Section 48Part 7 — General
Regulatory handbook
←→ Navigate · Click subsection badges to collapse · Press ? for help
The board shall issue, and may amend, a regulatory handbook setting out, as far as is practicable, the policies and procedures to be followed by the Authority, its committees and its officers in performing the Authority's regulatory functions and co-operative functions.
The regulatory handbook shall be consistent with any law or any regulations or policy directions given or made thereunder.
The regulatory handbook shall include policies and procedures for —
giving warning notices to persons affected adversely by proposed actions of the Authority;
giving reasons for the Authority's decisions; and
receiving and dealing with complaints against the Authority's actions and decisions.
In cases where the regulatory handbook would have the effect of creating, directly or indirectly, rules or statements of principle or guidance, the Authority shall consult with the private sector associations and the Minister charged with responsibility for Financial Services.
The regulatory handbook may provide for exceptions from its own requirements to be made by the board or a specified committee or officer of the Authority.
The Authority shall publish the regulatory handbook and any amendments to it in the Gazette, and the regulatory handbook and any such amendments shall take effect and come into operation on the date of such publication.
It shall be a duty of the board to ensure that the regulatory handbook is observed by the committees and officers of the Authority, to keep the regulatory handbook under continuing review, and to consult the Financial Secretary and the private sector associations on the extent to which the regulatory handbook could be made more consistent with section 6.