Securities and Futures Act 2001 · 2020 Revised Edition · Part 3A · Approved Holding Companies
81ZL. Power of Authority to issue directions
Feedback & supportLast amended by an amending law of 2024. 2 amendments in all.
The Authority may, if it thinks it necessary or expedient —
for ensuring fair, orderly and transparent markets;
for ensuring safe and efficient trade repositories;
for ensuring safe and efficient clearing facilities;
for ensuring the integrity and stability of the capital markets or the financial system;
in the interests of the public or a section of the public or for the protection of investors;
for the effective administration of this Act; or
for ensuring compliance with any condition or restriction as the Authority may impose under section 81W(1) or (2), 81ZA(2), 81ZE(5) or (10), 81ZF(12) or 81ZI, or such other obligations or requirements under this Act or as the Authority may prescribe,issue directions by written notice either of a general or specific nature to an approved holding company or class of approved holding companies, and the approved holding company or each approved holding company of the class must comply with such directions.
Any approved holding company which, without reasonable excuse, contravenes a direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.
approved holding company
“approved holding company” means a corporation that is approved by the Authority under section 81W as an approved holding company;
It is not necessary to publish any direction issued under subsection (1) in the Gazette.