Section 19L: Directions by regulatory body

19L. Directions by regulatory body (1) Where a regulatory body has reasonable cause to believe that a member falling under its purview – (a) has failed or is failing to take such 174 Acts 2019 measures as are required under this Act or the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019, or any regulations made or guidelines issued under those Acts; or (b) is involved in money laundering activities and the financing of terrorism and proliferation activities, the regulatory body may give the member such written direction as it may, in the circumstances, determine. (2) Without prejudice to the generality of subsection (1), the regulatory body may direct the member referred to in subsection (1) – (a) where he has failed or is failing to take such measures as are required under this Act or the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019, or any regulations made or guidelines issued under those Acts, to do a specified act, or refrain from doing a specified act; (b) to comply with this Act or the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019, or any regulations made or guidelines issued under those Acts, which may be relevant to the circumstances; (c) to remove or take steps to remove any specified employee from office, or ensure that a specified employee does not take part in his management or conduct of his business, except as permitted by the regulatory body; Acts 2019 175 (d) to appoint a specified person to a specified office for a period specified in the direction; (e) to implement corrective measures and provide, at such intervals as may be specified in the direction, reports on the implementation of the corrective measures. (4) A direction under this section may specify the time by which, or period during which, it shall be complied with. (5) A member referred to in subsection (1) who has been given a direction shall comply with the direction notwithstanding anything in its constitution or any contract or arrangement to which it is a party. (6) The regulatory body shall not give a direction under this section before giving the member to whom it is to be addressed reasonable opportunity to make written representations on the matter. (7) The regulatory body may revoke a direction under this section at any time by notice to the member.