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Unit Standard No.12164Page 107

CONDITIONS UNDER WHICH SUSPENSIONS, WITHDRAWALS AND REINSTATEMENT OF AUTHORISATION MAY BE IMPOSED.

Suspension of authorisation

9. (1) The registrar may, subject to subsection (2), at any time suspend any licence if

satisfied on the basis of available facts and information, that the licensee no longer meets the requirements contemplated in section 8, and irrespective of whether the registrar has taken or followed, or is taking or following, any step or procedure referred to in section 4.

(2) (a) Before suspending any licence, the registrar must inform the licensee of -

(i) the intention to suspend and the grounds therefor;

(ii) the intended period of the suspension; and

(iii) any terms to be attached to the suspension, including-

(aa) a prohibition on concluding any new business by the licensee as from the effective date of the suspension and, in relation to unconcluded business, such measures as the registrar may determine for the protection of the interests of clients of the licensee; and

(bb) terms designed to facilitate the lifting of the suspension,  and must give the licensee a reasonable opportunity to make a submission in response thereto.

(b) The registrar must consider any such response, and may thereafter decide to suspend, or not to suspend the licence, and must notify the licensee of the decision .

(c) Where the licence is suspended, the registrar must make known the terms of the

suspension or subsequent lifting thereof, by notice in the Gazette and, if necessary, by means of any other appropriate public media announcement.

(3) Despite the provisions of subsection (2), the registrar may under urgent circumstances where the registrar is satisfied on reasonable grounds that substantial

prejudice to clients or the general public may occur-

(a) provisionally suspend a licence, and inform the licensee of the-

(i) grounds therefor;

(ii) period of the suspension; and

(iii) terms referred to in subsection (2)(a)(iii) attached to the suspension, and give the licensee a reasonable opportunity to respond thereto and to provide reasons why the provisional suspension should be lifted or why the period and terms should be changed; and

(b) make known such provisional suspension by notice in the Gazette and, if

necessary, by means of any other appropriate public media announcement .

(4) (a) The registrar must within a reasonable time after receipt of any response  contemplated in subsection (3)(a) consider the response, and may thereafter decide to -   (i) lift the provisional suspension; or

(ii) render the suspension final,

and must inform the licensee accordingly.

(b) The registrar must make known the terms of any such final suspension, or the

lifting thereof, by notice in the Gazette and, if necessary, in any other appropriate public media announcement.

(5) During any period of suspension, whether provisional or final, the licensee

concerned is for the purposes of this Act regarded as a person who is not authorised to act as a financial services provider.

INSMAT final materials31/10/03

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