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- (g) in the case of an officer of the CMO—resign from or otherwise cease to act in that capacity.
(3) Regulations may require IPOS to give a person an opportunity to make representations in accordance with the prescribed procedure before giving a regulatory direction to the person.
(4) IPOS may, by written notice, revoke a regulatory direction at any time.
(5) It is an offence for a person to—
- (a) fail to comply with a regulatory direction; or
- (b) knowingly do anything that prevents or impedes compliance with a regulatory direction.
(6) A person who commits an offence under subsection (5) shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both.
(7) For the purposes of subsection (2)(c)—
- (a) IPOS may certify in writing the cost incurred by IPOS for or in relation to an audit; and
- (b) unless the contrary is proved, the certified cost is presumed to be the cost for or in relation to that audit and is recoverable as a debt due from the CMO or officer to IPOS.
(8) A regulatory direction has effect despite—
- (a) any written law; and
- (b) in the case of a CMO that is not an individual—anything in the memorandum or articles of association, or other constitution, of the CMO.
Cessation order
465.—(1) IPOS may, by written notice, order a CMO to cease its business as a CMO indefinitely or for a specified period if—
- (a) the CMO fails to comply with—
- (i) a class licence condition; or
- (ii) a regulatory direction given to it;
