NEW stock exchange ZAR X suffered a setback on Monday when the JSE succeeded in having its conditional approval for a licence suspended by the Financial Service Board (FSB).The ruling of the FSB’s appeal board is available on its website.The appeal board chaired by LTC Harms agreed with the JSE’s lawyers that the bourse’s "legal right to administrative justice was infringed" by the registrar conditionally approving ZAR X’s licence on March 8 without allowing the incumbent monopoly to oppose it.After the JSE lodged its appeal against this conditional approval, the registrar should have, within 30 days, "furnished reasons for the decision against which an appeal is lodged".The FSB’s appeal board said the JSE clearly met the legal requirement of an "aggrieved person" with a right to object, and therefore could appeal the registrar’s decision.The JSE’s application to have ZAR X’s conditional approval for a licence suspended had therefore been "granted in the light of the ratio of judgme...

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