Dispute Resolution Process in IRC Securities
24 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

  • 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?

  • 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?

    <p>A written response along with supporting evidence.</p> Signup and view all the answers

    Under what circumstance may an ombud consolidate disputes?

    <p>When disputes are based on similar occurrences or facts.</p> Signup and view all the answers

    What discretion does the ombud have in dispute resolution proceedings?

    <p>The ombud may consult with any third party regarding the dispute.</p> Signup and view all the answers

    What could the ombud require from the claimant after reviewing the statement of claim?

    <p>Further documentation or expanded statements as needed.</p> Signup and view all the answers

    How will the parties be notified of the hearing date?

    <p>By written notification from the ombud after ascertaining availability.</p> Signup and view all the answers

    Within what timeframe must the ombud make a decision after considering the dispute?

    <p>3 weeks</p> Signup and view all the answers

    Under what circumstances may the ombud refrain from providing a ruling on a dispute?

    <p>If the dispute is deemed too complex for expeditious resolution.</p> Signup and view all the answers

    What is stated about legal representation during the dispute resolution proceedings?

    <p>The ombud may decide to allow legal representation at their discretion.</p> Signup and view all the answers

    What must happen following the ombud's decision?

    <p>The decision must be complied with within seven days by the losing party.</p> Signup and view all the answers

    What is the confidentiality requirement regarding the proceedings?

    <p>Confidentiality must be maintained unless law mandates disclosure.</p> Signup and view all the answers

    What may the ombud include in their final award regarding costs?

    <p>A ruling on costs against an unsuccessful party.</p> Signup and view all the answers

    Which of the following statements is true about the ombud's engagement?

    <p>The Ombud Committee has the authority to terminate the ombud's engagement.</p> Signup and view all the answers

    What initial requirement might the parties face before dispute resolution proceedings commence?

    <p>Payment of a deposit to cover a portion of the costs.</p> Signup and view all the answers

    Which conditions must be met for the dispute resolution rules to apply in a case involving a client and a trading member?

    <p>The amount in dispute must exceed R2 000 and be less than R500 000 unless both parties consent.</p> Signup and view all the answers

    In which case is a dispute resolution process applicable between two trading members involved in IRC securities?

    <p>If consent is obtained and efforts to resolve the dispute have been documented.</p> Signup and view all the answers

    What is the timeframe within which a dispute between two trading members regarding IRC securities must be reported?

    <p>Within one week of the dispute arising.</p> Signup and view all the answers

    What condition applies when a trading member has a dispute with a client regarding IRC securities?

    <p>The dispute must be reported within six months of the circumstance giving rise to it.</p> Signup and view all the answers

    Which of the following statements regarding the dispute resolution rules is true?

    <p>They facilitate resolutions for disputes exceeding R2 000 as long as there is no existing litigation.</p> Signup and view all the answers

    What happens if the unresolved complaint is not resolved by the JSE Market Regulation Division?

    <p>The Director: Market Regulation reports it as a dispute if the client pursues resolution.</p> Signup and view all the answers

    What is required before a dispute resolution process can proceed if the amount in dispute exceeds R500 000?

    <p>Consent from both parties must be obtained first.</p> Signup and view all the answers

    Which of these statements accurately describes the requirements for reporting disputes?

    <p>Both trading members and clients must report disputes in writing within stipulated timeframes.</p> Signup and view all the answers

    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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Applicability of Dispute Resolution Rules PDF

    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.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser