Cap. 345 Art. 30Powers of the Minister to make regulations.

(1) The Minister, acting on the advice of the competent authority, may make regulations setting out:

(a) the requirements and conditions which must be satisfied by a person if it is to provide the services of a central securities depository in respect of which the competent authority may issue an ‘authorisation’

under this Act;

(b) the requirements which a central securities depository must continue to satisfy if it is to remain authorised, including the amount of fees to be payable to the competent authority;

(c) the circumstances and the manner in which an authorisation or the requirements and conditions to which it is subject may be varied, suspended or revoked;

(d) requirements for the authorisation, operation, functions, regulation and supervision of a central securities depository;

(e) requirements for the creation, holding or evidencing of title to and rights in respect of Financial Instruments in a dematerialised form or represented in book-entry form as immobilisation;

(f) arrangements for the investigation of complaints and or grievances about central securities depositories and remedies in respect thereof;

(g) arrangements for the ascertainment of compliance by central securities depositories and the scrutiny of rules and requirements of central securities depositories;

(h) exemptions from the requirement for an authorisation or from any provision of this Act which may be subject to such variations, additions, adaptations and modifications as may be prescribed and which may be subject to such conditions or other requirements, including other forms of authorisation and notification procedures; (i) (Deleted by Act XXXI. 2017.33.).

(j) prescribing anything that is incidental to or connected with any of the above matters.

(2) Regulations made under this article may be made subject to such exemptions or conditions as may be specified therein, may make different provision for different categories or classes of financial instruments and for different circumstances or purposes.

(3) Regulations made under this article may impose administrative penalties and fines higher than one hundred and fifty thousand euro (€150,000), where deemed necessary or appropriate for any contravention of or failure of compliance with any EU Directive or EU Regulation or of any regulations made under this article to transpose or to give effect to any EU Directive or EU Regulation.