1989 Ed.]
Securities
[CAP. 333
45
(5) The Governor in Council may, by order in the Gazette, amend this section by substituting for any amount or percentage specified therein any other amount or percentage.
(6) For the purposes of this section-
"approved assets" and "ranking liabilities" means such assets and liabilities as are specified to be approved assets and ranking liabilities by the Commission by notice in the Gazette;
"liquid assets" means such of the approved assets as are specified as liquid assets by the Commission by notice in the Gazette;
"liquidity margin" means the excess of liquid assets over ranking liabilities; "net capital" means the excess of approved assets over ranking liabilities.
(7) Where under subsection (6) the Commission specifies any assets as approved assets or liquid assets it may also specify the percentage of the value of the assets that may be taken into account, or the percentage of the minimum net capital or liquid assets that the assets may comprise, in computing the net capital or the liquidity margin as the case may be.
(8) The Commission may waive or modify the requirements of this section in relation to any registered dealing partnership. (Added 10 of 1989 s.65)
163/9054
(Added 58 of 1985 s. 51)
65C. Failure to comply with section 65B
(1) If a registered dealer becomes aware of any inability by him or of any registered dealing partnership of which he is a partner to comply with section 65B he shall forthwith-
(a) notify the Commission thereof; and
(b) cease dealing in securities and cause any registered dealing partnership of which he is a member so to cease, otherwise than for the purpose of giving effect to any agreement or arrangement entered into before the time when he becomes so aware.
(2) Where the Commission becomes aware of any inability by a registered dealer or registered dealing partnership to comply with section 65B it may, whether or not notice has been given under subsection (1)
(a) suspend the registration of the registered dealer or registered dealing partnership pending consideration by it of the matter under section 55 or the report of an auditor appointed under section 90; or
(b) permit the registered dealer or registered dealing partnership to continue dealing in securities on such conditions, if any, as it may think fit to impose, being conditions reasonable in the circumstances.
63/905K
1989 Ed.]
Securities
[CAP. 333
45
(5) The Governor in Council may, by order in the Gazette, amend this section by substituting for any amount or percentage specified therein any other amount or percentage.
(6) For the purposes of this section-
"approved assets" and "ranking liabilities" means such assets and liabilities as are specified to be approved assets and ranking liabilities by the Commission by notice in the Gazette;
"liquid assets" means such of the approved assets as are specified as liquid
assets by the Commission by notice in the Gazette;
"liquidity margin" means the excess of liquid assets over ranking liabilities; "net capital" means the excess of approved assets over ranking liabilities.
(7) Where under subsection (6) the Commission specifies any assets as approved assets or liquid assets it may also specify the percentage of the value of the assets that may be taken into account, or the percentage of the minimum net capital or liquid assets that the assets may comprise, in computing the net capital or the liquidity margin as the case may be.
(8) The Commission may waive or modify the requirements of this section in relation to any registered dealing partnership. (Added 10 of 1989 s.65)
163/9054
(Added 58 of 1985 s. 51)
65C. Failure to comply with section 65B
(1) If a registered dealer becomes aware of any inability by him or of any registered dealing partnership of which he is a partner to comply with sec- tion 65B he shall forthwith-
(a) notify the Commission thereof; and
(b) cease dealing in securities and cause any registered dealing partnership of which he is a member so to cease, otherwise than for the purpose of giving effect to any agreement or arrangement entered into before the time when he becomes so aware.
(2) Where the Commission becomes aware of any inability by a registered dealer or registered dealing partnership to comply with section 65B it may, whether or not notice has been given under subsection(1)
(a) suspend the registration of the registered dealer or registered dealing partnership pending consideration by it of the matter under section 55 or the report of an auditor appointed under section 90; or
(b) permit the registered dealer or registered dealing partnership to continue dealing in securities on such conditions, if any, as it may think fit to impose, being conditions reasonable in the circumstances.
63/905K
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