Brunei Darussalam Central Bank Order, 2010 (Formerly Known as Autoriti Monetari Brunei Darussalam Order) · s 54

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54.
Power to issue directions to banks and financial institutions
(1)
The Authority may, if it thinks necessary in the public interest, request information from and make recommendations to any bank or financial institution as the Authority may determine and may issue directions for the purpose of securing that effect is given to any such request or recommendation.
(2)
Before issuing any direction under subsection (1), such bank or financial institution shall, unless the Authority in respect of any particular direction decides it is not practicable or desirable, be given an opportunity to make representations with regard to the proposed direction within the time as the Authority shall specify in the directions.
(3}
Upon receipt of any representations referred to in subsection (2), the
Authority shall consider them and may-
5027
{a}
reject the representations; or
(bJ amend or modify the proposed direction in accordance with the representations, or otherwise,

BRUNEI DARUSSALAM GOVERNMENT GAZETTE and in either event, the Authority shall thereupon issue a further direction in writing to such bank or financial institution, as the case may be, requiring that effect be given to the proposed direction or to the proposed direction as subsequently amended or modified by it within a reasonable time, and such bank or financial institution, as the case may be, shall comply with that direction.
(4)
Any bank or financial institution that fails or refuses to comply with a direction issued under this section is guilty of an offence and liable on conviction to a fine not exceeding $20,000.

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s 54Power to issue directions to banks and financial institutions

(1)

The Authority may, if it thinks necessary in the public interest, request information from and make recommendations to any bank or financial institution as the Authority may determine and may issue directions for the purpose of securing that effect is given to any such request or recommendation.

(2)

Before issuing any direction under subsection (1), such bank or financial institution shall, unless the Authority in respect of any particular direction decides it is not practicable or desirable, be given an opportunity to make representations with regard to the proposed direction within the time as the Authority shall specify in the directions.

(3}

Upon receipt of any representations referred to in subsection (2), the

Authority shall consider them and may-

5027

{a}

reject the representations; or

(bJ amend or modify the proposed direction in accordance with the representations, or otherwise,

(4)

Any bank or financial institution that fails or refuses to comply with a direction issued under this section is guilty of an offence and liable on conviction to a fine not exceeding $20,000.