Cap. 514 чл. 56Minister’s power to make transitional arrangements.

(1) The Minister, acting on the advice of the competent authority, may, by regulations, make transitional provisions in respect of such persons who, on the effective date of this Act, were registered under the Special Funds (Regulation) Act, and, without prejudice to the generality of the foregoing, may, by such regulations, in particular prescribe a period within which such persons shall apply for a licence under this Act.

(2) Subject to the provisions of article 55, any person licensed under the Special Funds (Regulation) Act shall, not later than the period prescribed in terms of sub-article (1), conform with the provisions of this Act or otherwise cease to carry on the activities for which such licence was granted, and such person shall until the prescribed period or until it conforms with the provisions of this Act, whichever is the earlier, continue to be governed by the provisions of the Special Funds (Regulation) Act.

(3) Where a person ceases to carry on the activities for which it was licensed on the grounds that such person did not, on the prescribed date, conform with the provisions of this Act, that person shall cease such activities with immediate effect and the competent authority may impose such conditions as it may deem appropriate in the circumstances.

(4) The Minister, acting on the advice of the competent authority may, by regulations, make transitional provisions in respect of such persons who were granted a recognition by the competent authority under article 7 of the Retirement Pensions Act and, without prejudice to the generality of the foregoing may, by such regulations, in particular, prescribe a period within which back office administrators are to surrender their recognition, subject to such conditions and requirements as may be prescribed.