Section 120

120. (1) The responsible authority that issued a licence may, by notice to the licensee, 20 suspend the licence, for the period specified in the notice, if—

(a) the licensee applies for suspension of the licence;

(b) a condition of the licence has been contravened or not been complied with in a material way;

(c) the licensee has contravened in a material way— 25

(i) a financial sector law;

(ii) a prudential standard, a conduct standard or a joint standard;

(iii) a regulator’s directive or a directive in terms of section 202;

(iv) an enforceable undertaking;

(v) an order of a court made in terms of a financial sector law; or 30

(vi) a decision of the Tribunal;

(d) the licensee has in a foreign country contravened in a material way a law of that country that corresponds to a financial sector law;

(e) information provided in or in relation to an application in relation to the licence was false or misleading (including by omission) in a material way; 35

(f) the suspension is necessary to prevent—

(i) a serious contravention of a financial sector law; or

(ii) financial customers of the licensee suffering material prejudice; or

(g) fees in respect of the licence, a levy or an administrative penalty payable by the licensee, including any interest, are unpaid and have been unpaid for at least 30 days. 40

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

(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. 45

(3) The responsible authority that suspended a licence may at any time revoke the suspension.

This gazette is also available free online at www.gpwonline.co.za

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GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 131

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

129

(b) ntlha ya gore moabelwalaesense o itse gore tshedimosetso e eneilweng mabapi le kopo ya laesense e fosagetse kgotsa e a timetsa.

(2) Karolotlaleletso (1) e diragatswa mabapi le ditiragalo le mabaka a a diragalang fa laesense e emisitswe.

(3) Tshedimosetso e e begilweng go ya ka karolo eno ga e amogelesege mo bopaking 5

mo ditsamaisong dingwe le dingwe tsa bosenyi, ntle le mo ditsamaisong tsa bosenyi mabapi le go bua maaka ka fa tlase ga maikano.

## Dilaesense tse di sa fetisiweng