Norton Rose Fulbright Johannesburg helped Granite Central Securities Depository (Pty) Ltd (Granite) with an application for a Central Securities Depository licence (CSD Licence), in terms of section 27 of the Financial Markets Act, 2013 (FMA). A CSD provides an infrastructure for holding uncertificated securities, entries in respect of uncertificated securities, and a securities settlement system.

The FMA creates the opportunity and provides the framework for entities to apply for licences as CSDs, clearing houses, exchanges and trade repositories under the FMA. The CSD licence application is only the second of its kind to be issued in South Africa.

The Norton Rose Fulbright team was led by Pierre Swart and Desiree Reddy.

Pierre Swart commented:
“We are proud to have participated in such a remarkable transaction. This has been an achievement for our capital markets and regulatory practice.”