Application to have ZAR X licence suspended dismissed by FSB
But, its main appeal will be heard later
THE JSE’s urgent application to have the licence new entrant ZAR X was issued on August 31 suspended was dismissed on Tuesday by the Financial Service Board’s appeal board. The JSE’s main appeal, however, will be heard at a future date, the FSB said in a statement. The appeal board’s deputy chair, Judge LTC Harms, ruled the JSE failed to provide evidence it would suffer harm or prejudice. "The JSE’s application was based on the possibilities of harm to the financial system of the country and its investors, which was speculative," Harms said. The JSE’s urgent application followed its previous legal action against a provisional licence ZAR X was issued in July.
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