.. 

Joint Communique 

of the 

United States Commodity Futures Trading Commission 

and the 

Financial Services Board of the Republic of South Africa 

on the Exchange of Information for Cooperation and 

Consultation 

Johannesburg, South Africa 

27 May 1997 

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1. The United States Commodity Futures Trading Commission ("CFTC") and the Financial 

Services Board of the Republic of South Africa ("FSB"), hereinafter "the Authorities," recognize 

the increasing international activity in futures and options markets ("futures markets") and the 

corresponding need for mutual cooperation in the administration and enforcement of laws, 

regulations and rules concerning futures markets in their respective jurisdictions. 

2. As international participation in futures markets continues to grow, the Authorities 

believe that it is increasingly important to establish arrangements for the exchange of 

information for investigatory, supervisory and surveiHance 'purposes to assist one another in 

securing compliance with the laws, regulations and rules of their respective jurisdictions. 

3. The -Authorities intend to provide one another with assistance under this Joint 

Communique to the full extent permitted by the laws, regulations and rules of their respective 

jurisdictions. This arrangement should serve to promote the integrity of those markets by 

improving the effective regulation of futures markets and futures and options businesses, 

enhancing the supervision of cross-border transactions, and preventing fraudulent and other 

prohibited practices in the futures markets of the United States and South Africa. 

4. To facilitate communication and ensure continuity m the cooperation between the 

Authorities, each Authority designates the contact persons set forth in Appendix A hereto for 

communications under thrs Joint Communique_ 

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5. The Authorities will, to the full extent pennitted by the laws, regulations and rules of 

their respective jurisdictions, maintain confidentiality of non-public infonnation provided 

pursuant to this Joint Communique. The Authorities' confidential treatment of such information 

will continue in the event that either Authority gives notice of its intent to discontinue 

cooperation under this Joint Communique. The Authorities understand that the laws, regulations 

and rules of the United States and South Africa place limitations on use and disclosure of 

non-public infonnation obtained pursuant to this Joint Communique. 

6. The provisions of this Joint Communique do not give rise to the right on the part of any 

person, directly or indirectly, to obtain, suppress or exclude any evidence or to challenge the 

execution of a request for assistance under this Joint Communique. 

7. This Joint Communique does not create any binding legal obligations upon the 

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Authorities. 

8. The CFTC and FSB look forward to productive and efficient exchange of information 

pursuant to this Joint Communique. On an ongoing basis, the Authorities will consider the need 

for additional measures for the exchange of investigatory, enforcement, supervtsory and 

sUIVeillance infonnation in the administration and enforcement of the laws, regulations and rules 

concerning futures markets in their respective jurisdictions. To this end, the Authorities will 

inform one another of the adoption of domestic measures that may affect their respective 

authority to provide assistance under this Joint Communique. 

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9. Cooperation under the Joint Communique will begin immediately upon signature. 

SIGNED at Johannesburg, South Africa, this day of May 27, 1997. 

FOR THE UNITED STATES COMMODITY FUTURES TRADING COMMISSfON 

Mr. John E. Tull, Jr. 

Commissioner 

FOR THE FINANCfAL SERVICES BOARD OF THE REPUBUC OF SOUTH AFRICA 

Dr. Chris J. de Swardt Mr. Richard G. Cottrell 

Chairman Executive Officer 

J