s 125 Power to reprimand for misconduct
125.—(1) Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the public interest or for the protection of investors or policy owners, reprimand the relevant person. (1A) The Authority may, under subsection (1), reprimand a person who has ceased to be a relevant person, if the person was a relevant person at the time of the misconduct.[Act 12 of 2024 wef 30/08/2024] (2) In this section —“misconduct” means —(a) the contravention of —(i) any provision of this Act; (ii) any condition or restriction of a financial adviser’s licence or an exemption granted under this Act; (iii) any written direction made by the Authority under this Act; (iv) any condition or restriction imposed on an appointed or provisional representative under section 31; or (v) any code, guideline, policy statement or practice note issued or published under section 74; (b) the failure by an officer of a licensed financial adviser or an exempt financial adviser to discharge any duty or function of his or her office; or (c) the commission of an offence under section 111 or 112(1); “officer” —(a) in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity; or (b) in relation to an unincorporated association (other than a partnership), means the president, the secretary, or a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity; “partner” includes a person purporting to act as a partner; “relevant person” means any licensed financial adviser, exempt financial adviser, representative, supervisor of a financial adviser, or officer or partner of a licensed financial adviser or an exempt financial adviser.[97 [1/2009; 18/2015]