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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2004 - onwards
Version 4 of 4

58. Imposition of conditions or requirements on approved professional bodies.

(1) If the Bank grants approval under section 56, or consents to a proposed amendment to a memorandum or article of association or rules, it may, in the interests of the proper and orderly regulation and supervision of approved professional bodies or certified persons, also do all or any of the following:

(a) make its approval or consent subject to such conditions or requirements as it considers fit;

(b) impose conditions or requirements that relate to the affairs or operation of an associated undertaking or related undertaking;

(c) amend or revoke conditions or requirements imposed under this subsection;

(d) at any time after approving a professional body impose conditions or requirements on the body, including-

(i) a requirement that the body amend any memorandum of association or articles of association of the body, and

(ii) if the body has rules relating to the provision of investment business services or investment advice by certified persons, or the regulation and supervision of certified persons - a requirement that the body amend or revoke those rules.