35. Power of Authority to issue prohibition order

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.

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.

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.

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.

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

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

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

The decision notice must -

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