Cap. 476 Art. 17Powers to give certain orders.

(1) Without prejudice to any powers of the competent authority arising under any other law, in the exercise and for the purposes of its functions under this Act and, or under the Market

Abuse Regulation and for the better implementation thereof, the competent authority shall have the power to issue such orders by notice in writing as it may deem appropriate and any person to whom the order is given shall comply with and otherwise give effect to any such order promptly or within the time and in the manner otherwise stated in the order.

(2) An order by the competent authority under this article may require anything to be done or be omitted to be done, or impose any prohibition, restriction or limitation, or any other requirement, and confer powers, with respect to any transaction or other act, or to any assets, or to any other thing whatsoever. Without prejudice to the generality of the aforesaid, an order may:

(a) require the cessation of any practice that is contrary to the provisions of this Act, the Market Abuse Regulation, any rules and, or regulations issued thereunder;

(b) require the suspension or discontinuance of trading of the financial instruments concerned, including in particular a suspension or discontinuance of trading in exercise of the powers assigned to the competent authority by articles 17 and 18 of the Financial

Markets Act;

(c) give effect to a temporary prohibition of professional activity, in particular in the exercise of the powers assigned to the competent authority by article 7 of the Investment Services Act as applicable; and

(d) require the person responsible for the infringement to desist from a repetition of that conduct;

(e) request for the disgorgement of the profits gained or losses avoided due to the infringement insofar as they can be determined;

(f) contain a public warning which indicates the person responsible for the infringement and the nature of the infringement;

(g) require the withdrawal of the authorisation of an investment firm;

(h) place a temporary ban on the person discharging managerial responsibilities within an investment firm or on any other natural person, who is held responsible for the infringement, from exercising management functions in investment firms;

(i) place a permanent ban on the person discharging managerial responsibilities within an investment firm or on any other natural person, who is held responsible for the infringement, from exercising management functions in investment firms only in the event of repeated infringements of Article 14 or 15 of the Market Abuse Regulation;

(j) place a temporary ban on the person discharging managerial responsibilities within an investment firm or on any other natural person, who is held responsible for the infringement, from exercising management functions in investment firms;

(k) impose a temporary prohibition on the exercise of professional activity.

(3) The power to issue orders under this article shall include the power to vary, alter, add to or withdraw any such order, as well as the power to issue new or further orders.

(4) Where under any of the provisions of any order issued pursuant to this article, a person is prohibited from carrying out any act, he shall be prohibited from doing any such act directly or indirectly, and whether personally or through the use of intermediation of another person.

(5) For the better information of the public, where the competent authority is satisfied that the circumstances so warrant, it may at any time -

(a) make public any order it has given under any of the provisions of this article; and, or

(b) issue a public statement regarding any matter falling within its functions or powers under this Act.

(6) A person who feels aggrieved by an order served on him in terms of this article may appeal to the Tribunal against the decision of the competent authority in accordance with article 23.