Section 119

119. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense bo ka, ka kitsiso go moabelwalaesense, farologanya laesense fa go dira jalo go tla thusa ka phitlhelelo ya maikaelelo a bothati jo bo rwalang maikarabelo jaaka go tlhagisitswe mo karolong 33 kgotsa 57.

(2) Pharologanyo ya laesense e ka akaretsa go—

(a) tlosa kgotsa farologanya lebaka la laesense, kgotsa go tsenya lebaka; le

(b) fetola ditlhopha tsa dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tseo laesense e amanang le tsona.

(3) Pharologanyo ya laesense e tsena mo tirisong ka letlha la kitsiso go ya ka 20 karolotlaleletso (1) kgotsa, fa letlha le kwa morago le tsepamisitswe mo kitsisong, letlha le kwa morago.

## Tshekego ya dilaesense

120. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense bo ka, ka kitsiso go moabelwalaesense, sekega laesense fa, sebaka se se tsepamisitsweng mo kitsisong, 25 fa—

(a) moabelwalaesense a dira kopo ya tshekego ya laesense;

(b) lebaka la laesense le tlotswe kgotsa go sa ikamanngwa le lona ka tlotlo yotlhe;

(c) moabelwalaesense o dirile tlolo e kgolo ya —

(i) molao wa lephata la ditshelete; 30

(ii) maemo a tlhokomelo, maemo a boitshwaro, maemo a kopanetsweng kgotsa taolo ya Khansele ya Bolaodi jwa Ombud;

(iii) taelo ya molaodi kgotsa taelo go ya ka karolo 202;

(iv) tumalano e e gatelelwang;

(v) taelo ya kgotlatshekelo e e dirilweng go ya ka molao wa lephata la 35 ditshelete; kgotsa

(vi) tshwetso ya Lekgotla;

(d) moabelwalaesense a tlotse molao thata kwa nageng ya boditshaba o o tsamaelanang le molao wa lephata la ditshelete;

(e) tshedimosetso e e tlametsweng ka kgotsa mabapi le kopo e e amanang le 40 laesense e fosagetse kgotsa e timetsa (go akaretsa le ka tlogelo) thata;

(f) tshekego e botlhokwa go thibela—

(i) tlolomolao e e masisi ya molao wa lephata la ditshelete; kgotsa

(ii) barekedi ba ditshelete ba moabelwalaesense ba le ka fa tlase ga kgobelelo; kgotsa 45

(g) dituelo mabapi le laesense, lekgethwana kgotsa kotlhao ya tsamaiso e e duelwang ke moabelwalaesense, e akaretsa le morokotso mongwe le mongwe, ga di a duelwa e bile di ntse di sa duelwa bonnye matsatsi a le 30.

(2) Bothati jo bo rwalang maikarabelo bo ka gana go sekega laesense go ya ka karolotlaleletso (1)(a) fa tshekego—

(a) e ka senne mo kgatlhegong ya barekedi ba ditshelete; kgotsa

(b) e tla dira gore maikaelelo a molao wa lephata la ditshelete a a diragatswang mo laesenseng a tsielege.

(3) Bothati jo bo rwalang maikarabelo jo bo sekegileng laesense bo ka nako nngwe le nngwe phimola tshekego eo. 55

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(4) The suspension of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date.

(5) The suspension of a licence does not affect an obligation of the licensee that it has in terms of a financial sector law.

## Revocation of licences

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121. (1) The responsible authority that issued a licence may, by notice to the licensee, revoke the licence—

(a) if the licensee applies for revocation of the licence;

(b) on any of the bases on which it may suspend the licence, as set out in section 120(1)(b) to (g); or

(c) if the licensee has ceased to conduct the licensed business.

(2) The responsible authority may refuse to revoke a licence in terms of subsection (1)(a) if the revocation—

(a) would not be in the best interests of financial customers; or

(b) would frustrate the objects of a financial sector law applicable to the licence.

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(3) Revocation of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date.

## Continuation of licensed activity despite suspension or revocation of licence

122. (1) The responsible authority that suspended or revoked a licence may, by notice to the licensee, on conditions specified in the licence, allow the licensee to carry out the licensed activity to the extent, and for the period, specified in the notice to facilitate the orderly suspension or termination of the activity.

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(2) Conditions in terms of subsection (1) must be aimed at—

(a) ensuring that financial customers of the licensee are treated fairly; or

(b) the orderly suspension or termination of the licensed activity.

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(3) Carrying out the licensed activity in accordance with the requirements of a notice in terms of subsection (1) is not a contravention of section 111 or 162.

## Procedure for varying, suspending and revoking licences

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123. (1) (a) Before the responsible authority varies, suspends or revokes a licence, it must—

(i) give the licensee notice of the proposed action and a statement of the reasons for it; and

(ii) invite the licensee to make submissions on the matter, and give it a reasonable period to do so.

(b) The period referred to in paragraph (a)(ii) must be at least one month.

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(c) The responsible authority need not comply with paragraph (a) if the licensee has applied for the proposed action to be taken.

(2) In deciding whether to vary, suspend or revoke a licence, the responsible authority must take into account all submissions made within the period specified in the notice in terms of subsection (1)(a)(ii).

(3) If the delay involved in complying, or complying fully, with subsection (1)(a) in respect of a proposed action is likely to prejudice financial customers, prejudicially affect financial stability or defeat the object of the action, the responsible authority may take the action without having complied, or complied fully, with that subsection.

(4) (a) If the responsible authority takes action without having complied, or complied fully, with subsection (1)(a) for the reason set out in subsection (3), the responsible authority must give the licensee a written statement of the reasons why that subsection was not complied with.

(b) The licensee may make submissions to the responsible authority within one month after being provided with the statement.

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(4) Go sekegwa ga laesense go tsenngwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa letlha le le kwa morago le tsepamisitswe, letlha le le kwa morago.

(5) Go sekegwa ga laesense ga go ame ka gope tlamego e moabelwalaesense a nang le yona go ya ka molao wa lephata la ditshelete.

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## Phediso ya dilaesense