CHAPTER 46:08
NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY

ARRANGEMENT OF SECTIONS

   SECTION

PART I
Preliminary

   1.   Short title

   2.   Interpretation

PART II
Establishment and Functions of the Regulatory Authority

   3.   Continuation of establishment of Regulatory Authority

   4.   Objectives and functions of Regulatory Authority

PART III
Constitution and Qualifications of Board

   5.   Establishment of Board

   6.   Directions by the Minister

   7.   Tenure of office

   8.   Qualifications, removal and suspension of members

   9.   Vacation of office by members

   10.   Filling of vacancy

   11.   Remuneration and allowances

PART IV
Meetings and Proceedings of Board

   12.   Election of Vice Chairperson

   13.   Meetings of Board

   14.   Quorum and procedure at meetings

   15.   Committees of Board

   16.   Disclosure of interest

   17.   Confidentiality

PART V
Chief Executive Officer and Other Staff of the Regulatory Authority

   18.   Chief Executive Officer

   19.   Appointment of Secretary of Board

   20.   Appointment of senior and other staff

PART VI
Financial Provisions

   21.   Funds of the Regulatory Authority

   22.   Financial year

   23.   Annual estimates and levy structure

   24.   Supervisory levies

   25.   Supervisory levy, fees and charges, debts to Regulatory Authority

   26.   Waiver of levies or fees

   27.   Borrowings

   28.   Advances from Government

   29.   Levies Account

   30.   Investments

   31.   Record keeping

   32.   Accounts and audit

   33.   Auditor-General may examine Regulatory Authority

   34.   Annual report

   35.   Pension and other funds

PART VII
Self-Regulatory Organisations

   36.   Self-regulatory organisations

   37.   Rules of self-regulatory organisations

   38.   Due process by self-regulatory organisations

   39.   Reporting by self-regulatory organisations

   40.   Termination of arrangements and revocation of declaration

   41.   Amendments of self-regulatory organisations’ constitutions

   42.   Protections for self-regulatory organisations, etc.

PART VIII
Taxation Status of Non-Bank Financial Institutions

   43.   Application of Part

   44.   Tax certificate compliance

   45.   Power to recommend revocation of tax certificate

PART IX
Inspections and Investigations

   46.   Appointment of inspectors and investigators

   47.   Routine inspections of licensed non-bank financial institutions

   48.   Investigations

   49.   Investigators’ powers

PART X
Establishment of the Tribunal

   50.   Establishment of Tribunal

   51.   Review of decisions

   52.   Application for review of decisions

   53.   Implementation of decisions pending review

PART XI
Miscellaneous Provisions

   54.   Advisory bodies

   55.   Arrangements with other agencies

   56.   Delegations

   57.   Temporary closure for non-compliance

   58.   Exemption from personal liability

   59.   Code of Conduct

   60.   Administrative penalties

   61.   Regulations

   62.   Repeal of Cap. 46:08

   63.   Transitional and savings

Act 2, 2007,
S.I. 35, 2007,
S.I. 20, 2008,
S.I. 49, 2008,
Act 3, 2016,
S.I. 124, 2016.

An Act to continue the establishment of the Non-Bank Financial Institutions Regulatory Authority and to provide for its powers and functions; for the purposes of improving the fairness, efficiency and orderliness of the non-bank financial sector and the stability of the financial system; and for matters incidental thereto.

[Date of Commencement: Parts I to VI, VIII, IX and XI – 11th November, 2016]

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