72. Power to reprimand for misconduct

Amended

Last amended by an amending law of 2024.

(1)

Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the interest of the public or of the protection of the protected parties of licensed trust companies, reprimand the relevant person.

(1A)

The Authority may, under subsection (1), reprimand a person who has ceased to be a relevant person, if the person was a relevant person at the time of the misconduct.

(2)

In this section —

“misconduct” means —

(a)

the contravention of —

(i)

any provision of this Act;

(ii)

any condition or restriction of a licence or an exemption granted under this Act;

(iii)

any written direction issued by the Authority under this Act; or

(iv)

any code, guideline, policy statement or practice note issued or published under section 74;

(b)

the failure by an officer of a licensed trust company or an exempt person to discharge any duty or function of his or her office; or

(c)

the commission of an offence under section 64 or 65(1);

“officer” —

(a)

in relation to a body corporate, means a director, chief executive, manager, resident manager, secretary or other similar officer of the body corporate, and includes a person purporting to act in any such capacity; or

(b)

in relation to an unincorporated association (other than a partnership), means the president, the secretary, a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity;

“partner” includes a person purporting to act as a partner;

“relevant person” means any licensed trust company or exempt person, or any employee, officer or partner of the licensed trust company or exempt person.

Report

Read on from s 73

Schedules

Read on from Schedules

72. Power to reprimand for misconduct

Terms defined in s 2

Schedules