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As enacted
Contents

Part III · Issue of Securities

105. Cancellation or suspension of a licence or a registration

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Commission shall, cancel or suspend a licence granted to a market intermediary under this Part, where the Commission is satisfied that-

(a)

there exists any ground on which the Commission may refuse an application for a licence;

(b)

the market intermediary has contravened any condition or restriction in respect of its licence or any directive issued to him by the Commission under this Act; or

(c)

the market intermediary has contravened any provision of this Act or any rule binding upon him as the case may be.

(2)

Before the cancellation or suspension of a licence granted to a market intermediary in terms of subsection (1)

of this section, the market intermediary shall be given an opportunity of being heard.

(3)

Where the licence granted to a market intermediary is cancelled, it shall be the duty of the market intermediary to forthwith surrender its licence to the Commission.

(4)

The cancellation of a licence by the Commission under subsection (1) shall not affect or prejudice the institution or maintenance of any action against such market intermediary under this Act.

(5)

The Commission shall have the power to suspend or cancel the registration granted to a registered person under this Part –

(a)

if it transpires that there exists any ground that would disentitle him to registration;

(b)

if the registered person has contravened any condition or restriction in respect of its registration or any directive issued to him by the Commission under this Act; or

(c)

if the registered person has contravened any provision of this Act or any of the rule which are binding on him as the case may be.

(6)

The provisions of subsections (2) to (4) of this section shall, mutatis mutandis, apply to, and in relation to, any suspension or cancellation as the case may be, of a registration granted to a registered person under this Part.

Read on from s 106

Part IV

Trade In Unlisted Securities

Read on from Part IV

Part V

Market Misconduct

Read on from Part V

Part VI

Finance

Read on from Part VI

Part VII

General

Read on from Part VII