FSB extends MTN Zakhele trading exemption while considering application
The Financial Services Board (FSB) has extended telecommunications group MTN’s broad-based black economic-empowerment trading platform MTN Zakhele’s exemption to the directive requiring over-the-counter (OTC) trading platforms to apply for a licence to operate, for another 30 days.
MTN Zakhele explained that, in terms of the FSB directive, OTC platforms could either apply for a licence to operate or for an exemption from requiring a licence.
MTN Zakhele had applied for an exemption; however, this was still being considered by the FSB, thus necessitating the extension of the existing exemption beyond its initial expiration date of August 31.
“We will ensure that we remain legally compliant and we will respond appropriately to the FSB requirements in order to continue to provide a controlled, secure and cost-effective platform for MTN Zakhele shareholders to trade,” the company said.
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