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

Chapter II : Authorisation of Financial Services Providers

11. Lapsing of licence

 

 

1) A licence lapses –
a) where the licensee, being a natural person
i) becomes permanently incapable of carrying on any business due to physical or mental disease or serious injury;
ii) is finally sequestrated; or
iii) dies;
b) where the licensee, being any other person, is finally liquidated or dissolved;
c) where the business of the licensee has become dormant; and
d) in any other case, where the licensee voluntarily and finally surrenders the licence to the registrar.

 

2) The registrar must be advised in writing by the licensee, any key individual of the licensee, or another person in control of the affairs of the licensee, as the case may be, of the lapsing of a licence and the reasons therefor and the registrar may make known any such lapsing of a licence by notice on the official web site and, if necessary, by means of any other appropriate public media announcement.

[Subsection 2 amended by section 185 of Act No. 45 of 2013]