Securities Services Act, 2004 (Act No. 36 of 2004)Chapter IV : Custody and Administration of SecuritiesLicensing of central securities depository32. Licensing of central securities depository |
| (1) | The registrar may, after consideration of any objection received as a result of the notice referred to in section 30(3) and subject to the conditions which the registrar may consider appropriate, grant a central securities depository licence if— |
| (a) | the applicant complies with the relevant requirements of this Act; and |
| (b) | the objects of this Act referred to in section 2 will be furthered by the granting of such a licence. |
| (2) | The licence must specify the securities services that may be provided by the central securities depository, the main office of the central securities depository in the Republic and the places where the central securities depository may be operated, and that the central securities depository may not be operated at any other place without the prior written approval of the registrar. |
| (3) | A central securities depository may at any time apply to the registrar for an amendment of the terms of its licence and the conditions subject to which its licence was granted. |
(4)
| (a) | The registrar must give notice of an application for an amendment of the terms of a central securities depository licence and the conditions subject to which the licence was granted in two national newspapers at the expense of the applicant. |
| (b) | The notice must state— |
| (i) | the name of the applicant; |
| (ii) | the nature of the proposed amendments; and |
| (iii) | the period within which objections to the application may be lodged with the registrar. |