s 26 Power to issue directions
(1) Where the Commission is satisfied that— (a) a conflict exists or may come into existence between— (i) the interest of a body corporate that has been approved as an exchange holding company, a stock exchange, a futures exchange, an approved clearing house, a central depository or a relevant body corporate, as the case may be; and (ii) the interest of the proper performance of the functions or duties conferred by this Act or any other law, on the exchange holding company, stock exchange, futures exchange, approved clearing house, central depository or the relevant body corporate, as the case may be; or (b) where the Commission is satisfied that such a conflict of interest has occurred or has existed in circumstances that make it likely that the conflict of interest will continue or be repeated, then the Commission may serve a written notice on the exchange holding company, stock exchange, futures exchange, approved clearing house, central depository or relevant body corporate, as the case may be, stating the reasons in support of the ground for the notice and direct any of the aforementioned persons to forthwith take such steps as are specified in the notice, including steps in relation to any of its affairs, business or property for the purposes of remedying the conflict of interest or the matters occasioning the conflict of interest. (2) A notice served under subsection (1) shall take effect immediately. (3) A body corporate that has been served with a notice under subsection (1) shall not without reasonable excuse, fail to comply with the notice. (4) A body corporate that has been served with a notice under subsection (1) may appeal against the notice to the Minister not later than fourteen days after the date of service of the notice or such longer period if any, as the Commission may specify in the notice, but the notice shall take effect immediately notwithstanding that the appeal has been or may be made under this subsection. (5) For the purposes of this section, “relevant body corporate” means a body corporate of which an exchange holding company is a shareholder who, either alone or with any associated person, is entitled to exercise or control the exercise of more than thirtythree per centum of the aggregate of the nominal amount of all voting shares in the body corporate.