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The Market Abuse Department is a department within the Financial Sector Conduct Authority (FSCA) which carries out the mandate of the Directorate of Market
The DMA is a committee of the FSCA with the statutory mandate to
investigate cases of market abuse and to enforce the prohibitions against
market abuse contained in the Financial Markets Act, Act 19 of 2012 (FMA).
Market abuse in terms of the FMA consists of insider trading
(prohibited in section 78), market manipulation (prohibited in section 80), and
false reporting (prohibited in section 81).
If the DMA believes that the FMA has been contravened it may
refer the matter, to the Enforcement Committee of the FSCA for enforcement
action to be instituted against the offender, or to the National Prosecuting
Authority for criminal prosecution, or apply to a court for an interdict or
attachment order in relation to any matter referred to in Chapter X of the FMA.
The prohibitions against market abuse, the DMA's powers to
investigate and the administrative sanctions/penalties which the DMA can impose
in respect of market abuse are set out in Chapter X (sections 77 to 89) of the
FMA for offences committed after 3 June 2013. If an offence took place prior to
3 June 2013 then the provisions of Chapter VIII (sections 72 to 87) of the
Securities Services Act, Act 36 of 2004 will apply.
The DMA issues a press release after every meeting to update the
public on the status of its current investigations. The determination of the
Enforcement Committee in respect of matters referred to it by the Directorate
for enforcement action is also published once a matter has been finalised.