Document ID: chunk:federal_register_of_legislation:C2004A02473:body:0:p6
Version: federal_register_of_legislation:C2004A02473
Segment Type: other
Provision Reference: 
Character Range: 12279–15026

"undischarged bankrupt" and substituting "insolvent under administration".

Conditions to which licence is subject
18. Section 51 of the Principal Act is amended by inserting after sub-section (9) the following sub-section:
"(9a) The regulations may make provision for or in relation to the discharge in whole or in part by the local authority of securities lodged pursuant to this section.".

Revocation and suspension of licences
19. Section 59 of the Principal Act is amended by omitting sub-paragraph (1) (a) (i) and substituting the following sub-paragraph:
       "(i) becomes an insolvent under administration;".

Further provisions relating to revocation and suspension of licences
20. Section 60 of the Principal Act is amended by omitting paragraph (1) (b) and substituting the following paragraph:
    "(b) the Commission has reason to believe that the holder of a dealers licence, an investment advisers licence or a representatives licence has not performed the duties of a holder of such a licence efficiently, honestly and fairly,".
21. Section 81 of the Principal Act is repealed and the following section substituted:

Defamation
"81. (1) An auditor is not, in the absence of malice on his part, liable to any action for defamation at the suit of any person in respect of—
    (a) any statement that he makes, orally or in writing, in the course of his duties as auditor; or
    (b) the lodging of any report with the Commission, or the sending of any report to a dealer or to a stock exchange, under section 79.
"(2) A person is not, in the absence of malice on his part, liable to any action for defamation at the suit of any person—
    (a) in respect of the publishing of any document prepared by an auditor in the course of his duties or required by or under this Act or under the corresponding law of a participating State or of a participating Territory to be lodged with the Commission, whether or not the document has been so lodged; or
    (b) in respect of the publishing of any statement made by an auditor as mentioned in sub-section (1).
"(3) This section does not limit or affect any right, privilege or immunity that an auditor or other person has, apart from this section, as defendant in an action for defamation.".

Power of Commission to require certain information to be supplied to Commission
22. Section 93 of the Principal Act is amended by inserting in sub-section (1) "or periodical" after "newspaper" (last occurring).

Prohibition of dealings in securities by insiders
23. Section 128 of the Principal Act is amended—
    (a) by inserting in paragraph (11) (a) ", executive officer" after "secretary"; and
    (b) by omitting from paragraph (11) (e) "its creditors" and substituting "another person or