—(1) The Authority may, if it thinks it necessary or expedient in the interest of the public or the protected parties of licensed trust companies, issue written directions, either of a general or specific nature, to —
any licensed trust company;
any exempt person;
any officer of a licensed trust company or an exempt person; or
any class of the persons referred to in paragraphs (a), (b) or (c),
to comply with such requirements as the Authority may specify in the written directions.
(2) Without prejudice to the generality of subsection (1), any written direction may be issued with respect to —
the standards to be maintained by the licensed trust company or exempt person concerned in the conduct of its or his business;
the type and frequency of submission of financial returns and other information to be submitted to the Authority; and
the qualifications, experience and training of the officers of the licensed trust company or exempt person,
and the person to whom such direction is issued shall comply with the direction.
(3) Any person who contravenes any direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part thereof during which the offence continues after conviction.
(4) It shall not be necessary to publish any direction issued under subsection (1) in the Gazette.
(5) The Authority may at any time vary, rescind or revoke any written direction under subsection (1).
[FAA, s. 58]