Section 9Sec./Art. 9

Approval, Rejection, Suspension or Revocation of FISTC Plan.-

(a) Approval - Upon approval of the FISTC Plan, the Commission shall issue an Approval Certificate stating that the FISTC Plan has been rendered effective and the sale and distribution of IUIs covered by such plan has been authorized.

(b) Amendments to Approved FISTC Plan - If a FISTC Plan becomes on its face incomplete or inaccurate in any material respect, upon the request of concerned parties or at its own determination, the Commission shall issue an order directing the amendment of the FISTC Plan. Upon compliance with such order, the amended FISTC Plan shall become effective upon approval of the Commission or appropriate regulatory authority pursuant to Section 4 of this Act.

(c) Rejection, Suspension or Revocation - The Commission may reject a submitted FISTC Plan if on its face it was not in compliance with the requirements of this Act or the rules and regulations issued to implement it. It also authorized to suspend or revoke the effectivity of an APproved Plan after due notice and hearing by issuing an order to such effect setting forth its findings in respect thereto, if it finds that:

(1) The FISTC has violated ant of the provisions of this Act or any order of the Commission which the FISTC has notice of in connection with the offering of IUIs for which a FISTC Plan has been filed;

(2) The FISTC has been, or is engaged, or is about to engage in fraudulent transactions;

(3) The FISTC has made any false or misleading representation of material facts in any Approved Plan concerning the FISTC or its IUIs;

(4) The FISTC has failed to comply with any requirement that the Commission may impose as a condition for the issuance of IUI for which a FISTC Plan has been filed; or

(5) The FISTC Plan is, on its face, incomplete or inaccurate in any material respect, or includes any untrue statement of a material fact, or omits to state a material fact required to be stated, or one which is necessary to obviate any misappreciation of the statements therein.