48
circumstances likely to affect his method of conducting business, as may be required by or under this Ordinance; (ii) is or has been guilty of any misconduct in relation to the conduct of his business; or
(i) is no longer a fit and proper person to be regis- lered by reason of any other circumstances which have led or are likely to lead to the improper conduct of business by him or to reflect discredit on the method of conducting his business; or
(5) that, in the case of a registered person that is a cor- poration, a director, secretary, or person concerned in the management of the corporation-
(i) is or has been guilty of any misconduct in relation to the conduct of his business; or
(i) is not or is no longer a fit and proper person to be a director of, or a person concerned with the management of, the corporation.
(2) If after inquiring into any such allegation against a regis- tered person, the Commissioner is of the opinion that the allega- tion is proved, he may if he thinks fit, subject to the provisions of this Ordinance, revoke the registration of that person or if he thinks it appropriate to do 50-
(a) suspend the registration of the person for such time, or until the happening of such event, as he may deter- mine; or
(5) reprimand him or, in the case of a registered person that is a corporation, reprimand any director, secretary, or person concerned in the management of the corpora- tion.
(3) The Commissioner shall not impose any penalty under subsection (2) without first giving the registered person, and, in the case of a registered person that is a corporation, any director, secretary, or officer concerned in the management of the cor- poration against whom an allegation has been made under sub- section (1), an opportunity of being heard.
(4) Every decision of the Commissioner imposing a penalty under subsection (2) shall take effect from the time that it is notified to the person concerned, notwithstanding that an appeal against the decision may be made under section 58 or that the time limited for the making of such an appeal has not yet
49
expired; but in the event of any appeal being successful, whether under section 58 or section $9, the appellant shall, subject to any direction by the Disciplinary Committee or the Court, as the case may be, be reinstated as far as practicable to the position that he would have been in if the decision of the Commissioner had not been made.
(5) For the purposes of this section "misconduct" means- (a) any failure to comply with the requirements of any regulations made under this Ordinance with respect 10 dealers, investment advisers, or representatives;
(5) any failure to observe the terms and conditions of a
certificate of registration;
(c) any act or omission relating to the conduct of business of a dealer, investment adviser, or representative, which is or is likely to be prejudicial to the interests of members of the investing public.
$7. (1) For the purposes of sections 48 to 50 a person Effect of whose registration is revoked or suspended shall be deemed not revoking or to be registered.
(2) Subsection (1) does not operate so as to-
(a) avoid or affect any agreement, transaction, or arrange- ment relating to a dealing in securities entered into by a person whose registration has been suspended or revoked, whether the agreement, transaction, or arrange- ment was entered into before or after the suspension or revocation of the registration; or
(b) affect any right, obligation, or liability arising under any
such agreement, transaction, or arrangement.
(3) A person whose registration is revoked under section $5 or section 56 may not apply to be registered under this Part, whelber as a dealer, investment adviser, or representative, until the expiration of at least 12 months from the revocation.
(4) Where the Commissioner revokes or suspends the regis- tration of any person under section 55 or section 56 or imposes any other penalty under section 56, he shall notify that persÓN in writing of the revocation, suspension, or other penalty, and shall include in the notice a statement of the reasons as to why the registration of the person was revoked or suspended or, as the case may be, the penalty was imposed.
suspending registration.
No comments yet.
Private notes are available after approval.