Mutual Funds Order, 2001 · s 26

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

26.
{1 J Where a person fails -
(a)
to comply with a direction given or a requirement made under the preceding provisions of this Order;
(b) to afford, in accordance with section 27(1), to the Authority or any person acting on of the Authority, behalf the access specified in that section; or
(c) to produce to the Authority or any person acting on behalf of the
Authority anything duly specified under that section, then, without prejudice to the generality of section 25(2), the Authority may require the person concerned to furnish a written statement explaining the failure.
(2)
Where a requirement is made under subsection 11) and the Authority is not satisfied with the explanation, or with any further explanation which the
Authority may require, then, subject to the First Schedule, the Authority may
(a) impose a fmancial penalty on the manager, administrator, trustee or custodian (as the case may be) not exceeding $100,000;
(b) revoke that person's operator's licence or permission or, as the case may be, custodial licence or permission and, where a penalty is imposed under this Order, an amount equal to that of the penalty shall be recoverable by the Government as a civil debt due to it from the person on whom the penalty was imposed; or
(c)
revoke the licence or permission under this Order of the person of whom the requirement was made.
Access to documents etc.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 26{1 J Where a person fails -

(a)

to comply with a direction given or a requirement made under the preceding provisions of this Order;

(b)

to afford, in accordance with section 27(1), to the Authority or any person acting on of the Authority, behalf the access specified in that section; or

(c)

to produce to the Authority or any person acting on behalf of the

Authority anything duly specified under that section, then, without prejudice to the generality of section 25(2), the Authority may require the person concerned to furnish a written statement explaining the failure.

(2)

Where a requirement is made under subsection 11) and the Authority is not satisfied with the explanation, or with any further explanation which the

Authority may require, then, subject to the First Schedule, the Authority may

(a)

impose a fmancial penalty on the manager, administrator, trustee or custodian (as the case may be) not exceeding $100,000;

(b)

revoke that person's operator's licence or permission or, as the case may be, custodial licence or permission and, where a penalty is imposed under this Order, an amount equal to that of the penalty shall be recoverable by the Government as a civil debt due to it from the person on whom the penalty was imposed; or

(c)

revoke the licence or permission under this Order of the person of whom the requirement was made.

Access to documents etc.