Cape Town – The Johannesburg Stock Exchange’s urgent application for the suspension of the Financial Services Board’s (FSB's) decision to grant ZAR X an exchange licence was dismissed on Tuesday.
Judge LTC Harms, deputy chair of the FSB appeal board, said there was no evidence that the JSE would suffer harm or prejudice, the FSB said in a statement on Tuesday.
“He said the JSE’s application was based on the possibilities of harm to the financial system of the country and its investors, which was speculative,” the FSB said.
The JSE’s urgent application for interim relief was lodged pending the hearing of its appeal against the FSB's decision to grant ZAR X an exchange licence.
“The main appeal will be heard at a future date,” the FSB said.
The FSB granted ZAR X an exchange licence on August 31 2016, after it found the applicant complied with the relevant requirements of the Financial Markets Act.
* Fin24 will update the story with JSE comment once received.