Decision to strip ZAR X of its licence ‘not taken lightly’
The Financial Sector Conduct Authority’s decision means ZAR X has just 14 days to delist all the securities on its platform
The Financial Sector Conduct Authority (FSCA) has cancelled the exchange licence of ZAR X, an alternative trading platform in which the Public Investment Corporation (PIC) holds a 24.14% stake.
The financial regulator cancelled ZAR X’s exchange licence “with immediate effect” for prolonged noncompliance with section 8 of the Financial Markets Act (FMA), which governs the liquidity and capital adequacy requirements of an exchange. The FSCA said in a statement on Monday announcing its decision that it concurred with the Prudential Authority (PA) and the SA Reserve Bank before deciding to strip ZAR X of its licence...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.