how these findings could impact accounting education.

scholarly journals OVERVIEW OF THE MARKET ABUSE REGULATION UNDER THE FINANCIAL MARKETS ACT 19 OF 2012

Obiter ◽  
2014 ◽  
Vol 35 (2) ◽  
Author(s):  
Howard Chitimira
Keyword(s):  
South Africa ◽  
Comparative Analysis ◽  
Financial Markets ◽  
Insider Trading ◽  
Market Manipulation ◽  
Market Abuse ◽  
Overview Analysis

This paper analyses the regulation of market abuse under the Financial Markets Act 19 of 2012 in order to investigate the adequacy of such regulation as regards to the combating of market-abuse practices in South Africa. To this end, the paper provides an overview analysis of the market abuse (insider trading and market manipulation) offences as well as the penalties and other anti-market abuse-enforcement approaches that are employed under the Financial Markets Act 19 of 2012 in a bid to provide a revamped and adequate anti-market abuse regulatory and -enforcement framework in South Africa. Moreover, where possible, the paper also provides a comparative analysis of these offences, penalties and other anti-market abuse-enforcement approaches and those that were provided under the Securities Services Act 36 of 2004. This is done to examine whether the anti-market abuse regulatory and -enforcement framework that was re-introduced under the Financial Markets Act 19 of 2012 has now adequately resolved the flaws and gaps that were associated with a similar framework under the former Act.

Sign in / Sign up

Export Citation Format

Share Document