S.L. 330.7 Art. 15Discretion of competent authority to issue compliance order.

(1) It shall be at the discretion of the competent authority whether or not to issue a compliance order after a written request a by a qualified entity has been made to it in terms of regulation 14.

(2) If the competent authority decides not to issue a compliance order after an application has been made to it by a qualified entity, it shall, within seven days from the date of its decision, notify in writing the qualified entity and the persons against whom the compliance order is requested with its decision stating the reasons therefor.

(3) A qualified entity may within fifteen days from the date of notification upon it of the decision of the competent authority not to issue a compliance order, institute an action before the Financial Services Tribunal for the issue of an order requiring the competent authority to issue a compliance order under regulation 14. The persons against whom the compliance order is requested to be made shall be parties to the suit, and it shall be the duty of the qualified entity to notify such persons accordingly.

(4) In the exercise of its functions and powers under this regulation, the Tribunal shall in all cases act as expeditiously as possible. In the case of an application by a qualifying body, the Tribunal shall give its decision within fifteen days from receipt of the application.