S.L. 345.4 Art. 4Satisfaction of authorisation requirements.

(1) In considering whether an applicant, a regulated market or a market operator satisfies the authorisation requirements applying to it under these regulations, the competent authority may take into account any other circumstances that it may deem relevant in each particular case.

(2) An applicant, a regulated market or a market operator may satisfy authorisation requirements applying to it under these regulations by entering into an agreement to the satisfaction of the competent authority for any functions specified in the said agreement to be performed on its behalf by another person.

(3) An agreement as referred to in subregulation (2), hereinafter referred to as the "delegation agreement", shall be made in writing, and entered into between an applicant, a regulated market or a market operator, as the case may be, and the person who is to perform any functions on behalf of such applicant, regulated market or market operator. Such delegation agreement shall be executed by duly authorised officials of the governing body of the respective entities.

(4) Where an applicant, a regulated market or a market operator enters into any delegation agreement, any such agreement shall not affect the responsibility imposed by the Act on such applicant, regulated market or market operator to satisfy authorisation requirements applying to it under these regulations.

(5) The liability of the regulated market or market operator for any breaches of the authorisation requirements or any other regulations or Financial Market Rules issued under the Act, shall (AUTHORISATION REQUIREMENTS) not be affected or reduced as a result of the regulated market or the market operator entering into any delegation agreement.

(6) Any person who, not being a regulated market or a market operator, is to perform any specified function in terms of any delegation agreement shall be confirmed, after due verification, by the applicant, the regulated market or the market operator as the case may be, as being a fit and proper person being able and willing to perform such functions. This confirmation shall be made by the governing body of the applicant, the regulated market or the market operator, effect which shall be submitted to the competent authority together with a duly authenticated true copy of the relevant delegation agreement.

(7) Notwithstanding anything in the foregoing, the regulated market or the market operator shall be responsible towards the competent authority for the supervision of the proper performance of any functions performed by any person throughout any such period that any delegation agreement shall remain in force.