s 81SAC Duration of control
81SAC.—(1) The Authority must cease to be in control of the relevant business of an approved clearing house or a recognised clearing house when the Authority is satisfied that —(a) the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or (b) it is no longer necessary in the interests of the public or the section of the public referred to in section 81SAA(1)(c)(i) or for the protection of investors.[10/2013] (2) A statutory manager is deemed to have assumed control of the relevant business of an approved clearing house or a recognised clearing house on the date of the statutory manager’s appointment as such.[10/2013] (3) The appointment of a statutory manager in relation to the relevant business of an approved clearing house or a recognised clearing house may be revoked by the Authority at any time —(a) if the Authority is satisfied that —(i) the reasons for the appointment have ceased to exist; or (ii) it is no longer necessary in the interests of the public or the section of the public referred to in section 81SAA(1)(c)(i) or for the protection of investors; or (b) on any other ground, and upon such revocation, the statutory manager ceases to be in control of the relevant business of the approved clearing house or recognised clearing house, as the case may be. [10/2013] (4) The Authority must, as soon as practicable, publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —(a) the Authority’s assumption of control of the relevant business of an approved clearing house or a recognised clearing house; (b) the cessation of the Authority’s control of the relevant business of an approved clearing house or a recognised clearing house; (c) the appointment of a statutory manager in relation to the relevant business of an approved clearing house or a recognised clearing house; and (d) the revocation of a statutory manager’s appointment in relation to the relevant business of an approved clearing house or a recognised clearing house.[10/2013]