(a) Where a regulated financial service provider or holding company is satisfied on reasonable grounds that a person performing a controlled function, or proposing to perform a controlled function in that regulated financial service provider or holding company:
(i) complies with any standard of fitness and probity issued under section 50 of the Act and which is applicable to that person; and
(ii) agrees in writing to comply with such standard of fitness and probity and to notify the regulated financial service provider or holding company without delay if for any reason he or she no longer complies with such standard of fitness and probity.
The regulated financial service provider or holding company is required to issue a certificate of compliance in respect of that person.
(b) A regulated financial service provider or holding company shall issue the certificate of compliance referred to in (a) in respect of each controlled function performed by the person prior to the appointment of a
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