Precious Metals Act, 2005 (Act No. 37 of 2005)RegulationsPrecious Metals Regulations27. Cancellation and suspension of licences, permits and certificates |
| (1) | Before acting under section 11 of the Act, the Regulator must — |
| (a) | give written notice to the holder of a licence, permit or certificate indicating the intention to suspend or cancel a licence, permit or certificate; |
| (b) | set out the reasons why he or she is considering suspending or canceling such licence, permit or certificate; and |
| (c) | afford the holder a reasonable opportunity to show reasons why such licence, permit or certificate should not be suspended or cancelled. |
| (2) | The Regulator may direct the holder of a licence, permit or certificate to take specified measures to remedy any contravention, breach or failure. |
| (3) | If a holder does not comply with any directive given under subregulation (2), the Regulator may cancel or suspend the relevant licence, permit or certificate. |
| (4) | The Regulator may by written notice to the holder lift a suspension if the holder — |
| (a) | complies with a directive contemplated in subregulation (2); and |
| (b) | furnishes compelling reasons for the lifting of the suspension. |