[Section 47 heading substituted by section 290, item 26(a) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
[Section 47(1) substituted by section 290, item 26(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (1A) | Subject to section 110(6), a central counterparty must be an independent clearing house. |
[Section 47(1A) inserted by section 290, item 26(c) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
[Section 47(2) substituted by section 290, item 26(d) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (3) | An application for a clearing house licence or central counterparty licence must— |
[Words preceding section 47(3)(a) substituted by section 290, item 26(e) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, 22 dated August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (a) | be made in the manner and contain the information prescribed by the Authority; |
| (b) | show that the applicant complies with the requirements listed in section 48; |
| (i) | a copy of the founding documents of the applicant; |
| (ii) | such information in respect of members of the controlling body of the applicant as may be prescribed by the Authority; |
[Section 47(3)(c)(iii) substituted by section 290, item 26(f) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective date 1 April 2019 (Notice No. R. 99, GG 41433, dated 9 February 2018]
[Section 47(3)(c)(v) substituted by section 290, item 26(g) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, 22 dated August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (d) | be supplemented by any additional information that the Authority may reasonably require. |
| (a) | The Authority must publish a notice of an application for a clearing house licence in two national newspapers at the expense of the applicant and on the Authority's website. |
[Section 47(4)(a) substituted by section 290, item 26(h) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective date 1 April 2019 (Notice No. R. 99, GG 41433, dated 9 February 2018]
| (b) | The notice must state— |
| (i) | the name of the applicant; and |
| (ii) | in relation to an independent clearing house or a central counterparty, that the proposed clearing house rules are available on the Authority's website for comments from members of the public; and |
[Section 47(4)(b)(ii) substituted by section 290, item 26(i) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective date 1 April 2019 (Notice No. R. 99, GG 41433, dated 9 February 2018]
| (iii) | the period within and the process by which objections to the application may be lodged with the Authority. |
| (c) | The Authority must publish the proposed clearing house rules referred to in paragraph (b)(ii) on the Authority's website. |
[Section 47(4)(c) inserted by section 290, item 26(j) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective date 1 April 2019 (Notice No. R. 99, GG 41433, dated 9 February 2018]
