South Africa Case Law

JP Markets v Financial Sector Conduct Authority (FSCA) (460/2021)

JP Markets v Financial Sector Conduct Authority (FSCA) (460/2021) [2021] ZASCA 148; 2022 (4) SA 94 (SCA) (20 October 2021)

Court

Supreme Court of Appeal

Case number

460/2021

Judges

Petse, Van der Merwe, Mbatha, Hughes, Molefe

The Supreme Court of Appeal held that the Financial Sector Conduct Authority was authorised under section 96 of the Financial Markets Act to apply for the liquidation of JP Markets SA (Pty) Limited, as the requirement that an investigation had been conducted was satisfied by the ongoing investigation. However, the Court found that the evidence did not establish systemic risk or misconduct justifying liquidation. JP Markets was solvent, had applied for an ODP licence, and alternative remedies were available. Liquidation prior to the determination of the licence application would not achieve th…

Source excerpt

• Financial Markets Act
• Otc Derivatives Regulation
• Just And Equitable Winding Up
• Licensing Requirements
• Alternative Remedies
• Public Interest

Industrial Development Corporation of SA Limited v Oakbay Resources and Energy Limited and Others (46934/2017)

Industrial Development Corporation of SA Limited v Oakbay Resources and Energy Limited and Others (46934/2017) [2018] ZAGPJHC 632 (12 November 2018)

Court

South Gauteng High Court, Johannesburg

Case number

46934/2017

Judge

Lagrange

The High Court dismissed exceptions to a claim seeking cancellation of a loan restructuring agreement, holding the pleaded breaches and misrepresentation were sufficient.

• Contract Rescission
• Fraudulent Misrepresentation
• Breach Of Warranty
• Share Price Manipulation
• Prevention Of Organised Crime Act
• Financial Markets Act

Fourie v Directorate of Market Abuse and Another (A354/2017)

Fourie v Directorate of Market Abuse and Another (A354/2017) [2018] ZAGPPHC 712 (29 March 2018)

Court

North Gauteng High Court, Pretoria

Case number

A354/2017

Judges

C J van der Westhuizen, S A M Baqwa

High Court upheld a finding that a trader contravened section 80(1)(a) of the Financial Markets Act, but reduced an arbitrary R2 million penalty to R150,000.

• Financial Markets Act
• Prohibited Trading Practices
• Administrative Penalty
• Market Manipulation
• Financial-markets-act
• Market-manipulation