| (1) | On expiry of the period contemplated in section 7(4)(c), the Registrar may, after consideration of any objection lodged with him in terms of the said section, issue to the association referred to in section 7(1) a financial market licence, if — |
| (a) | the association has sufficient financial resources for the proper exercise or carrying out of the powers and duties conferred upon or assigned to a financial exchange by or under this Act; |
| (b) | the proposed rules comply with the requirements of this Act; |
| (c) | the interests of the public would be served by the issue of the licence; and |
| (d) | the association comprises at least ten members who will carry on business as buyers and sellers of listed financial instruments, independently of one another and in competition with one another. |
| (2) | The financial market licence shall specify the place at which or the trading method or facility by means of which the business of the financial market may be carried on, and that business shall not be carried on at any other place or in any other manner without the prior approval of the Registrar. |
[Subsection (3) substituted by section 5 of Act 55 of 1995]
