Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 8 : LicensingPart 2 : Licences required in terms of section 111(1)(b) or (2) or section 162120. Suspension of licences |
| (1) | The responsible authority that issued a licence may, by notice to the licensee, suspend the licence, for the period specified in the notice, if— |
| (a) | the licensee applies for suspension of the licence; |
| (b) | a condition of the licence has been contravened or not been complied with in a material way; |
| (c) | the licensee has contravened in a material way— |
| (i) | a financial sector law; |
| (ii) | a prudential standard, a conduct standard or a joint standard; |
| (iii) | a regulator’s directive or a directive in terms of section 202; |
| (iv) | an enforceable undertaking; |
| (v) | an order of a court made in terms of a financial sector law; or |
| (vi) | a decision of the Tribunal; |
| (d) | the licensee has in a foreign country contravened in a material way a law of that country that corresponds to a financial sector law; |
| (e) | information provided in or in relation to an application in relation to the licence was false or misleading (including by omission) in a material way; |
| (f) | the suspension is necessary to prevent— |
| (i) | a serious contravention of a financial sector law; or |
| (ii) | financial customers of the licensee suffering material prejudice; or |
| (g) | fees in respect of the licence, a levy or an administrative penalty payable by the licensee, including any interest, are unpaid and have been unpaid for at least 30 days. |
| (2) | The responsible authority may refuse to suspend a licence in terms of subsection (1)(a) if the suspension— |
| (a) | would not be in the best interests of financial customers; or |
| (b) | would frustrate the objects of a financial sector law applicable to the licence. |
| (3) | The responsible authority that suspended a licence may at any time revoke the suspension. |
| (4) | The suspension of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date. |
| (5) | The suspension of a licence does not affect an obligation of the licensee that it has in terms of a financial sector law. |