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Financial Markets Act, 2012 (Act No. 19 of 2012)

Chapter III : Preliminary Provisions

Licensing of exchange

7. Application for exchange licence

 

(1) An exchange must be licensed under section 9.

 

(2) A juristic person may apply to the Authority for an exchange licence in respect of one or more types of securities.

 

(3) An application for an exchange licence must—
(a) be made in the manner and contain the information prescribed by the Authority;

[Section 7(3)(a) substituted by section 290, item 9(a) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]

(b) show that the applicant complies with the requirements listed in section 8;
(c) be accompanied by—
(i) a copy of the proposed exchange rules that must comply with section 17;
(ii) a copy of the proposed listing requirements that must comply with section 11;
(iii) a copy of the founding documents of the applicant;
(iv) such information in respect of members of the controlling body of the applicant as may be prescribed by the Authority;
(v) the application fee determined in terms of the Financial Sector Regulation Act;

[Section 7(3)(c)(v) substituted by section 290, item 9(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective date 1 April 2019 (Notice No. R. 99, GG 41433, dated 9 February 2018)]

(d) be supplemented by any additional information that the Authority may reasonably require.

 

(4)
(a) The Authority must publish a notice of an application for an exchange licence in two national newspapers at the expense of the applicant, and on the Authority's website.

[Section 7(4)(a) substituted by section 290, item 9(c) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]

(b) The notice must state—
(i) the name of the applicant;
(ii) that the proposed exchange rules and listing requirements are available on the website of the Authority for comments from members of the public; and
(iii) the period within, and the process by, which objections to the application or rules and listing requirements may be lodged with the Authority.

[Section 7(4)(b)(ii) and (iii) substituted by section 290, item 9(d) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]

(c) The Authority must publish the proposed exchange rules and listing requirements referred to in paragraph (b)(ii) on the Authority's website.

[Section 7(4)(c) inserted by section 290, item 9(e) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]