FSCA officially shuts down ZAR X after being under suspension for non-compliance
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GUEST – Unathi Kamlana, FSCA Commissioner
Financial watchdog, the Financial Sector Conduct Authority (FSCA) has officially decided to cancel stock exchange ZAR X’s licence with immediate effect, after the alternative bourse failed to allay liquidity and capital adequacy concerns. The decision to cancel the exchange’s licence was taken together with the Prudential Authority and given the go-ahead by the South African Reserve Bank (Sarb). The FSCA has ordered the exchange to notify all affected persons within the next five days, to stop any further trading of listed securities as well as finalise the delisting of all its listed securities within the next 14 days. “The cancellation decision was not taken lightly. However, the decision follows a prolonged remedial process which was initiated to assist ZAR X to become compliant with the regulatory framework. The remedial process failed to yield positive results,” FSCA commissioner Unathi Kamlana said in a statement
Financial watchdog, the Financial Sector Conduct Authority (FSCA) has officially decided to cancel stock exchange ZAR X’s licence with immediate effect, after the alternative bourse failed to allay liquidity and capital adequacy concerns. The decision to cancel the exchange’s licence was taken together with the Prudential Authority and given the go-ahead by the South African Reserve Bank (Sarb). The FSCA has ordered the exchange to notify all affected persons within the next five days, to stop any further trading of listed securities as well as finalise the delisting of all its listed securities within the next 14 days. “The cancellation decision was not taken lightly. However, the decision follows a prolonged remedial process which was initiated to assist ZAR X to become compliant with the regulatory framework. The remedial process failed to yield positive results,” FSCA commissioner Unathi Kamlana said in a statement
