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Questions and Answers
What is the role of the ombud in the dispute resolution process?
What is the role of the ombud in the dispute resolution process?
- To enforce penalties on the defendant if found guilty.
- To represent the claimant legally during hearings.
- To negotiate settlements between the parties involved.
- To consider the dispute and make recommendations based on evidence. (correct)
What is the time frame for the claimant to provide a written statement to the ombud?
What is the time frame for the claimant to provide a written statement to the ombud?
- Before the defendant submits their response.
- Immediately after the dispute declaration.
- Within 2 weeks of the dispute being reported.
- Within 3 weeks after the dispute has been referred. (correct)
Who can be appointed as an ombud to consider a dispute?
Who can be appointed as an ombud to consider a dispute?
- A serving judge from the Constitutional Court.
- An appointed member from the Company Secretary's office.
- Any legal practitioner with a minimum of 5 years' experience.
- A retired judge of the High Court or a Senior Counsel. (correct)
What must the defendant provide in response to the claimant's statement?
What must the defendant provide in response to the claimant's statement?
Under what circumstance may an ombud consolidate disputes?
Under what circumstance may an ombud consolidate disputes?
What discretion does the ombud have in dispute resolution proceedings?
What discretion does the ombud have in dispute resolution proceedings?
What could the ombud require from the claimant after reviewing the statement of claim?
What could the ombud require from the claimant after reviewing the statement of claim?
How will the parties be notified of the hearing date?
How will the parties be notified of the hearing date?
Within what timeframe must the ombud make a decision after considering the dispute?
Within what timeframe must the ombud make a decision after considering the dispute?
Under what circumstances may the ombud refrain from providing a ruling on a dispute?
Under what circumstances may the ombud refrain from providing a ruling on a dispute?
What is stated about legal representation during the dispute resolution proceedings?
What is stated about legal representation during the dispute resolution proceedings?
What must happen following the ombud's decision?
What must happen following the ombud's decision?
What is the confidentiality requirement regarding the proceedings?
What is the confidentiality requirement regarding the proceedings?
What may the ombud include in their final award regarding costs?
What may the ombud include in their final award regarding costs?
Which of the following statements is true about the ombud's engagement?
Which of the following statements is true about the ombud's engagement?
What initial requirement might the parties face before dispute resolution proceedings commence?
What initial requirement might the parties face before dispute resolution proceedings commence?
Which conditions must be met for the dispute resolution rules to apply in a case involving a client and a trading member?
Which conditions must be met for the dispute resolution rules to apply in a case involving a client and a trading member?
In which case is a dispute resolution process applicable between two trading members involved in IRC securities?
In which case is a dispute resolution process applicable between two trading members involved in IRC securities?
What is the timeframe within which a dispute between two trading members regarding IRC securities must be reported?
What is the timeframe within which a dispute between two trading members regarding IRC securities must be reported?
What condition applies when a trading member has a dispute with a client regarding IRC securities?
What condition applies when a trading member has a dispute with a client regarding IRC securities?
Which of the following statements regarding the dispute resolution rules is true?
Which of the following statements regarding the dispute resolution rules is true?
What happens if the unresolved complaint is not resolved by the JSE Market Regulation Division?
What happens if the unresolved complaint is not resolved by the JSE Market Regulation Division?
What is required before a dispute resolution process can proceed if the amount in dispute exceeds R500 000?
What is required before a dispute resolution process can proceed if the amount in dispute exceeds R500 000?
Which of these statements accurately describes the requirements for reporting disputes?
Which of these statements accurately describes the requirements for reporting disputes?
Study Notes
Dispute Resolution Process
- The JSE has a dispute resolution process for clients and trading members with disputes arising from transactions in IRC securities.
- The process is governed by the dispute resolution rules and aims to provide a fair and expeditious way to settle disputes.
- The Ombud Committee appoints a retired High Court Judge or Senior Counsel as an ombud to consider the dispute.
- The ombud may consult with any third party regarding the dispute and apply principles of equity when dealing with a dispute.
- The ombud's decision is made within 3 weeks of considering the dispute and must be furnished to parties in writing.
- The ombud may decline to provide a ruling if the dispute is too complex and would best be considered by a court of law.
- The party against whom the decision is made must comply within 7 days.
- The proceedings are confidential unless disclosure is required by law.
Applicability of Dispute Resolution Rules
- The dispute resolution rules only apply when:
- The amount in dispute exceeds R2 000.
- The dispute is not subject to litigation.
- The dispute involves a client and trading member, and the amount in dispute does not exceed R500 000 or, if exceeding R500 000, consent from both parties is obtained.
- The dispute involves two trading members, and reasonable endeavors to resolve the dispute are evidenced and consent from both parties is obtained.
- The dispute involves a trading member and a client and consent from the client is obtained.
Reporting a Dispute
- Unresolved client complaints unable to be resolved by the JSE Market Regulation Division are reported as a dispute by the Director: Market Regulation to the Company Secretary.
- Disputes between two trading members in respect of IRC securities must be reported in writing to the Company Secretary of the JSE within 1 week of the dispute arising.
- Disputes between a trading member and a client must be reported in writing to the Company Secretary of the JSE within 6 months of the dispute arising.
Considering a Dispute
- The claimant must submit a written statement outlining the claim and all relevant documentation to the ombud within 3 weeks of referral.
- The ombud may require further evidence or particulars from the claimant.
- The defendant must provide a written response to the statement of claim within 3 weeks of receiving it and provide additional evidence.
- The ombud may also require additional responses or evidence from the defendant and may require the claimant to provide a written response to the defendant’s response.
- The ombud may consolidate similar disputes based on similar occurrences or facts into a single dispute.
- After determining the parties’ availability, a hearing date will be provided to the parties in writing.
- The ombud may make a decision based on the submitted documents without the necessity of a hearing.
- The dispute resolution proceedings will be conducted without legal representation unless the ombud decides otherwise.
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Description
This quiz explores the dispute resolution process implemented by the JSE for clients and trading members involved in IRC securities transactions. It covers the role of the ombud, the timeline for decisions, and the confidentiality aspects of the proceedings. Test your knowledge on how disputes are fairly and efficiently resolved in this context.
