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 162121. Revocation of licences |
| (1) | The responsible authority that issued a licence may, by notice to the licensee, revoke the licence— |
| (a) | if the licensee applies for revocation of the licence; |
| (b) | on any of the bases on which it may suspend the licence, as set out in section 120(1)(b) to (g); or |
| (c) | if the licensee has ceased to conduct the licensed business. |
| (2) | The responsible authority may refuse to revoke a licence in terms of subsection (1)(a) if the revocation— |
| (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) | Revocation 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. |