“general restricted stock account” means a general restricted stock account as defined in the exchange rules;

[Definition of “general restricted stock account” inserted by section 153 of Act 22 of 2012 effective on 1 January 2013]

“Income Tax Act” means the Income Tax Act, 1962 (Act No. 58 of 1962);

“lending arrangement” means any arrangement in terms of which-

(a)     a person (hereinafter referred to as the lender) lends a listed security or any bond issued by the government of the Republic in the national or local sphere or any sphere of government of any country other than the Republic if that bond is listed on a recognised exchange as defined in paragraph 1 of the Eighth Schedule to the Income Tax Act to another person (hereinafter referred to as the borrower) in order to enable that borrower to effect delivery (other than to any lender in relation to that borrower, unless the borrower can demonstrate that the arrangement was not entered into for the purposes of the avoidance of tax and was not entered into for the purposes of keeping any position open for more than 12 months) of that security or bond within 10 business days after the date of transfer of that security from the lender to the borrower in terms of that arrangement;

(b)     that borrower in return contractually agrees in writing to deliver an identical security or any bond issued by the government of the Republic in the national or local sphere or any sphere of government of any country other than the Republic if that bond is listed on a recognised exchange as defined in paragraph 1 of the Eighth Schedule to the Income Tax Act, as defined in section 1 of the Income Tax Act, to that lender within a period of 12 months from the date of transfer of that listed security or bond from the lender to the borrower;

(c)     that borrower is contractually required to compensate that lender for any distributions in respect of the listed security (or any other security that is substituted for that listed security in terms of an arrangement that is announced and released as a corporate action as contemplated in the JSE Limited Listings Requirements in the SENS (Stock Exchange News Service) as defined in the JSE Limited Listings Requirements) or any bond issued by the government of the Republic in the national or local sphere or any sphere of government of any country other than the Republic if that bond is listed on a recognised exchange as defined in paragraph 1 of the Eighth Schedule to the Income Tax Act which that lender would have been entitled to receive during that period had that arrangement not been entered into; and

[Paragraph (c) substituted by section 67(a) of Act 23 of 2020]

(d)     that arrangement does not affect the lender’s benefits or risks arising from fluctuations in the market value of the listed security (or any other security that is substituted for that listed security in terms of an arrangement that is announced and released as a corporate action as contemplated in the JSE Limited Listings Requirements in the Stock Exchange News Service as defined in the JSE Limited Listings Requirements) or any bond issued by the government of the Republic in the national or local sphere or any sphere of government of any country other than the Republic if that bond is listed on a recognised exchange as defined in paragraph 1 of the Eighth Schedule to the Income Tax Act,

[Paragraph (d) substituted by section 67(a) of Act 23 of 2020]

but does not include an arrangement where the borrower has not-

(i)     on-delivered the listed security or bond within the period referred to in paragraph (a); or

(ii)     returned the identical security or bond contemplated in paragraph (b) to the lender within the period referred to in that paragraph other than if such failure to return such identical security or bond is due to an arrangement that is announced and released as a corporate action as contemplated in the JSE Limited Listings Requirements in the Stock Exchange News Service as defined in the JSE Limited Listings Requirements;

[Paragraph (ii) substituted by section 67(b) of Act 23 of 2020]

[Definition of “lending arrangement” substituted by section 90 of Act 15 of 2016 and section 90 of Act 17 of 2017 effective on 1 January 2018 and applies in respect of collateral arrangements and lending arrangements entered into on or after that date]

“listed security” means any security that is listed on an exchange;

“listed share” means any share or depository receipt in a company that is listed on an exchange;

[Definition of “listed share” inserted by section 137 of Act 25 of 2015 effective on 8 January 2016]

“lowest price” means the lowest price, on the date of the transaction or other manner of acquisition of a listed security, at which that security was traded on the exchange on which it is listed, as determined by that exchange on each day on which trade in that security occurs on that exchange: Provided that where that security was not traded on the date of the transaction or other manner of acquisition, the lowest price of that security must be regarded as being the lowest price on the last business day, preceding the date of the transaction or other manner of acquisition, on which that security was traded on that exchange;

“member” means any person who is an ‘authorised user’ as defined in section 1 of the  Financial Markets Act providing such security services as the rules of the exchange permit including services in respect of the buying and selling of a listed security;

[Definition of “member” substituted by section 110 of Act 43 of 2014 effective on 3 June 2013]

“Minister” means the Minister of Finance;

“participant” means a person that holds in custody and administers a listed security or an interest in a listed security and that has been authorised in accordance with section 31 of the Financial Markets Act by a central securities depository as a participant in that central securities depository;

[Definition of “participant” substituted by section 110 of Act 43 of 2014 effective on 3 June 2013]

“person” includes –

(a)     any sphere of the Government of the Republic;

(b)     any body of persons (incorporated or unincorporated);

(c)     the estate of any deceased or insolvent person;

(d)     any trust fund; and

(e)     any portfolio comprised in any collective investment scheme in securities contemplated in Part IV of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002);