Securities and Futures Act 2001 · 2020 Revised Edition · Part 2 · Organised Markets
46AAD. Duration of control
Feedback & supportLast amended by an amending law of 2017.
The Authority must cease control of the relevant business of an approved exchange or a recognised market operator if the Authority is satisfied that —
the reasons for the Authority’s assumption of control have ceased to exist; or
the Authority’s assumption of control is no longer necessary in the interests of the public or the section of the public mentioned in section 46AAB(1)(c)(i), or for the protection of investors.
A statutory manager is treated to have assumed control of the relevant business of an approved exchange or a recognised market operator on the date of appointment as a statutory manager.
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 exchange or a recognised market operator 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
the appointment is no longer necessary in the interests of the public or the section of the public mentioned in section 46AAB(1)(c)(i), or for the protection of investors; or
on any other ground,and upon such revocation, the statutory manager must cease control of the relevant business of the approved exchange or recognised market operator, as the case may be.
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 exchange or a recognised market operator;
the cessation of the Authority’s control of the relevant business of an approved exchange or a recognised market operator;
the appointment of a statutory manager in relation to the relevant business of an approved exchange or a recognised market operator; and
the revocation of a statutory manager’s appointment in relation to the relevant business of an approved exchange or a recognised market operator.