| (1) | A scheme must submit its application for recognition in the prescribed manner and form to the Council together with the supporting documentation and information determined by the board and a non-refundable prescribed fee. |
| (2) | A properly authorised representative of the body referred to in section 10(1)(b) or of the participants concerned may appear before the Council in order to submit the scheme’s application for recognition and to present its case in support of such recognition. |
| (3) | The Registrar of Securities Services established under the Securities Services Act, 2004, must, in respect of any dispute resolution scheme submitted by a self-regulatory organisation under that Act— |
| (a) | facilitate, by forwarding the rules of that scheme to the Council, the recognition process described in subsection (1), excluding the non-refundable prescribed fee; |
| (b) | prior to approving a dispute resolution scheme included in the rules of a self-regulatory organisation submitted in terms of that Act, confirm with the Council that any such dispute resolution scheme included in such rules meets requirements materially equivalent to those of section 10 of this Act; and |
| (c) | facilitate the ongoing compliance by the self-regulatory organisation with the requirements of this Act. |
| (4) | The Council must, after consideration of an application— |
| (a) | if satisfied that the scheme complies with the requirements of this Act, grant the application; or |
| (b) | if not so satisfied, refuse to grant the application and furnish the scheme with reasons for such refusal. |
| (5) | At any time after a scheme has been recognised in terms of subsection (4)(a) and after affording the relevant scheme an opportunity to be heard, the Council may impose on such scheme any requirement contemplated in section 10(1)(i) prescribed after the date of recognition of the scheme. |
| (b) | the provisions under which a recognised scheme operates; and |
| (c) | the terms of reference of a recognised scheme’s ombud, |
is valid unless approved by the Council.
| (7) | If an application has been granted, the Council must issue a certificate of recognition in the prescribed manner to the relevant scheme and the registrar must publish the recognition by notice in the Gazette. |
