Cap. 555 · Arbiter For Financial Services Act (Cap. 555)
Cap. 555 Art. 9Accountability of the Board.
PART II
(1) The Board shall be accountable to the Minister for the discharge of its duties.
(2) (a) Within a period of six months immediately preceding the beginning of each financial year, the Board, in consultation with the Arbiter, shall prepare, in the form established by the Board, a statement with estimates of income and expenditure relating to the Office for the forthcoming financial year. Such estimates shall be approved by the Board.
(b) The statement shall specify:
(i) the amounts expected to be collected and recovered during the financial year concerned from the imposition of levies and fees;
(ii) any other sources from which funds are expected to be obtained during that year to finance the Office’s activities and the amounts expected to be raised from those sources; and
(iii) the activities which the Office proposes to undertake during that year;
(c) A copy of the estimates shall be sent forthwith to the Minister.
(d) The Minister shall, at the earliest opportunity and not later than six weeks after he has received a copy of the estimates from the Board, approve the same with or without amendments.
(e) Such estimates are to be laid on the Table of the House of Representatives.
(3) (a) Within six (6) months prior to the start of a financial year and not later than the end of each subsequent three (3) year interval following the anniversary of such day, the Board in consultation with the Arbiter shall prepare and approve a strategic plan in the form of a report for the upcoming three (3) year period, starting immediately from the financial year subsequent to the year in which the strategic plan is approved.
(b) The report shall specify:
(i) the objectives of the activities of the Office for the financial year concerned;
(ii) the nature and scope of the activities to be undertaken;
(iii) the targets and criteria for assessing the performance of the Office; and
(iv) the uses for which it is proposed to apply the Office’s resources.
(c) A copy of the strategic plan shall be sent forthwith to the Minister.
(d) A copy of such report shall be laid on the Table of the House of Representatives and shall be made available to the public.
(4) The content and other matters relating to the estimates and strategic plan mentioned in sub-articles (2) and (3) may be prescribed by regulations made under this Act.
(5) The Chairperson of the Board shall provide the Minister with such reports relating to the activities of the Board and the Office as the Minister may require from time to time: Provided that the reports shall not disclose particulars or comments on any complaint that has not been determined by the Arbiter.
Änderungsgeschichte
- Amended by XIII.2024.49