• Chapter 1 Chapter 1 The Regulatory Committee

    • 224. Structure of the Regulatory Committee

      (1) The Board establishes the Regulatory Committee, which shall be composed of a maximum of seven members appointed by the Board for fixed terms. The Board may reappoint the members for further fixed terms.
      (2) All the members of the Regulatory Committee appointed by the Board in accordance with subsection (1) shall be independent of the Board and the Regulator.
      (3) The Board shall not remove any member of the Regulatory Committee without Just Cause.

    • 225. Jurisdiction and Role of the Regulatory Committee

      (1) Any decision made under these Regulations by the Regulator which may affect the rights or liabilities of a person or otherwise adversely affect the interests of a person, may be referred by that person to the Regulatory Committee for a full merits review.
      (2) A reference under subsection (1) shall be commenced —
      (a) within 30 days of the relevant decision of the Regulator; or
      (b) within such further period not exceeding 30 days as may be approved by the Regulatory Committee where it is satisfied that such approval is appropriate in the circumstances.
      (3) In the case of an exercise of the power under section 111, the referral may be made by the Fund Manager and the Trustee of the Public Fund concerned or either of them, in addition to the Public Fund.
      (4) The Regulatory Committee has power to do whatever it deems necessary for or in connection with, or reasonably incidental to, the performance of its functions.
      (5) The Regulator may refer an executive decision to the Regulatory Committee for determination if it considers it appropriate to do so.
      (6) The Regulatory Committee may adopt any procedures or practices governing the commencement, hearing and determination of references made to it.
      (7) Proceedings of the Regulatory Committee shall be heard in private, unless the Regulatory Committee decides otherwise.
      Amended on (13 January, 2020).

    • 226. Powers of the Regulatory Committee to hear and determine a reference

      (1) Upon receipt of a notice of a reference falling within the jurisdiction of the Regulatory Committee, the Chairman of the Regulatory Committee shall, without undue delay select a panel of at least three members of the Regulatory Committee, one of whom may be its Chairman, to exercise the powers and perform the functions of the Regulatory Committee to hear and determine the reference.
      (2) For the purposes of hearing and determining a reference, the Regulatory Committee may —
      (a) stay the decision of the Regulator to which a reference relates and any related steps proposed to be taken by the Regulator until the Regulatory Committee has determined the reference;
      (b) consider any information relating to the decision of the Regulator to which the reference relates, whether or not such information was available to the Regulator at the material time;
      (c) receive and consider any information or Documents; and
      (d) determine the manner in which such information or Documents are received by the Regulatory Committee.
      (3) At the conclusion of a reference, the Regulatory Committee may —
      (a) dismiss the reference;
      (b) determine what, if any, is the appropriate action for the Regulator to take; and
      (c) remit the matter to the Chief Executive with such directions, if any, as the Regulatory Committee considers appropriate to give effect to its determination, save that such directions may not require the Regulator to take any step which it would not otherwise have power to take.
      (4) Subject to section 228(1) the Regulator must act in accordance with the determination of, and any direction given by, the Regulatory Committee.
      (5) A certificate that purports to be signed by the Chairman or officer of the Regulatory Committee and which states that the Regulatory Committee on a specified day made a specified determination or made a specified finding of fact, is in any proceedings before the Court, where relevant —
      (a) conclusive evidence of the determination of the Regulatory Committee made on that day; and
      (b) prima facie evidence of the relevant finding of fact.