Refusal of SRO recognition bars operation and allows regulator to direct records transfer and appoint custodian. Refusal to grant or renew SRO recognition prohibits the applicant or existing SRO from undertaking or continuing SRO activities; renewal refusal requires cessation from receipt of the Board's communication. The Board may allow completion of previously initiated functions if in investors' interests, direct transfer of records, documents or reports relating to SRO functions, and appoint a person to take charge of those records on terms and conditions determined by the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Refusal of SRO recognition bars operation and allows regulator to direct records transfer and appoint custodian.
Refusal to grant or renew SRO recognition prohibits the applicant or existing SRO from undertaking or continuing SRO activities; renewal refusal requires cessation from receipt of the Board's communication. The Board may allow completion of previously initiated functions if in investors' interests, direct transfer of records, documents or reports relating to SRO functions, and appoint a person to take charge of those records on terms and conditions determined by the Board.
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