Securities and Futures Act 2001 · 2020 Revised Edition · Part 13 · Offers of Investments
292F. Duration of control
Feedback & supportLast amended by an amending law of 2013.
The Authority must cease to be in control of the relevant business of an approved trustee when the Authority is satisfied that —
the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public referred to in section 292D(1)(c)(i) or for the protection of investors.
A statutory manager is deemed to have assumed control of the relevant business of an approved trustee on the date of the statutory manager’s appointment as such.
statutory manager
“statutory manager” means a statutory manager appointed under section 46AAB.
The appointment of a statutory manager in relation to the relevant business of an approved trustee may be revoked by the Authority at any time —
relevant business
“relevant business” means any business of an approved exchange or a recognised market operator —(a)that the Authority has assumed control of under section 46AAB; or(b)in relation to which a statutory adviser or a statutory manager has been appointed under section 46AAB;
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public referred to in section 292D(1)(c)(i) or for the protection of investors; or
on any other ground,and upon such revocation, the statutory manager ceases to be in control of the relevant business of the approved trustee.
The Authority must, as soon as practicable, publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of an approved trustee;
the cessation of the Authority’s control of the relevant business of an approved trustee;
the appointment of a statutory manager in relation to the relevant business of an approved trustee; and
the revocation of a statutory manager’s appointment in relation to the relevant business of an approved trustee.