Common use of Registration and Approval Clause in Contracts

Registration and Approval. 4.1 The MPFA may register a person as a PI or SI pursuant to section 34T or 34U of the Ordinance if it is satisfied, inter alia, that the person, within one year immediately before the date of application, has not had any qualification as a Type A / B regulatee revoked on disciplinary grounds. The MPFA also has to be satisfied that the person does not have any qualification as a Type A / B regulatee suspended. In addition, the registration of a PI may be revoked or suspended if the person ceases to be a Type A regulatee or has any qualification as a Type A regulatee suspended pursuant to section 34ZC of the Ordinance. The approval of the attachment of an SI to a PI may be revoked or suspended if the person ceases to be a Type B regulatee or has any qualification as Type B regulatee suspended pursuant to section 34ZF of the Ordinance. For these purposes and subject to applicable laws and their respective regulatory regimes, the IRs will submit a list of their regulatees who have had their qualification as Type A / B regulatees revoked on disciplinary grounds and / or suspended within the meaning of sections 34J and 34K of the Ordinance, to the MPFA as soon as practicable whenever such event occurs.