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Newsletter | December 2016, Issue 4
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SECURITIES
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FSC Proposes Amendment to the FSCMA, Including Adopting Statute of Limitations for Imposing Regulatory Sanctions on Officers and Other Employees of a Financial Investment Company
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On July 21, 2016, the Financial Services Commission (the “FSC”) announced an amendment to Financial Investment Services and Capital Markets Act (the “FSCMA”). The FSC has completed on receiving public comments on the proposed amendment and plans to announce its detailed legislation schedule in the near future.
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Details
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The proposed amendment includes provisions for adopting the statute of limitations (“SOL”) for imposing a regulatory sanction on an officer or employee of a financial investment company.
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Under the existing rule, it is possible to impose a regulatory sanction on an officer or employee of a financial investment company even long after the person takes an action subject to such sanctions. To address this issue, the FSC is contemplating on introducing the five-year SOL, or a longer SOL, if the corresponding criminal SOL exceeds five years.
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