Our view, however, is that this is a necessary step to safeguard market integrity and the interest of issuers and the broader investing public. “We don’t take this regulatory action lightly, given its impact. It also needs to provide the FSCA with weekly progress reports on the matters declared in the suspension notice. Over the suspension period, ZAR X needs to inform all affected persons, including issuers with listed securities on its exchange, authorised users of its exchange, investors, and stakeholders, that its licence has been suspended. The FSCA said it intends to proceed, three months after the date of suspension, with the cancellation of ZARX’s exchange licence should it fail to rectify its non-compliance with the capital adequacy requirements. The FSCA makes a final decision on the cancellation of ZAR X’s exchange licence.
The suspension has been in effect since Friday (20 August), and the exchange has three months to get its affairs in order or face having its licence cancelled.Īccording to the FSCA, the suspension resulted from ZAR X’s non-compliance with Financial Markets Act regulations relating to an exchange’s liquidity and capital adequacy requirements. The Financial Sector Conduct Authority (FSCA) has suspended the exchange licence of stock exchange, ZAR X, over liquidity and capital adequacy concerns. ZAR X faces possible cancellation of its licence in three months due to non-compliance with liquidity and capital adequacy requirements
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