| (2) | An external trade repository from an equivalent jurisdiction may apply to the Authority for a licence. |
| (3) | An application for a licence in terms of this section must— |
| (a) | be made in the manner and contain the information determined by the Authority; |
[Section 56A(3)(b) commenced 1 April 2019, Notice No. R. 99, GG 41433, dated 9 February 2018]
| (c) | be supplemented by any additional information that the Authority may reasonably require. |
(4)
| (a) | The Authority must publish a notice of an application for a licence in two national newspapers, at the expense of the applicant, and on the Authority’s website. |
| (b) | The notice referred to in paragraph (a) must state— |
| (i) | the name of the applicant; and |
| (ii) | the period within, and the process by, which objections to the application may be lodged with the Authority. |
| (5) | Regulations or joint standards may prescribe additional criteria for the licensing of an external trade repository. |
| (6) | The Authority may, with the concurrence of the Prudential Authority and the South African Reserve Bank, grant a licence, if— |
| (a) | the applicant undertakes to co-operate and share information with the Authority, the Prudential Authority and the South African Reserve Bank to assist with the performance of functions and the exercise of powers in terms of financial sector law; and |
| (b) | the objects of this Act referred to in section 2 will be furthered by the granting of the licence. |
| (7) | A licence or exemption may only be granted after the following factors have been taken into consideration: |
| (a) | Relevant international standards; |
| (b) | the type and size of the external trade repository; |
| (c) | the impact of the activities of the external trade repository on the South African financial system; |
| (d) | the degree of systemic risk posed by the activities of the external trade repository; and |
| (e) | any other factors that the Minister, the Authority, the South African Reserve Bank or the Prudential Authority, as the case may be, deem relevant. |
| (9) | The licence granted in terms of subsection (6) must specify the services that may be provided by the external trade repository and the securities in respect of which those services may be provided. |
| (10) | A licensed external trade repository may at any time apply to the Authority for an amendment of the terms of its licence or the conditions subject to which the licence was granted. |
(11)
| (a) | The Authority must publish a notice of an application for an amendment of the terms of a 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. |
| (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. |
| (12) | The Authority may, with the concurrence of the South African Reserve Bank and the Prudential Authority, amend the terms of a licence or the conditions subject to which the licence was granted. |
(13)
| (a) | In respect of regulations that may be prescribed in terms of subsection (5), the Minister may repeal regulations, and new requirements may then be prescribed in joint standards or conduct standards. |
| (b) | Paragraph (a) does not affect or limit the power of the Minister to prescribe or amend regulations in terms of subsection (5). |
| (c) | Joint standards or conduct standards may be prescribed to address any matters that are not prescribed in regulations, or to provide detail that is additional to, but not inconsistent with, regulations prescribed by the Minister in terms of subsection (5). |
[Section 56A inserted by section 290, item 38 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 No. R. 99, GG 41433, dated 9 February 2018]
