(1) Where a self regulatory organisation—
(a) contravenes its rules, this Act or regulations made under this Act;
(b) is unable to comply with its rules, this Act or regulations made under this Act; or
(c) fails or is unable to enforce its rules, any provision of this Act or of regulations made under this Act that it is required to administer or enforce, or fails to comply with an order or direction of the Commission,
the Commission may make an order—
(i) censuring the organization,
(ii) limiting its activities, functions or operations, or
(iii) suspending or revoking its licence.
(2) Where a director or officer of a self-regulatory organisation contravenes the rules of the organisation or of this Act or a regulation made under this Act, the Commission may direct the organisation to censure him or suspend or remove him from office or employment with the organisation.