s 99D Appointed representative
99D.—(1) For the purposes of this Act, an appointed representative in respect of a type of regulated activity is an individual —(a) who satisfies such entry and examination requirements as the Authority may specify for that type of regulated activity, the fact of which has been notified to the Authority either in the document lodged under section 99H(1), or (if applicable) under section 99E(5) within the time prescribed under that provision; (b) whose name is entered in the public register of representatives as an appointed representative; (c) whose status as an appointed representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from carrying on business in that type of regulated activity; (d) whose entry in the public register of representatives indicates that he or she is appointed to carry on business in that type of regulated activity and does not indicate that he or she has ceased to be so; and (e) whose principal —(i) is licensed to carry on business in that type of regulated activity; or (ii) carries on business in that type of regulated activity in its capacity as a person exempted from the requirement to hold a capital markets services licence under section 99(1)(a), (b), (c) or (d).[2/2009] (2) For the purpose of subsection (1)(a), the Authority must, by direction published in such manner as may be prescribed, specify the examination requirements for each type of regulated activity.[2/2009] (3) The Authority may require the principal or individual to provide it with such information or documents as the Authority considers necessary in relation to the proposed appointment of the individual as an appointed representative, and the principal or individual (as the case may be) must comply with such a request.[2/2009] (4) An individual ceases to be an appointed representative in respect of any type of regulated activity on the date —(a) he or she ceases to be the principal’s representative or to carry out that type of regulated activity for that principal, the fact of which has been notified to the Authority under subsection (8); (b) his or her principal ceases to carry on business in that type of regulated activity; (c) the licence of his or her principal is revoked or lapses, or a section 101A prohibition order or an FSMA prohibition order is made against his or her principal prohibiting it from carrying out that type of regulated activity;[Act 18 of 2022 wef 31/07/2024] (d) the individual dies; or (e) of the occurrence of such other circumstances as the Authority may prescribe.[2/2009] (5) An individual is not treated as an appointed representative during the period in which the licence of his or her principal is suspended.[2/2009] (6) Nothing in subsection (4) or (5) prevents the individual from being treated as an appointed representative in respect of that type of regulated activity if he or she becomes a representative of a new principal in respect of that type of regulated activity and subsection (1) is complied with.[2/2009] (7) Subsections (4) and (5) do not operate so as to —(a) avoid or affect any agreement, transaction or arrangement relating to that type of regulated activity entered into by that individual, whether the agreement, transaction or arrangement was entered into before, on or after the cessation or date of suspension; or (b) affect any right, obligation or liability arising under any such agreement, transaction or arrangement.[2/2009] (8) A principal must, no later than the next business day after the day —(a) an individual ceases to be the principal’s representative; or (b) an individual who is the principal’s representative ceases to carry on business in any type of regulated activity which the individual is appointed to carry on business in, provide particulars of such cessation to the Authority, in the prescribed form and manner. [2/2009]