2
The jurisdiction of the Board will extend to authorisation of registered persons, including their registrations, and actions under the powers in section 7 of this note.
all matters concerning the revocation or suspension of of intervention referred to
An appeal tribunal will be required to give reasons for its decisions. Decisions on matters of registration will not take effect until an appeal is determined, but notices given under the powers
of intervention will take effect immediately, notwithstanding that an appeal against the notice may be pursued. This is because it is contemplated that the circumstances in which the powers of intervention will be used are ones where very quick action may be necessary to protect the interests of investors.
The re
will be no further appeal from a decision of the Board, but judicial review will be available in the event of the Board breaching rules of natural justice.
3.
Registrations to continue and "fit and proper" criteria
Any person who is registered on the date of the commencement of the Ordinance, or who becomes registered afterwards, will remain registered indefinitely, and the provisions in the Securities Ordinance and the Commodities Trading Ordinance for annual renewals of registration will be repealed, although annual fees will continue to be payable.
The Commission will however be able at any time to suspend or revoke any registration in any of the circumstances which are presently available, including consideration of the fitness and properness test.
The principal criteria for follows:
(a)
this test will be set out in the Bill and are as
financial integrity and reliability;
(b) educational and other qualifications or experience;
(c)
ability to carry on business efficiently, honestly and fairly; and
(d) reputation and character.
These criteria will be applicable in any case concerning the possible suspension or revocation of a registration,
4.
Financial Resources Rules
It is intended that in due course, and after consultation with the Financial Secretary and interested bodies, the Commission will bring into operation new rules requiring registered persons to have specified financial resources.