Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 8 : LicensingPart 2 : Licences required in terms of section 111(1)(b) or (2) or section 162116. Determination of applications |
| (1) | The responsible authority to which an application for a licence has been made must determine the application by— |
| (a) | granting the application and issuing a licence to the applicant; or |
| (b) | refusing the application and notifying the applicant accordingly. |
| (2) | The responsible authority may not grant a licence to an applicant unless satisfied that— |
| (a) | the applicant has or has available to it sufficient resources and capacity to ensure that it will comply with the requirements of financial sector laws in relation to the licence; and |
| (b) | issuing the licence to the applicant will not be contrary to the interests of financial customers, the financial sector or the public interest. |
(3)
| (a) | The responsible authority must determine an application as contemplated in subsection (1) and notify the applicant within three months after the application is made. |
| (b) | The responsible authority may, by notice to the applicant, extend the period of three months in paragraph (a) for one or more further periods, but the total period may not be more than nine months. |
| (c) | In working out when the period mentioned in paragraph (a) or (b) expires, any period between the responsible authority giving the applicant a notice in terms of section 114 and the requirements in the notice being satisfied is not to be counted. |
