The introduction of the Securities Services Act in early 2005 replaced the ITD with the Directorate of Market Abuse which has expanded areas of responsibility for investor protection and powers.
In the interim, the material increase in the value of transactions executed on the JSE’s equity market, combined with the success of the ITD in recovering the costs associated with many of its investigations, has resulted in the levy collections exceeding the amounts required.
Accordingly, the JSE will reduce the rate of the levy from 0,0007% to 0,0003% with effect from Monday, 3 October 2005.
The levy will be renamed the “Investor Protection Levy” as the proceeds from the levy will be used to finance a wider range of the functions provided by market regulators, other than the JSE. The JSE itself will continue to bear the costs of the extensive regulatory functions it performs.
