| (a) | during the year preceding the year for which the licence is to be renewed — |
[Subparagraph (ii) substituted by section 4(a) of Act 73 of 1996]
| (iii) | the financial exchange concerned did not comply with any other provision of this Act; or |
| (iv) | the financial exchange concerned did not comply with any written direction, request, condition or requirement of the Registrar in respect of which an appeal had been noted by the Registrar in terms of section 19(2) and upheld by the board referred to in section 18; or |
| (b) | during the year preceding the year for which the licence is to be renewed the financial exchange failed to give effect to a decision of the board referred to in section 18. |
| (2) | The Registrar shall not refuse to renew a financial market licence on any grounds unless he or she has furnished the association concerned with the reasons for his or her proposed refusal and the association has had the opportunity to show cause within a period specified in a notice by the Registrar to the association why such renewal should not be refused. |
[Subsection (2) substituted by section 4(b) of Act 73 of 1996]
[Section 10 substituted by section 7 of Act 55 of 1995]
