(1)  At any time, the Commission may investigate an associate of a prescribed licence holder to determine whether that person continues to be a suitable person to be an associate of the prescribed licence holder.

(2)  Section 112N(1A), (2), (3), (4) , (5) , (6) , (7) , (8) and (9) applies to an investigation under this section as if the person being investigated were the prescribed licence holder.

(3)  The Commission may take a failure to comply with a requirement made under section 112N(3) or (6) as applied by this section to be sufficient evidence that the person being investigated is not, or is no longer, a suitable person to be an associate of a prescribed licence holder or to have a business association with an associate of such a holder.

(4)  If the Commission determines on investigation that a person is not, or is no longer, a suitable person to be an associate of a prescribed licence holder or to have a business association with an associate of such a holder, the Commission by written notice may require the holder, within the period specified in the notice, to –

(a) terminate the association with the associate; or

(b) require the associate to break off its business association with the person considered unsuitable within 21 days after the associate receives the requirement.

(5)  If the associate does not break off its business association within the 21 day period as required by a prescribed licence holder under subsection (4)(b) , the holder must terminate the holder's association with the associate within a further period of 21 days.

(6)  If a prescribed licence holder is required to terminate an association with an associate under subsection (5) and does not do so within the period specified in that subsection, the Commission may –

(a) take action under section 112T ; or

(b) cancel the prescribed licence by notice provided to the holder.

(7)  The cancellation of a prescribed licence under subsection (6) takes effect on the day the prescribed licence holder receives the notice provided under that subsection or on a later day specified in that notice and the prescribed licence is of no effect if it has been cancelled.

(8)  The Commission may at any time withdraw or amend a notice it has given under subsection (6) .

(9)  An investigation under this section may be combined with an investigation under section 112N .