Securities Services Act, 2004 (Act No. 36 of 2004)Chapter VI : Clearing HouseLicensing of clearing house66. Licensing of clearing house |
| (1) | The registrar may, after consideration of any objection received as a result of the notice referred to in section 64(3) and subject to the conditions which the registrar may consider appropriate, grant a clearing house 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 a clearing house licence. |
| (2) | The clearing house licence must specify whether the clearing house may provide both clearing and settlement services, or either clearing or settlement services, the main office of the clearing house in the Republic and the places where the clearing house may be operated, and that the clearing house may not be operated at any other place without the prior written approval of the registrar. |
| (3) | A clearing house may at any time apply to the registrar for an amendment of the terms of the licence and the conditions subject to which the licence was granted. |
(4)
| (a) | The registrar must give notice of an application for an amendment of the terms of a clearing house 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. |