Investment Services Act (Cap. 370), article 15

15. (1) Without prejudice to any of the powers conferred on it by articles 13 and 14, the competent authority may, whenever it deems it necessary, and whether upon a report by an inspector appointed under article 14 or not, give, by notice in writing, such directives as it may deem appropr iate in the circumstances; and any person to whom or to which the notice is given shall obey, comp ly with and otherwise give effect to any such directive within the time and in the manner stated in the directive or fur ther directive. Provided that the competent authority may give any such directive even where a licence holder, for whatever reason, cea ses to hold a licence granted in terms of this Act: Provided further that any directive given in terms of this arti cle shall, unless the competent authority otherwise directs, continue to apply even when a licence holder, for whatever reason, ceases to hold a licence granted in terms of this Act. (2) Without prejudice to the generality of the foregoing provisions of this article, a directive under this article may - (a) require anything to be done or be omitted to be done, or impose any prohibition, restriction or limitation, or any other requirement, including any requirement emanating from European Union legislation, and confer powers, with respect to any transaction or other act, or to any assets, or to any other thing whatsoever; (b) require a collective in vestment scheme and the manager of such a scheme, or his equivalent, and any other person who may issue, redeem, sell or purchase units in the scheme, to cease the issue, redemption, sale, or purchase of units or all or any combination of those activities, as may be s pecified in the directive or further directive; (c) require that any person having functions in relation to the holder of a licence be prohibited, temporarily or otherwise, suspended from carrying out activities licensable under the Act, or removed or removed and replaced by another person acceptable to the competent authority; (d) require a collective invest ment scheme or its directors and shareholders, or the manager or trustee or custodian of a scheme, or their equivalent, to wind it up by such date and in acco rdance with such procedure and other provisions as may be specified in the directive or further directive; (e) require a licence holder or any person who is or was providing, or who appears to be or to have been providing an investment se rvice to cease operations and to wind up its affairs, in accordance with such procedures and directions a s may be specified in the directive, which may provide for the appointment of a person to take possession and control of all documents, INVESTMENT SERVICES [CAP. 370. 45 records, assets and property belonging to or in the possession or control of the licence holder or such other person; (f) require a licence holder to submit a financial recovery plan, as may be determined in the Investment Services Rules, if it considers that the interest of investors, consumers, creditors or other interested persons are likely to be prejudiced owing to a deterioration in the financial position of the licence holder; (g) require the cessation of any practice that is contrary to the provisions adopted in the implementation of the AIFM Directive, the BRRD , the CRD, the MiFID , the UCITS Directive , and the IFD; Cap. 345. (h) r e q u i r e t h e r e m o v a l o f a f i n a n c i a l i n s t r u m e n t f r o m trading, on trading arrangements within the meaning of the MIFID , the MiFIR other than on regulated markets in terms of the Financial Markets Act; (i) require the suspension of trading in a financial instrument; (j) request any person to take steps to reduce the size of the position or exposure; (k) limit the ability of any person from entering into a commodity derivative, incl uding by introducing limits on the size of a position any person can hold at all times in accordance with Article 57 of MIFID : Provided that in applying paragraphs ( d) and ( e), the competent authority ma y also appoint a competent person to act as liquidator for the purposes of winding up the affairs of a lice nce holder under this Act; and such person shall be the liquidator of the licence holder for all purposes of law to the exclusion of any other pe rson. (3) The power to give directives under this article shall includ e the power to vary, alter, add to or withdraw any directive, as well as the power to issue new or further d irectives. (4) Where the competent authority is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under any of the provisions of this arti cle. Power of the competent authority to protect the public interest. Added by: XX. 2013.42. Amended by: XLIV .2018.7.