Section 35
of Securities Markets Order, 2013
Section 35
(1)
If it appears to the Authority that a person is not a fit and proper person to perform functions in relation to a regulated activity carried on by a regulated person, the Authority may make an order [a prohibition order) prohibiting him from performing a specified function, any function falling within a specified description or any function.
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{2)
A prohibition order may relate to -
fa) a specified regulated activity, any regulated activity falling within a specified description or all regulated activities; or
{b) regulated persons generally or any person within a specified class of licence.
(3)
A person who performs or agrees to perform a function in breach of a prohibition order is guilty of an offence and liable on conviction to a fine not exceeding $150,000, and, in the case of a continuing offence, with a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
(4)
In proceedings for an offence under subsection (3), it is a defence for the accused to show that he has taken all reasonable precautions and has exercised all due diligence to avoid committing the offence.
(5)
A regulated person must take reasonable care to ensure that a person, who is prohibited ftom performing his function by a prohibition order, performs no function of his, in relation to the carrying on of a regulated activity.
(6)
The Authority may, on the application of the person named in a prohibition order, vary or revoke it.
(7)
When the Authority proposes to make a prohibition order, it must give the person concerned a warning notice.
(8)
The warning notice must set out the terms of the prohibition.
{9)
When the Authority decides to make a prohibition order, it must give the person concerned a decision notice.
(10)
The decision notice must -
{a) name the person to whom the prohibition order applies;
{b) set out the terms of the order; and
{c)
be given to the person named in the order.
(11)
The Panel has jurisdiction to hear and determine any appeal in relation to a decision to impose, vary or withdraw a condition or restriction.
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Variation or revocation of prohibition order.