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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