Appeal against direction to remove impediment
46.—(1)  A pertinent financial institution that is aggrieved by a direction to it under section 43(2)(b) or 45(2) may, within 30 days after receiving the direction, appeal to the Minister whose decision is final.
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(2)  An appeal may only be made if the direction requires the pertinent financial institution to make a change that will significantly affect its practices, organisation or operations.
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(3)  For the purposes of subsection (2), a change will significantly affect the practices, organisation or operations of a pertinent financial institution if it —
(a)changes any part of its legal or financial structure; or
(b)satisfies such other criterion as may be prescribed by regulations under subsection (7).
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(4)  If an appeal is lodged, the pertinent financial institution need not comply with the direction until the appeal is determined.
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(5)  The Minister may determine an appeal by confirming, varying or reversing the direction.
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(6)  If the Minister is satisfied that an appeal is made without reasonable ground, the Minister may, without calling for a reply from the Authority, but after giving the pertinent financial institution an opportunity to be heard, determine the appeal by confirming the direction.
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(7)  The Minister may make regulations to prescribe the criterion for the purposes of subsection (3)(b).
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