| (1) | Subject to subsection (2), the Authority may, after consideration of any objection received as a result of the notice referred to in section 54(4), and subject to the conditions which the Authority may consider appropriate, grant a trade repository a licence to perform the duties referred to in section 57. |
[Section 56(1) substituted by section 290, item 37(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)]
| (2) | A licence referred to in subsection (1) may only be issued to a trade repository if— |
| (a) | the applicant complies with the relevant requirements of this Act; and |
| (b) | the objects of this Act referred to in section 2 will be furthered by the granting of a trade repository licence. |
| (3) | The trade repository licence must— |
| (a) | specify the services that may be provided by the trade repository and the unlisted securities in respect of which those services may be provided; |
| (b) | specify any other terms and conditions of the licence; |
| (c) | specify the registered office of the trade repository; and |
| (d) | specify the places where the trade repository will be operated. |
| (4) | A trade repository must obtain the prior written approval of the Authority to operate or conduct any of its activities outside the Republic, and if such approval is granted, adhere to any additional requirements the Authority may prescribe. |
| (5) | A trade repository may at any time apply to the Authority for an amendment of the terms of its licence and the conditions subject to which its licence was granted. |
| (a) | The Authority must publish a notice of an application for an amendment of the terms of a trade repository licence and the conditions subject to which the licence was granted in two national newspapers, at the expense of the applicant, and on the Authority's website. |
[Section 56(6)(a) substituted by section 290, item 37(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 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (b) | The notice must state— |
| (i) | the name of the applicant; |
| (ii) | the nature of the proposed amendments; and |
| (iii) | the period within which objections to the application may be lodged with the Authority. |
