101. Duration of licence or registration

A licence that has been granted under this Part shall be valid for a period of twelve months from the date of issue of the licence.

A licence that has been renewed under this Part shall continue to be in force for a further period of twelve months or such later date as may be specified by the Commission commencing on the date upon which it would have expired but for its renewal.

Where a licence is renewed for a period of more than twelve months, in terms of subsection (2), the market intermediary shall pay to the Commission the prescribed licence fee.

The provisions of subsections (1) to (3) of this section shall, mutatis mutandis, apply to, and in relation to the duration of the registration granted to a registered person under this Part.