Statistics Act, 1999
R 385
Securities Services Act, 2004 (Act No. 36 of 2004)Chapter V : General Provisions Applicable to Self-Regulatory Organisations51. Cancellation or suspension of licence |
| (1) | The registrar may cancel or suspend a licence if— |
| (a) | the self-regulatory organisation has failed to— |
| (i) | comply with this Act or the rules of the self-regulatory organisation; |
| (ii) | comply with a direction, request, condition or requirement of the registrar in terms of this Act; or |
| (iii) | give effect to a decision of the board of appeal in terms of section 111, and such failure has defeated the objects of this Act referred to in section 2 or is likely to defeat them; |
| (b) | after an inspection in terms of section 93 of the affairs of the self-regulatory organisation the registrar is satisfied on reasonable grounds that the manner in which it is operated is— |
| (i) | not in the best interests of authorised users or participants, as the case may be, and their clients; or |
| (ii) | defeating the objects of this Act referred to in section 2; |
| (c) | the self-regulatory organisation has ceased to operate or has failed to commence operating within a reasonable period after being licensed; or |
| (d) | the registrar is satisfied on reasonable grounds that the licence was obtained through misrepresentation. |
| (2) | The registrar must, before cancelling or suspending a licence— |
| (a) | inform the self-regulatory organisation of the registrar’s intention to cancel or suspend; |
| (b) | give the self-regulatory organisation the reasons for the intended cancellation or suspension; and |
| (c) | call upon the self-regulatory organisation to show cause within a period specified by the registrar why its licence should not be cancelled or suspended. |
| (3) | If the registrar cancels or suspends a licence the registrar must take such steps and may impose such conditions as are necessary to achieve the objects of this Act referred to in section 2, which steps may include— |
| (a) | the transfer of the business of the self-regulatory organisation to another similar self-regulatory organisation; or |
| (b) | the winding-up of the self-regulatory organisation in terms of section 107. |
