s.11General directions: how given
11
Section 11Part 4 — Procedures and Licensing in Relation to Directions

General directions: how given

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

A direction that is given to —
a description or class of persons operating in the financial sector; or
all persons operating in the financial sector, shall be contained in an order made by the Financial Reporting Authority and shall, subject to subsection (3), have effect from the date the order is made.
If the order made under subsection (1) contains requirements of a kind mentioned in section 10, the Financial Reporting Authority shall forthwith transmit a copy of the order to the Attorney General who shall, as soon as practicable, lay the order before the Legislative Assembly for approval.
If, following the laying of the order, the Legislative Assembly fails to approve the order within twenty-eight days from the date of laying, the order shall cease to have effect.
An order that ceases to have effect in accordance with subsection (3) shall not affect anything done under the order.
In calculating the period specified in subsection (3), account shall not be taken of the period when the Legislative Assembly is prorogued or dissolved.
The order under subsection (1) shall be published in the Gazette.
The Financial Reporting Authority may vary or revoke a direction at any time by order.
The Financial Reporting Authority shall forthwith transmit a copy of the order under subsection (7) which seeks to revoke an order made under subsection (2) to the Attorney General who shall as soon as practicable lay the order before the Legislative Assembly for approval.
An order, if not previously revoked and whether or not varied, ceases to have effect at the end of the period of one year beginning with the day on which it was made but this is without prejudice to the making of a further direction.
Where the order is varied or ceases to have effect, whether on revocation or otherwise, the Financial Reporting Authority shall take such steps as it considers appropriate to publicise that fact.

Cross References