[Words preceding section 60(1)(a) substituted by section 290, item 42(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)]
| (iii) | give effect to a decision of the Tribunal; |
[Section 60(1)(a)(ii) and (iii) substituted by section 290, item 42(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)]
| (b) | after an investigation, the Authority is satisfied on reasonable grounds that the manner in which it is operated is— |
| (ii) | defeating the objects of this Act referred to in section 2; |
[Section 60(1)(b) substituted by section 290, items 42(c) and (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)]
| (c) | the market infrastructure has ceased to operate or has failed to commence operating within a reasonable period after being licensed; or |
| (d) | the Authority is satisfied on reasonable grounds that the licence was obtained through misrepresentation. |
| (2) | The Authority must, before cancelling or suspending a licence— |
| (a) | inform the market infrastructure of the Authority’s intention to cancel or suspend; |
| (b) | give the market infrastructure the reasons for the intended cancellation or suspension; and |
| (c) | call upon the market infrastructure to show cause within a period specified by the Authority why its licence should not be cancelled or suspended. |
| (3) | The Authority must, subject to subsection (4), cancel the licence of a market infrastructure upon submission to the Authority of a request by the market infrastructure for cancellation. |
| (4) | If the Authority cancels or suspends a licence, the Authority must take such steps and may impose such conditions 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 market infrastructure to another similar market infrastructure; or |
| (b) | the winding-up of the market infrastructure in terms of section 100. |
| (5) | If the market infrastructure is a designated institution in resolution as defined in section 1(1) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), the Authority must give notice to the Reserve Bank before taking any action in terms of this section. |
[Section 60(5) inserted by section 33 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
