Rough start to the morning. The type of directions that can be...

Rough start to the morning. The type of directions that can be given are below - s 45(3). It seems to have been drafted by order of severity. The most harsh outcome is a maximum 12 month suspension of the activities that are in breach of s 45(2). Then it decreases down the list to, for example, a simple modification order that would be specified in the direction.

Obviously not great news - but at lease we know the maximas and minimas and each of us can form our own independent odds of what would occur. I personally think that given it seems to be instigated by restructuring of business due to brexit, the business in question was one EML acquired rather than created, and only a 5 months since operating outside of the UK that it will be OK at the end of the day. However, I am not too familiar with these type of regulatory actions - but always in their best interests to keep businesses running as well. I'll probs have a deeper look tonight. I missed the mid $2 range and do not want to average up at the moment. Congrats on those who topped up!!

Types of directions
s 45(3) The actions referred to in subsection (1) are as follows:

(a) to suspend, for such period not exceeding 12 months as is specified in the direction, any one or more of the followingi) the provision of any financial service, or description of financial service, specified in the direction;(ii) the making of payments to which subparagraph (i) does not relate or any such payments or description of such payments specified in the direction;(iii) the acquisition or disposal of any assets or liabilities, or description of assets or liabilities, specified in the direction;(iv) entering into transactions or agreements, or description of transactions or agreements, specified in the direction, or entering into them except in specified circumstances or to a specified extent;(v) soliciting business from persons of a class specified in the direction;(vi) carrying on business in a manner specified in the direction or otherwise than in a manner so specified;

(b) to dispose of, on terms specified in the direction, assets or liabilities so specified, or a part or parts of its business so specified, within such period as may be so specified;

(c) to raise and maintain such capital or other financial resources as may be specified in the direction;

(d) to make such modifications to its systems and controls as may be specified in the direction;

(e) to make such modifications to its business practices and dealings with third parties as may be specified in the direction;

(f) to comply with the condition or requirement referred to in subsection (2)(c);

(g) to notify third parties of any such actions within paragraphs (a) to (f) as may be specified in the direction.