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About Us

SAIS is a respected professional body with real relevance, speaking with one voice for the good of all South African financial market participants. Together we set the standards of professional excellence and integrity, providing qualifications and promoting the highest level of competence.

We are committed to the continuation and promotion of excellence within the financial markets field, to create a network of financial markets practitioners in South Africa.

We continue to work hard, ensuring that the financial markets are able to run in an efficient and professional way. We continue to strive to maintain liquidity in our market, adhere to global standards and to grow the stockbroking profession.




History

The South African Institute of Stockbrokers (SAIS) was formed in 1995 to represent stockbrokers in South Africa, to set standards for entry into the stockbroking profession and to set and administer entry exams for new professionals. SAIS has performed these functions diligently for the last twenty years.

However, over the last decade the Financial Markets Industry has experienced far-reaching changes – especially in terms of regulation. In the global arena regulators have been collaborating with each other with the aim to achieve harmonisation of global regulations. As a result of this the industry has seen changes in international and local regulations affecting the local market with more changes on the horison.

The local regulator has representation at the International Organization of Securities Commission (IOSCO) and gives input to the deliberations of G20 and the Financial Stability Board. This means that the local regulator is involved in the writing of global policy and the establishment of global best practice aimed at minimising inefficiencies and inherent risks. The local industry therefore sees more reference being made to Markets in Financial Instruments Directive (MiFiD) and the regulation of unlisted securities and the introduction of Foreign Account Tax Compliance (FATCA), Twin Peaks, Treat Clients Fairly (TCF) and Retail Distribution Review (RDR) to name but a few major legislative changes.

Locally members are regulated by the Financial Markets Act but the Institute believes that with the introduction of new legislation, the regulator will require an increase in transparency, accountability and will set firm standards for continuous professional development (CPD). Changes in requirements were already evident in the introduction of the FAIS Act that has transformed the interaction between Financial Service Providers and the end users.

It is against this background that SAIS embarked on an intense process of consultation with industry. We realised that while the industry and regulatory landscape is changing rapidly, it is imperative that we become actively involved in all aspects that will determine our future path. Our consultation included individual members, member firms, institutions, professional bodies, the Regulator and the National Government.

Stakeholders all concurred that the transformation of the industry is imperative. Transformation is seen in the broadest sense with education at the heart of the process. The Industry needs qualified talent, a variety of educational pathways and the sharing of knowledge and skills. It is imperative that we develop a pool of highly skilled professionals that more closely reflects the South African demographic profile.

In May 2015 at the annual general meeting the members of the Institute accepted a new constitution that widens the scope of operation of SAIS to include the total Financial Markets Industry. The new constitution also supports our vision to create a respected professional body with real relevance that will speak with one voice for all South African Financial Market participants.

Through its new constitution SAIS commits itself to the transformation of the Financial Markets Industry. The constitution provides for corporate as well as individual membership and for a multi-tiered set of designations that signify levels of competence. It also widens the scope of activities and services that SAIS will provide to its members, the public, government and regulatory authorities.

These include, among others:

  • Public forums for the consideration and discussion of matters relating to the Industry and professions;

  • Research into the reform of any legislation and policy developments within the Financial Markets Industry, with due cognisance of the national developmental agenda for South Africa;

  • The implementation of and support for educational programmes;

  • The development and implementation of standards for continuous professional development (CPD) of the professionals working in the Industry as well as the provision, recording and monitoring of CPD;

  • The development and enforcement of a Code of Conduct and the promotion of ethical behaviour and professionalism in the Financial Markets.