Subject Title - INSETA

easons why the provisional suspension or withdrawal should be liftedor why the period and terms should be changed. 131may publish the provisional suspension or withdrawal in the Gazetteand if necessary, by means of any other appropriate public media. 132The Registrar must consider a response received from the licensee and maydecide to:lift the provisional suspension or withdrawal; or make it final. 133The licensee must be advised accordingly and notification must happen in theGazette and other media if necessary. 134If a licence is suspended or withdrawn, the licensee is not authorised to actas an FSP.10.2.3 Debarment following suspension of withdrawalIf a licence has been withdrawn in terms of Section 9 of the Act (which dealswith suspension and withdrawal of licences), the person is debarred for aperiod specified by the Registrar from applying for a new licence and theRegistrar may change the period if there are good grounds for the change. 13510.2.4 Registrar may consult a regulatory authorityBefore suspending or withdrawing a licence, the Registrar may consult "anyregulatory authority". This implies that the FAIS Registrar may (and should)consult another regulator if the FSP concerned is also authorised or licensedfor business under that regulator.In the diagram above we used the example of the FAIS Registrar consultingthe Registrar of Banks in the event of a possible suspension or withdrawal ofa bank-related FSP licence. It may be critical for the FAIS Registrar to consultanother applicable regulator (such as the Insurance Registrar) becausesuspension or withdrawal of an FSP licence may have dire consequences inthe financial services industry.131 Section 9(3)(a) of the Act132 Section 9(3)(b) of the Act133 Section 9(4)(a) of the Act134 Section 9(3)(b) of the Act135 Sections 9(5) & (6) of the Act198 © INSETA - Section 1 12a