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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)


Financial Advisory And Intermediary Services Regulations, 2003

Chapter VI : Matters relating to Foreign Forex Services Providers and Clearing Firms

16. Granting or refusal of approval


(1) The Registrar may, on consideration of any application contemplated in regulation 14, require any further information from the applicant deemed necessary by the Registrar, and may after consideration of all available information but subject to the provisions of these Regulations, grant or refuse the application.


(2) Where the Registrar has decided to refuse the application, the Registrar must before finally deciding thereon, afford the applicant concerned a reasonable opportunity to respond to the reasons for refusal as determined by the Registrar and disclosed to the applicant.