Article 46 - Own initiative action by the Regulatory Authority
Regulatory Authority may exercise any of the powers or take any of the steps set out in Article 46(2) at any time where it is satisfied that:
Approved Individual is failing, or is likely to fail, to satisfy the criteria referred to in Article 43(2) (Suitability and Related Requirements);
Approved Individual has failed, during a period of at least 12 months, to carry on a Controlled Function for which he has been approved;
(C) it is desirable to take such steps to exercise such power in order to protect the interests of clients or customers of an
Authorised Firm or the Financial System;
Approved Individual or the Authorised Firm in respect of which the Approved Individual is approved is in breach of, or has been in breach of, one or more conditions, restrictions or requirements applicable to his approval or its Authorisation;
Approved Individual or the Authorised Firm in respect of which the Approved Individual is approved is otherwise in breach of, or has otherwise been in breach of, the QFC Law, these Regulations or any Rules or other relevant legislation; or
(F) a request to that effect has been received from an
Overseas Regulator in accordance with Article 20 (International Relations and Co-operation).
(2) The powers and steps referred to in Article 46(1) are by written notice to the
Regulated Firm to:
(A) impose or vary such conditions, restrictions and requirements on the approval of an
Approved Individual as the Regulatory Authority shall consider appropriate;
(B) require an
Approved Individual specified in the condition, restriction or requirement to take or refrain from taking such action as the Regulatory Authority considers appropriate; or
(C) withdraw the
Approved Individual's approval or vary its approval to remove one or more Controlled Functions.
(3) Subject to Article 46(4), the
Regulatory Authority may only exercise powers or take steps pursuant to Article 46(2) where it has provided the relevant Authorised Firm beforehand with an appropriate opportunity to make representations to the Regulatory Authority in relation to the proposed steps and has given due consideration to those representations in determining the steps to be taken.
(4) The requirement on the
Regulatory Authority under paragraph 46(3) above shall not apply:
(A) where the
Regulatory Authority concludes that any delay likely to arise as a result of the requirement to allow representations contained in Article 46(3) is prejudicial to the interests of the clients or customers of the Authorised Firm, or the Financial System (provided in such case that the Regulatory Authority shall provide the Authorised Firm with an opportunity to make such representations promptly after such powers have been exercised or steps taken and shall give due consideration to such representations); or
(B) the powers to be exercised or steps to be taken follow a determination by the
Regulatory Authority pursuant to Part 9 (Disciplinary and Enforcement Powers) or a decision by the Appeals Body or Tribunal relating to or affecting the Authorised Firm in question.