- Laws of Fiji

Last Updated: 24 June 2022

[COM 275] Cancelling, suspending or restricting securities industry licences275

275

(1) Where the Reserve Bank is satisfied that the holder of a securities industry licence—

(a)has contravened or failed to comply with any provision of this Act;
(b)has ceased to be in good financial standing;
(c)has since the grant of the securities industry licence, ceased to qualify for such a licence;
(d)is guilty of malpractice or irregularity in the management of his or her business; or
(e)is adjudged bankrupt,
the Reserve Bank may—
- (i)direct the person to take whatever action the Reserve Bank deems necessary to—
  - (A)correct the conditions resulting from any contravention of any provision of this Act; or
  - (B)come into compliance with the provisions of this Act; or
- (ii)cancel, suspend or impose conditions, restrictions or limitations on the securities industry licence granted to the person.

(2) The Reserve Bank must not cancel, suspend or impose conditions, restrictions or limitations on a securities industry licence under subsection (1) without first giving the holder of the securities industry licence an opportunity to be heard.