Securities and Futures Act 2001 · 2020 Revised Edition · Part 3A · Approved Holding Companies
81ZGE. 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 holding company 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 81ZGC(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 holding company 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 holding company 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 81ZGC(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 holding company.
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 holding company;
the cessation of the Authority’s control of the relevant business of an approved holding company;
the appointment of a statutory manager in relation to the relevant business of an approved holding company; and
the revocation of a statutory manager’s appointment in relation to the relevant business of an approved holding company.