§ 13 — Modification, etc., of conditions of registration

13.—(1) The Registrar may at any time modify, remove or add conditions of the registration of a registered person (other than a deemed registered corporate service provider or deemed registered qualified individual) in accordance with this section without compensating the registered person.(2) Before modifying or adding any condition, the Registrar must give written notice to the registered person —(a)

stating that the Registrar intends to make the modification or addition in the manner specified in the notice; and

(b)

specifying the period (being at least 14 days after the date of service of the written notice on the registered person) within which the registered person may make written representations to the Registrar with respect to the proposed modification or addition.

(3) On receiving any written representation mentioned in subsection (2)(b), the Registrar must consider that representation and may —(a)

reject the representation;

(b)

amend the proposed modification or addition in any manner that the Registrar thinks fit having regard to the representation; or

(c)

withdraw the proposed modification or addition.

(4) Where —(a)

the Registrar rejects any written representation under subsection (3)(a);

(b)

the Registrar amends any proposed modification or addition under subsection (3)(b); or

(c)

no written representation is received by the Registrar within the period specified in subsection (2)(b), or any representation made under that provision is subsequently withdrawn, and the registered person has not given immediate effect to the modification or addition,

the Registrar must issue a written direction to the registered person requiring the registered person to give effect to the modification or addition as specified in the notice under subsection (2) or as amended by the Registrar under subsection (3)(b) (as the case may be), within the period specified by the Registrar.

(5) However, where the Registrar considers that it is impracticable or undesirable, in the circumstances of the particular case, for the Registrar to give notice under subsection (2) before modifying or adding any condition of the registration of a registered person because of any act, omission or thing that is of such a serious nature that the integrity of the business of the relevant corporate service provider is adversely affected, the Registrar may, without compensating the registered person, and by giving notice to that registered person, modify or add any condition of the registration of the registered person with immediate effect.

(6) In subsection (5), “relevant corporate service provider” means —(a)

where the registered person mentioned in that provision is a registered qualified individual — the registered corporate service provider of which the registered person is —(i)

the sole proprietor — if the corporate service provider is a sole proprietorship;

(ii)

a partner — if the corporate service provider is a partnership, limited liability partnership or limited partnership; or

(iii)

employed, engaged or appointed to provide corporate services for, or supervise the provision of corporate services by, the registered corporate service provider; or

(b)

where the registered person mentioned in that provision is a registered corporate service provider — the registered corporate service provider.

—(1) The Registrar may at any time modify, remove or add conditions of the registration of a registered person (other than a deemed registered corporate service provider or deemed registered qualified individual) in accordance with this section without compensating the registered person.

(2) Before modifying or adding any condition, the Registrar must give written notice to the registered person —(a)

stating that the Registrar intends to make the modification or addition in the manner specified in the notice; and

(b)

specifying the period (being at least 14 days after the date of service of the written notice on the registered person) within which the registered person may make written representations to the Registrar with respect to the proposed modification or addition.

(3) On receiving any written representation mentioned in subsection (2)(b), the Registrar must consider that representation and may —(a)

reject the representation;

(b)

amend the proposed modification or addition in any manner that the Registrar thinks fit having regard to the representation; or

(c)

withdraw the proposed modification or addition.

(4) Where —(a)

the Registrar rejects any written representation under subsection (3)(a);

(b)

the Registrar amends any proposed modification or addition under subsection (3)(b); or

(c)

no written representation is received by the Registrar within the period specified in subsection (2)(b), or any representation made under that provision is subsequently withdrawn, and the registered person has not given immediate effect to the modification or addition,

the Registrar must issue a written direction to the registered person requiring the registered person to give effect to the modification or addition as specified in the notice under subsection (2) or as amended by the Registrar under subsection (3)(b) (as the case may be), within the period specified by the Registrar.

(5) However, where the Registrar considers that it is impracticable or undesirable, in the circumstances of the particular case, for the Registrar to give notice under subsection (2) before modifying or adding any condition of the registration of a registered person because of any act, omission or thing that is of such a serious nature that the integrity of the business of the relevant corporate service provider is adversely affected, the Registrar may, without compensating the registered person, and by giving notice to that registered person, modify or add any condition of the registration of the registered person with immediate effect.

(6) In subsection (5), “relevant corporate service provider” means —(a)

where the registered person mentioned in that provision is a registered qualified individual — the registered corporate service provider of which the registered person is —(i)

the sole proprietor — if the corporate service provider is a sole proprietorship;

(ii)

a partner — if the corporate service provider is a partnership, limited liability partnership or limited partnership; or

(iii)

employed, engaged or appointed to provide corporate services for, or supervise the provision of corporate services by, the registered corporate service provider; or

(b)

where the registered person mentioned in that provision is a registered corporate service provider — the registered corporate service provider.