Part III Registration of Registered Professionals

212

To be eligible for registration as a registered professional, an applicant must meet the following criteria:

(1) be employed full time by a sponsor, unless otherwise agreed by the Exchange;

(2) have a satisfactory reputation and work record in all places where he has worked;

(3) not be in breach of any relevant rule or law in any place where he works, including being the subject of any disciplinary proceedings, or any investigation which might lead to disciplinary action by any regulatory authority. The Exchange will take into consideration any previous breaches by the applicant of any relevant rule or law, and past disciplinary action by any regulatory authority. The Exchange will normally not accept an applicant if complaints, warning letters, fines, private or public censures or reprimands, or other disciplinary action by any regulatory authority occurred in the last 2 years;

(4) hold a degree or appropriate professional qualifications; and

(5) have relevant experience, which should normally fall within one of the categories in Rule 204(7) or Rule 205(7), unless otherwise agreed by the Exchange.

213

The Exchange has absolute discretion concerning the registration of an applicant. It may register an applicant unconditionally, or subject to conditions, or reject an applicant as it thinks appropriate. The Exchange is not obliged to give reasons. The Exchange reserves the right to vary any condition or impose additional conditions.

214

Without derogating from Rule 213 and regardless of fulfilment of the eligibility criteria, the Exchange will not register an applicant if in the Exchange's opinion:

(1) it is contrary to the interests of the public; or

(2) the reputation of the Exchange or the integrity of the market may be adversely affected.

215

A registered professional must continue to meet the criteria for registration and any conditions or restrictions imposed by the Exchange, at all times.

216

The Exchange will maintain a register of registered professionals.

217

(1) The Exchange may cancel the registration of a registered professional or require a sponsor to remove a registered professional from undertaking sponsor activities if:

(a) the sponsor or registered professional requests;

(b) the registered professional is unable to, evinces an intention or has failed in carrying out the duties and obligations of the sponsor or to comply with the criteria for registration; or

(c) in the Exchange's opinion, it is in the interests of the Exchange or markets established or operated by the Exchange.

(2) The Exchange may decide not to act under Rule 217(1) if it has charged, or intends to charge, a registered professional before the Disciplinary Committee.

(3) If the Exchange acts under Rule 217(1), it may disallow the individual from re-applying as a registered professional for a specified period or indefinitely.

218

A former registered professional is bound by the Rules, including remaining subject to disciplinary proceedings, in respect of acts or omissions which occurred while he was registered.

219

If a registered professional leaves the employment of a sponsor, he:

(1) must notify the Exchange as soon as practicable; and

(2) will be de-registered.