Section 33: Declaration or recognition of SRO

33. Declaration or recognition of SRO (1) The Commission may, subject to such terms and conditions as it thinks fit, declare or recognise that a company or organisation shall be an SRO in relation to a specified sector or industry, or any part thereof, where the Commission is satisfied that the company or organisation— (a) has a constitution and internal rules and policies which are consistent with this Act and any enactment applicable to such sector or industry, or part thereof; (b) has the capacity and the financial and administrative resources necessary or desirable to carry out its functions and the regulatory or supervisory functions it shall perform as SRO, including dealing with breaches of the law or of applicable standards or guidelines; F10 – 21 [Issue 3] Financial Services Act (c) shall not discriminate unreasonably against a person in offering access to its services or in carrying out its functions as SRO; (d) is a fit and proper person; (e) is managed or controlled by officers or controllers who are fit and proper persons; and (f) satisfies such other criteria as may be specified in FSC Rules. (2) The Commission may, by written arrangement, delegate a power or function of the Commission to an SRO. (3) An arrangement under subsection (2), shall provide for— (a) any power or function delegated to the SRO by the Commission under subsection (2); (b) the terms and conditions upon which the power or function has been delegated and may be exercised by the SRO; (c) the persons authorised to exercise the delegation on behalf of the SRO; and (d) the submission to the Commission of periodical reports in respect of the exercise of a delegated power or function by the SRO.