Securities Markets Order, 2013 · As enacted · Part II
38. Application for approval to exercise controlled function
Official textFrom Attorney General's Chambers, unchanged
( 1)
The application to exercise controlled function must be made by the regulated person concerned.
The application must
{a}
be made in such manner as the Authority may direct; and
{b) contain, or be accompanied by, such information as the Authority may reasonably require.
At any time after receiving the application and before determining it, the Authority may require the applicant to provide it with such further information as it reasonably thinks necessary to enable it to determine the application.
The Authority may require an applicant to present information that he is required to give under this section in such form, or to verify it in such a way, as the Authority may direct.
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The Authority may grant an application if it is satisfied that the person in respect of whom the application is made (the candidate) is a fit and proper person to perform the function to which the application relates.
In deciding that question, the Authority may have regard (among other things) to whether the candidate, or any person who may perform a function on his behalf-
has obtained a qualification;
has undergone, or is undergoing training; or
possesses a level of competence, required by regulations in relation to persons performing functions of the kind to which the application relates.
The Authority must, within 4 months from the date on which it receives an application made under this section, determine whether-
to grant the application; or
(b} to give a warning notice that it proposes to refuse the application.
A person who makes an application under this section may withdraw his application by giving notice in writing to the Authority at any time before the
Authority determines it, but only with the consent of -
(a} the candidate; and
the person by whom the candidate is to be retained to perform the function concerned, if not the applicant.
(a} If the Authority decides to grant an application for approval to exercise a controlled function it must give a notice in writing of its decision to each of the interested parties;
if the Authority proposes to refuse an application, it must give a warning notice to each of the interested parties;
if the Authority decides to refuse an application, it must give a decision notice to each of the interested parties;
if the Authority decides to refuse an application, each of the interested parties may refer the matter to the Panel;
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{e} "interested parties", in relation to an application are -
(i}
the applicant;
the person in respect of whom the application is made; and
the person by whom the services are to be retained, if not the applicant.
( 10) (a} The Authority may withdraw an. approval given under this section if it thinks that the person in respect of whom it was given is not a fit and proper person to perform the function to which the approval relates;
if the Authority proposes to withdraw its approval, it must give each of the interested parties a warning notice;
if the Authority decides to withdraw its approval, it must give each of the interested parties a decision notice;
if the Authority decides to withdraw its approval, each of the interested parties may refer the matter to the Panel;
"interested parties", in relation to an approval are-
the applicant;
the person in respect of whom the application is made; and
the person by whom the services are to be retained, if not the applicant.
Part III
Market Operators and Market Infrastructure
Part IV
Self-Regulating Organisations
Part X
Part X.
Part VI
Public Company Statements and Reporting Requirements
Part VII
Capital Markets Services Licence and Representative'S Licence
Part VIII
Books, Audit and Client'S Assets
Part IX
Part X
Intervention Powers of Authority
Part XI
Complaints Committee and Investor Compensation Scheme
Part XII
Financial Markets Services Panel
Part XIII