13. Amendment of regulation 37

In the principal Regulations, in regulation 37 —

delete paragraphs (3) and (7);

replace paragraph (9) with —“(9) If the Authority determines that an associate of a licensed international market agent has engaged or is engaging in conduct that, in the Authority’s opinion, is unacceptable for a person who is concerned in or associated with the ownership, management or operation of the business of the licensed international market agent, the Authority may do one or both of the following:

issue a written notice to the associate that the conduct is unacceptable;

give written notice to the associate requiring the associate to give a written undertaking to the Authority, within the period specified in the notice, regarding the future conduct of the associate.”;

in paragraph (10)(a), before “matters”, insert “relevant”;

in paragraph (10)(b), after “paragraph (9)”, insert “or refuses to give the undertaking mentioned in paragraph (9)(b)”; and

in paragraph (11), delete “(3) or”.