246. Requirement to give warning notices

(1) If the Regulator proposes to exercise any of the following powers, it must give a warning notice to any person in relation to whom the power is proposed to be exercised —
(a) exercising its power under section 30(2) and section 30(4)(a) or (b) on granting a Financial Services Permission;
(b) exercising its power under section 35(3) in connection with an Application for a Financial Services Permission;
(c) exercising its power under section 35(3) in relation to the variation of a Financial Services Permission on the application of an Authorised Person;
(d) exercising its power under section 35(3) in connection with an application for the variation of a Financial Services Permission;
(e) exercising its power under section 33(2)(b) to cancel a Person's Financial Services Permission otherwise than at the Person's request;
(f) refusing an Application for a Financial Services Permission made under Part 4, in accordance with section 30(2);
(g) withdrawing approval under section 46;
(h) refusing an Application for Approval or granting the Application subject to any conditions or for a limited period (or both) under section 45(2);
(i) refusing an Application under section 47 or granting the Application subject to any conditions or for a limited period (or both) under section 47(1);
(j) refusing an Application for Listing, or imposing conditions or restrictions in relation to such an Application, under section 52(1);
(k) refusing an application by the Issuer of Financial Instruments for the Discontinuance or Suspension of the Listing of the Financial Instruments under section 55;
(l) refusing an application by the Issuer of Financial Instruments for the cancellation of a Suspension of Listing under section 55(4);
(m) refusing approval to a Prospectus under Rules made under section 61;
(n) exercising its power under section 72(4) on its own initiative;
(o) exercising the power of Direction in section 84;
(p) refusing an application under section 72(4)(a)(ii) or imposing any conditions or restrictions in respect of a declaration made following such application;
(q) exercising its powers under section 202;
(r) publishing a statement under section 231;
(s) imposing a financial penalty under section 232;
(t) exercising its powers under section 233;
(u) imposing a Prohibition Order under section 234 or refusing an application for variation or revocation of such an order made under subsection (5) of that section;
(v) refusing an Application for registration of a Public Fund under section 109;
(w) withdrawing the registration of a Public Fund under section 111;
(x) giving a Direction under section 111(3);
(xx) refusing an application for DNFBP registration under the Rules made under section 7(6)(c); or
(xxx) exercising its power to suspend or withdraw the registration of a DNFPB on its own initiative under the Rules made under section 7(6)(c);
(y) giving a Direction under section 117; and
(z) exercising its power under section 241(5).
(2) In the case of an exercise of powers under section 111, a warning notice shall also be given to the Fund Manager and Trustee of the Public Fund concerned.
Amended on (13 January, 2020).