| (a) |
fails to comply with any condition of its registration and accreditation; or |
| (2) |
If an alternative dispute resolution agent fails to comply with any condition of its registration or accreditation or contravenes this Act, and such alternative dispute resolution agent is also licensed by another regulatory authority, the National Credit Regulator may— |
| (a) |
impose conditions on the registration of such alternative dispute resolution agent consistent with its licence, if any; |
| (b) |
refer the matter to the regulatory authority that licensed such alternative dispute resolution agent, with a request that the regulatory authority review that licence in the circumstances; or |
| (c) |
at the request, or with the consent, of the regulatory authority that licensed that alternative dispute resolution agent, apply to the Tribunal for cancellation of the registration and accreditation. |
| (3) |
A regulatory authority to whom a matter has been referred to in terms of subsection (2)(b)— |
| (a) |
must conduct a formal review of the alternative dispute resolution agent’s licence; |
| (b) |
to the extent permitted by the legislation in terms of which the alternative dispute resolution agent is licensed, may suspend that licence pending the outcome of that review; or |
| (c) |
may request, or consent to, the National Credit Regulator lodging an application with the Tribunal for cancellation of the registration. |
| (4) |
The National Credit Regulator must attempt to reach an agreement as contemplated in section 17(4) with any regulatory authority that issued a licence to an alternative dispute resolution agent that is registered in terms of section 134A, to co-ordinate the procedures to be followed in taking any action in terms of subsections (2) and (3). |
| (5) |
The registration of an alternative dispute resolution agent is cancelled as of— |
| (a) |
the date on which the Tribunal issues an order; or |
| (b) |
in the case of a voluntary cancellation, the date specified by the said alternative dispute resolution agent in the notice of voluntary cancellation. |
| (6) |
An alternative dispute resolution agent whose registration has been cancelled must not engage in any formerly registered activities after the date on which the cancellation takes effect. |
[Section 134B inserted by section 35 of Act No. 19 of 2014]
Rationalisation of Corporate Laws Act, 1996
