About offers of securities to the public

Abstract

I previously discussed some aspects of the regulation of the market for securities (see Delport “Offers and the Companies Act 71 of 2008” 2011 THRHR 280). The last pieces of this puzzle are the concept of “public” and the disclosure required by the Companies Act 71 of 2008 (“the Act” or ”2008 Act”) in the primary as well as in the secondary markets and the all-important concept of the interrelationship between the markets in respect of regulation. The importance of the regulation cannot be overemphasized as is clearly illustrated by recent spectacular collapses in securities investment schemes where people lost millions.