Protection of Businesses Act, 1978
R 385
Securities Services Act, 2004 (Act No. 36 of 2004)Chapter V : General Provisions Applicable to Self-Regulatory Organisations50. Refusal of renewal of licence |
| (1) | The registrar may refuse to renew a licence if during the year preceding the date of the application for renewal the applicant failed to— |
| (a) | comply with this Act or the rules of the self-regulatory organisation; |
| (b) | comply with a direction, request, condition or requirement of the registrar in terms of this Act; or |
| (c) | give effect to a decision of the board of appeal in terms of section 111, and such failure has defeated the objects of this Act referred to in section 2 or is likely to defeat them. |
| (2) | The registrar must, before refusing to renew a licence— |
| (a) | inform the applicant of the registrar’s intention to refuse renewal; |
| (b) | give the applicant the reasons for the intended refusal; and |
| (c) | call upon the applicant to show cause within a period specified by the registrar why the renewal should not be refused. |
| (3) | If the registrar refuses to renew a licence the registrar must take such steps as are necessary to achieve the objects of this Act referred to in section 2, which steps may include— |
| (a) | the transfer of the business of the self-regulatory organisation to another similar self-regulatory organisation; or |
| (b) | the winding-up of the self-regulatory organisation in terms of section 107. |
