Investment Intermediaries Act, 1995
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Interim approval. |
57.—(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) impose on it such conditions or requirements or both as it thinks fit relating to the proper and orderly regulation and supervision of the approved professional body or in relation to the protection of investors or in relation to both or in respect of associated undertakings or related undertakings, or both; | ||
(b) issue directions under this Act. | ||
(3) An approved professional body may, subject to any conditions or requirements laid down by the Bank, and with the consent of the Bank, issue interim certificates for a period of not more than six months to any person regulated by it and provided that the person complies with any conditions or requirements laid down by the approved professional body it shall be deemed to be a certified person during the period specified by the interim certificate. | ||
(4) The approved professional body may appeal to the Court against the imposition of any condition or requirement or the giving of any direction under this section. | ||
(5) On hearing an application under subsection (4) of this section, the Court may confirm, vary or rescind any condition, requirement or direction imposed under this section. |