Financial Markets Control Act, 1989 (Act No. 55 of 1989)11. Cancellation or Suspension of Financial Market Licence |
| (1) | The Registrar may cancel or suspend on such conditions as he may think fit a financial market licence if — |
| (a) | he is satisfied that the financial exchange has failed to comply with any of the requirements referred to in section 8 (1) (a) or (d) or 10 (1) (a) (i), or with any other provision of this Act, or with any direction, request, condition or requirement of the Registrar in terms of any provision of this Act, and that such failure has resulted or will probably result in prejudice to the interests of the public; |
| (b) | he is satisfied, after an inspection in terms of section 26, that the manner in which the business of the financial exchange is carried on is unsatisfactory or not calculated to serve the best interests of the public; |
| (c) | he is satisfied that the financial exchange has ceased to carry on the business of a financial market or has within a reasonable period after licensing failed to carry on such business; or |
| (d) | it appears that the licence was obtained through fraud. |
| (2) | No cancellation or suspension of any licence under subsection (1) shall be of force unless the Registrar has previously by notice in writing given the financial exchange concerned an opportunity to show cause within a period specified in the notice why its licence should not be cancelled or suspended. |