Suggest a correction

Holders of capital markets services licences and representatives, etc., to be fit and proper persons

Securities and Futures (Licensing and Conduct of Business) Regulations

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) The holder of a capital markets services licence shall ensure that —(a)it is a fit and proper person to carry on business in the regulated activity for which it is licensed;(b)its representatives are fit and proper persons to carry out that regulated activity as its representatives;(c)its chief executive officer, directors or equivalent persons are fit and proper persons for office; and(d)its substantial shareholders or equivalent persons are fit and proper persons in their capacity as such.(2) For the purposes of section 99(4) of the Act —(a)a person who is exempted from holding a capital markets services licence under section 99(1)(a), (b), (c), (d), (f) or (g) of the Act shall ensure that —(i)he is a fit and proper person to carry on business in the regulated activity for which he is exempted; and(ii)his representatives are fit and proper persons to carry out that regulated activity as his representatives; and(b) a corporation that is exempted from holding a capital markets services licence under paragraph 3(1)(d) or 3A(1)(d) of the Second Schedule, or a person who is exempted from holding a capital markets services licence under paragraph 7(1)(b) of the Second Schedule shall ensure that —(i)he is a fit and proper person to carry on business in the regulated activity for which he is exempted;(ii)his representatives are fit and proper persons to carry out that regulated activity as his representatives; and(iii)where the person is an entity —(A)its directors or equivalent persons are fit and proper persons for office;(B)its substantial shareholders or equivalent persons are fit and proper persons to be in such capacity; and(C)persons (other than a person referred to in sub-paragraph (A) or (B)) alone or acting together with any connected person, who —(CA)control, directly or indirectly, not less than 20% of the voting power or such equivalent decision-making power in the entity; or(CB)acquire or hold, directly or indirectly, not less than 20% of the issued shares or such equivalent share of ownership of the entity,are fit and proper persons to control such power or hold such shares or share of ownership.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.