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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 8 : Licensing

Part 2 : Licences required in terms of section 111(1)(b) or (2) or section 162

123. Procedure for varying, suspending and revoking licences

 

(1)

(a) Before the responsible authority varies, suspends or revokes a licence, it must—
(i) give the licensee notice of the proposed action and a statement of the reasons for it; and
(ii) invite the licensee to make submissions on the matter, and give it a reasonable period to do so.
(b) The period referred to in paragraph (a)(ii) must be at least one month.
(c) The responsible authority need not comply with paragraph (a) if the licensee has applied for the proposed action to be taken.

 

(2) In deciding whether to vary, suspend or revoke a licence, the responsible authority must take into account all submissions made within the period specified in the notice in terms of subsection (1)(a)(ii).

 

(3) If the delay involved in complying, or complying fully, with subsection (1)(a) in respect of a proposed action is likely to prejudice financial customers, prejudicially affect financial stability or defeat the object of the action, the responsible authority may take the action without having complied, or complied fully, with that subsection.

 

(4)

(a) If the responsible authority takes action without having complied, or complied fully, with subsection (1)(a) for the reason set out in subsection (3), the responsible authority must give the licensee a written statement of the reasons why that subsection was not complied with.
(b) The licensee may make submissions to the responsible authority within one month after being provided with the statement.
(c) The responsible authority must consider the submissions, and notify the licensee, as soon as practicable, whether the responsible authority proposes to amend or revoke the variation, suspension or revocation.