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PART VI
Probity, Codes of Conduct and Miscellaneous Provisions
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Probity and competence of employed persons.
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36.—(1) (a) If a supervisory authority considers that the probity of any officer or employee of an authorised investment business firm is liable to render him unsuitable to act as an officer or employee of an authorised investment business firm the supervisory authority may, on notice to the person concerned and on notice to the authorised investment business firm concerned, apply to the Court to issue a direction to direct the authorised investment business firm concerned to have the officer concerned removed or to dismiss the employee concerned from his employment.
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(b) If a supervisory authority considers that any officer or employee of an authorised investment business firm is not competent in respect of matters of the kind with which the officer or employee would be concerned as an officer or employee of an authorised investment business firm, the supervisory authority may, on notice to the person concerned and on notice to the authorised investment business firm, apply to the Court to issue a direction to direct the authorised investment business firm concerned to have the officer or employee concerned removed or suspended for a specified period of time or to dismiss the employee concerned from their employment or to remove that employee from a particular area of employment.
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(2) The Court may make such interim or interlocutory orders as it considers necessary under this section.
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(3) Subject to subsection (5) of this section, a person who is the subject of a direction under subsection (1) of this section may not, without the written consent of a supervisory authority, be employed in any capacity in connection with an authorised investment business firm or any other entity which any supervisory authority supervises or regulates as part of its statutory functions.
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(4) A direction under this section (to be known and in this section referred to as “a disqualification direction”) shall specify the date on which it is to take effect and a copy of it shall be served on the person to whom it relates.
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(5) A supervisory authority may consent to the employment of a person who is the subject of a disqualification direction and such consent may—
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(a) relate to employment with any entity which the supervisory authority supervises or regulates as part of its statutory functions generally or to employment of a particular kind,
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(b) be given subject to conditions or requirements or both, and
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(c) be varied by the supervisory authority from time to time.
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(6) Any person who accepts or continues in any employment in contravention of a disqualification direction shall be guilty of an offence.
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(7) An authorised investment business firm or any entity supervised by a supervisory authority under this Act or any other enactment shall take reasonable care not to employ or continue to employ a person in contravention of a disqualification direction.
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(8) A person who is the subject of a disqualification direction may apply to the Court to revoke that direction at any time.
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(9) A supervisory authority may apply to the Court to revoke a disqualification direction at any time.
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(10) Where a supervisory authority refuses consent under subsection (5) of this section, the person who is the subject of a disqualification direction may appeal to the Court against that decision and the Court may make such order as it considers necessary including making an interim or interlocutory order.
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