26.2 EXEMPTION FOR DEALERS IN SECURITIES
(ii) granted an exemption for that transaction.”
1.3 The Panel recognises that these provisions referred to above may have unintended consequences taking into consideration the purpose and object of the Act and the Regulations. In some instances, it has been interpreted that parties are required to make an offer in compliance with the Act and Part B, Part C and the Takeover Regulations.
1.4 The Panel also recognises that it is not practical, nor in the interests of persons dealing in securities to have to comply with the provisions of Section 121(b)(i), when a person wishing to deal in securities, where a threshold prescribed in Section 122(1) may be breached, is obliged obtain a compliance certificate from the Panel prior to such dealing taking place.
2. The Panel hereby publishes a Guideline that, all transactions undertaken in terms of section
122(1) of the Act, are hereby exempted in terms of Section 119 (6) of the Act, from compliance with the provisions of Section 121(b)(i) of the Act, relating to issuing of a compliance certificate. In granting the exemption, the Panel considered the principles and purpose of the Act, and the Regulations the Panel and is of the view that it is reasonable and justifiable to grant the exemption.
3. However, all acquisitions and disposals in terms of section 122(1) are required to comply with the notification requirements of this section.