(1) Persons who effectively direct the business and the operations of a regulated market must satisfy the Bank that they are sufficiently -
(a) of good repute, and
(b) experienced,
so as to ensure the sound and prudent management and operation of the regulated market.
(2) The market operator of a regulated market shall -
(a) inform the Bank of the identity of the persons who effectively direct the business and the operations of the regulated market, and
(b) notify the Bank before any changes to this information,
(c) satisfy the Bank that the persons are fit and proper persons to occupy their positions and responsibilities in that regard.
(3) The Bank may refuse to approve proposed changes if the Bank is of the opinion that the persons identified in any notification to it pose a material threat to the sound and prudent management and operation of the regulated market.
(4) The person or persons who effectively direct the business and the operations of an approved stock exchange imme