Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002) > Part II : Functions of Registrar > 15A. Powers of registrar in respect of financial soundness requirement

(1)

If the registrar is satisfied that a manager, trustee or custodian is failing, or is likely to fail within a reasonable period, to comply with an applicable financial soundness requirement under this Act, the registrar may by notice direct the manager, trustee or custodian to furnish the registrar, within a specified period, with—

(a)	specified information relating to the nature and cause of the failure;

(b)	proposals as to the course of action that the manager, trustee or custodian must adopt to ensure compliance with the financial soundness requirement under this Act; and

(c)	if deemed reasonably necessary in the interests of investors, at that time or at any time thereafter, and notwithstanding any steps already taken by the Authority.

[Section 15A(1)(c) substituted by section 290, item 5(a) in Schedule 4, of Act No. 9 of 2018 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]

(2)	When the registrar has received the information and proposals referred to in subsection (1), the registrar may, without derogating from the registrar’s powers under any other provision of this Act—

(a)	by notice authorise the manager, trustee or custodian concerned to adopt a course of action which the registrar is satisfied will reasonably ensure that the manager, trustee or custodian complies with the financial soundness requirements under this Act;

(b)	at that time or at any time thereafter, by notice authorise the adjustment of that course of action to the extent that the registrar deems appropriate in the circumstances; or

(c)	if deemed reasonably necessary in the interests of investors, at that time or at any time thereafter, and notwithstanding any steps already taken by the registrar in accordance with paragraph (a) or (b) or any other provision of this Act, act in accordance with section 15.

(3)

For the purposes of this section, "financial soundness requirement" means any requirement or limitation referred to in sections 85 to 89, inclusive, sections 91 to 96, inclusive, and section 105 and includes any other financial requirements imposed under this Act or by a prudential standard, conduct standard or joint standard.

[Section 15A(3) substituted by section 290, item 5(b) in Schedule 4, of Act No. 9 of 2018 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]

[Section 15A inserted by section 215 of Act No. 45 of 2013]