Section 37: Powers to direct SRO

37. Powers to direct SRO (1) The Commission may, after giving an SRO reasonable opportunity to make representations about the matter, give a written direction to the SRO— (a) suspending, for the period specified in the direction, a specified provision of its constitution or its rules; (b) requiring, subject to the Companies Act or any other enactment, the amendment of its constitution as specified in the direction so as to bring it in conformity with this Act, any regulations made under this Act or any FSC Rules; (c) requiring the amendment of its rules as specified in the direction so as to bring them in conformity with the relevant Act; or (d) for the implementation or enforcement of its constitution or its rules. (2) Where the Commission has reasonable grounds to believe that— (a) an officer of an SRO is not a fit and proper person; or (b) a particular person’s appointment or continuing in office as an officer of an SRO is likely to be detrimental to the SRO or to affect prejudicially the interest of investors and consumers of financial services or of members of the relevant sector or industry, the Commission may, after giving the officer and the SRO reasonable opportunity to make representations, direct the SRO not to appoint the officer, or to remove the officer from office. (3) Subsections (1) and (2) shall not limit the directions that the Commission may give to an SRO.