Cap. 590 Art. 41Power to issue directives. 

(1) Without prejudice to any of the powers conferred on it by articles 39 and 40, the competent authority may, whenever it deems it necessary, and whether upon a report by an inspector appointed under article 40 or not, give, by notice in writing, such directives as it may deem appropriate in the circumstances; and any person as is referred to in article 39(1) to whom the notice is given shall obey, comply with and otherwise give effect to any such directive within the time and in the manner stated in the directive or further directive.

(2) Without prejudice to the generality of the foregoing provisions of this article, a directive under this article may -

(a) require anything to be done or be omitted to be done, or impose any prohibition, restriction or limitation, or any other requirement, including any requirement emanating from European Union legislation, and confer powers, with respect to any offering or trading of DLT assets, VFA service, transaction or other act, or to any assets, or to any other thing whatsoever;

(b) require that any person having functions in relation to the issuer or licence holder be prohibited, temporarily or otherwise, suspended from carrying out activities under this Act, or removed and replaced by another person acceptable to the competent authority;

(c) require an issuer, licence holder or any person who is or was, or who appears to be or to have been undertaking an activity or providing a service regulated under this Act to cease operations and to wind up its affairs, in accordance with such procedures and directions as may be specified in the directive, which may provide for the appointment of a person to take possession and control of all documents, records and assets belonging to or in the possession or control of the issuer, licence holder or such other person;

(d) require a licence holder to submit a financial recovery plan, as may be determined in the rules, if it considers that the interests of investors, consumers, creditors or other interested persons are likely to be prejudiced owing to a deterioration in the financial position of the licence holder;

(e) require the removal of a virtual financial asset from trading on a VFA exchange or the suspension of trading in such virtual financial asset:

Provided that the provisions of this paragraph shall also be applicable where a virtual financial asset is determined by the competent authority to be electronic money or a financial instrument in terms of article 13(2)(b);

(f) request any person to take steps to reduce the size of the position or exposure:

Provided that in applying the provisions of paragraph (c), the competent authority may also appoint a competent person to act as liquidator for the purposes of winding up the affairs of an issuer or licence holder under this Act; and such person shall be the liquidator of the issuer or licence holder for all purposes of law to the exclusion of any other person.

(3) The power to give directives under this article shall include the power to vary, alter, add to or withdraw any directive, as well as the power to issue new or further directives.

(4) Where the competent authority is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under any of the provisions of this article.