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Cap. 555 · Arbiter For Financial Services Act (Cap. 555)

Cap. 555 Art. 8Functions of the Board.

PART II

In KraftAmtlicher Text

(1) It shall be the function of the Board:

(a) to provide support in administrative matters to the Arbiter in the exercise of his functions when the Arbiter so requests;

(b) to keep under review the efficiency and effectiveness of the Office and to advise the Minister, either on the Minister’s request or on its own initiative, on any matter relevant to the operation of the Office;

(c) to assist the Arbiter on any matter on which the Arbiter seeks advice;

(d) to recommend to the Minister the levies and charges to be payable for the performance of services provided by the Office;

(e) to advise the Minister on the making of rules regarding the payment of levies and charges to be paid by different categories of persons to the Office, the amounts of those levies and charges, the periods within which specified levies or charges are to be paid, and penalties that are payable by a person who fails to pay on time or pay in full the amount due;

(f) to keep a record of the persons who are liable to pay a specified levy or charge, and the returns actually received by the Office;

(g) to collect and recover the levies and charges due;

(h) to advise the Minister on the making of rules, either on its own initiative or at the request of the Arbiter, to determine the manner and requirements, including any fees payable therefor, for registration of any document under this Act;

(i) to determine accounting policies which are to be followed by the Office when keeping accounting records;

(j) to determine the form of the annual report to be drawn by the Arbiter on an annual basis;

(k) to determine the form of the report with estimates of income and expenditure to be drawn by the Board on an annual basis;

(l) to determine the form of the report relating to the strategic plan to be drawn by the Board on an annual basis;

(m) to perform such functions or activities as are assigned to it by this Act;

(n) to determine any service which shall be deemed as an additional financial service that may be subject to consideration by the Arbiter; and

(o) to perform any other function supplementary or ancillary to the above.

(2) In the discharge of its function under sub-article (1)(f), the Board may bring proceedings before the Civil Court to recover as a debt an amount of levy or charge due to the Office.

(3) The legal representation of the Board shall vest in the Chairperson: Provided that the Board may designate any one or more of the other members of the Board to appear in the name and on behalf of the Board in any judicial proceedings and to sign for and on its behalf any other act, instrument or other document whatsoever.

(4) It shall not be the function of the Board to intervene in any way on the manner how the Arbiter deals with the merits of a particular complaint.