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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

121. Revocation of licences

 

(1) The responsible authority that issued a licence may, by notice to the licensee, revoke the licence—
(a) if the licensee applies for revocation of the licence;
(b) on any of the bases on which it may suspend the licence, as set out in section 120(1)(b) to (g); or
(c) if the licensee has ceased to conduct the licensed business.

 

(2) The responsible authority may refuse to revoke a licence in terms of subsection (1)(a) if the revocation—
(a) would not be in the best interests of financial customers; or
(b) would frustrate the objects of a financial sector law applicable to the licence.

 

(3) Revocation of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date.

 

 


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