Section 4Part 1 — Preliminary
Private sector consultation
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4. (1) When this Law requires private sector consultation in relation to a proposed measure —
the Authority shall give to each private sector association a draft of the proposed measure, together with —
an explanation of the purpose of the proposed measure; proposed measure is compatible with the Authority’s functions and duties under section 6; been adopted in a country or territory outside the Islands; with an analysis of the benefits that will arise if the proposed measure is adopted; and
an explanation of the Authority’s reasons for believing that the
an explanation of the extent to which a corresponding measure has
an estimate of any significant costs of the proposed measure, together
notice that representations about the proposed measure may be made to the Authority within a period specified in the notice (not being less than thirty days or such shorter period as may be permitted by subsection (3)); and
before proceeding with the proposed measure, the Authority shall have regard to any representations made by the private sector associations, and shall give a written response, which shall be copied to all the private sector associations.
When this Law requires consultation with the Financial Secretary in relation to a proposed measure —
a copy of the representations made by the private sector associations (or, if not in writing, the Authority’s account of them); and
a copy of the Authority’s response to the representations, shall be forwarded to the Minister charged with responsibility for Financial Services together with a draft of the proposed measure.
If the Authority considers that a measure is urgently required for the protection of members of the public, the Authority may specify a period less than thirty Section 5 Monetary Authority Law (2020 Revision) Page 12 Revised as at 31st December, 2019 c days under subsection (1)(a)(v), or postpone private sector consultation until after the measure has been adopted.
The Cabinet may by Order amend Schedule 3.