Securities Markets Order, 2013 · s 35

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35.
Power of Authority to issue prohibition order
(1)
If it appears to the Authority that a person is not a fit and proper person to perform functions in relation to a regulated activity carried on by a regulated person, the Authority may make an order [a prohibition order) prohibiting him from performing a specified function, any function falling within a specified description or any function.
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{2)
A prohibition order may relate to -
fa) a specified regulated activity, any regulated activity falling within a specified description or all regulated activities; or
{b) regulated persons generally or any person within a specified class of licence.
(3)
A person who performs or agrees to perform a function in breach of a prohibition order is guilty of an offence and liable on conviction to a fine not exceeding $150,000, and, in the case of a continuing offence, with a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
(4)
In proceedings for an offence under subsection (3), it is a defence for the accused to show that he has taken all reasonable precautions and has exercised all due diligence to avoid committing the offence.
(5)
A regulated person must take reasonable care to ensure that a person, who is prohibited ftom performing his function by a prohibition order, performs no function of his, in relation to the carrying on of a regulated activity.
(6)
The Authority may, on the application of the person named in a prohibition order, vary or revoke it.
(7)
When the Authority proposes to make a prohibition order, it must give the person concerned a warning notice.
(8)
The warning notice must set out the terms of the prohibition.
{9)
When the Authority decides to make a prohibition order, it must give the person concerned a decision notice.
(10) The decision notice must -
{a) name the person to whom the prohibition order applies;
{b) set out the terms of the order; and
{c)
be given to the person named in the order.
(11) The Panel has jurisdiction to hear and determine any appeal in relation to a decision to impose, vary or withdraw a condition or restriction.
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s 35Power of Authority to issue prohibition order

(1)

If it appears to the Authority that a person is not a fit and proper person to perform functions in relation to a regulated activity carried on by a regulated person, the Authority may make an order [a prohibition order) prohibiting him from performing a specified function, any function falling within a specified description or any function.

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{2)

A prohibition order may relate to -

fa) a specified regulated activity, any regulated activity falling within a specified description or all regulated activities; or

{b) regulated persons generally or any person within a specified class of licence.

(3)

A person who performs or agrees to perform a function in breach of a prohibition order is guilty of an offence and liable on conviction to a fine not exceeding $150,000, and, in the case of a continuing offence, with a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.

(4)

In proceedings for an offence under subsection (3), it is a defence for the accused to show that he has taken all reasonable precautions and has exercised all due diligence to avoid committing the offence.

(5)

A regulated person must take reasonable care to ensure that a person, who is prohibited ftom performing his function by a prohibition order, performs no function of his, in relation to the carrying on of a regulated activity.

(6)

The Authority may, on the application of the person named in a prohibition order, vary or revoke it.

(7)

When the Authority proposes to make a prohibition order, it must give the person concerned a warning notice.

(8)

The warning notice must set out the terms of the prohibition.

{9)

When the Authority decides to make a prohibition order, it must give the person concerned a decision notice.

(10)

The decision notice must -

{a) name the person to whom the prohibition order applies;

{b) set out the terms of the order; and

{c)

be given to the person named in the order.

(11)

The Panel has jurisdiction to hear and determine any appeal in relation to a decision to impose, vary or withdraw a condition or restriction.

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