Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2004 - onwards
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57. Interim approval.

(1) Notwithstanding section 56 of this Act, the Bank may, where it considers it appropriate in the interests of the proper and orderly regulation of investment business firms or the protection of investors or both, grant an interim approval to a professional body and that body shall be deemed to be an approved professional body, on the granting of such an interim approval for a specified period, and shall stand approved of under this Act until the Bank has granted or refused an approval to it, or until the specified period has expired:

Provided that, no later than six months after the coming into operation of this section or after the granting of an interim approval, it applies to the Bank under section 56 of this Act for an approval.

(2) Pending a decision by the Bank to approve or not to approve of a professional body, or during any period in which an interim approval under subsection (1) of this section is in force, the Bank may do either or both of the following, namely -

(a) impos