International Banking Order, 2000 · s 16

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

16.
(1)
The Authority may exercise any of the powers conferred by section 15
for the purpose of assisting a designated supervisory authority in the performance of any of its material supervisory function.
(2)
Where subsection (1) applies-
{a}
any reference in section 15 to the functions of the Authority under this Order includes a reference to the material supervisory functions of the designated supervisory authority; and
{b)
the references in section 15(1){a} to the Authority include a reference to a duly appointed senior officer or agent of a designated supervisory authority.
(3)
Any reference in this Part to a designated supervisory authority is a reference to that authority which, in a country or territory designated by the
Minister for the purposes of this Order, exercises in that country or territory functions corresponding to those of the Authority under this Order or the Minister under the Banking Act (Chapter 95) or the Islamic Banking Act (Chapter 168) and, in relation to such an authority, "material supervisory functions" means functions which so correspond.
(4)
The Minister shall not designate any country or territory for the purposes of this Order unless he is satisfied that the supervisory authority there is subject to provisions of confidentiality which are at least equivalent to those which apply to the Authority, whether under this Order or otherwise.
(5)
Any reference in section 15 to a licensee includes a reference to-
{a}
any institution which has been a licensee;
{b)
any person who is or was an associate, director, manager, officer or a controller of a licensee or former licensee;
{c)
any undertaking which is a parent or subsidiary undertaking of a licensee or former licensee; and
{d)
any undertaking with which a licensee or former licensee is closely linked.
1058

Contravention of Order, serious crime, money-laundering.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 16

(1)

The Authority may exercise any of the powers conferred by section 15

for the purpose of assisting a designated supervisory authority in the performance of any of its material supervisory function.

(2)

Where subsection (1) applies-

{a}

any reference in section 15 to the functions of the Authority under this Order includes a reference to the material supervisory functions of the designated supervisory authority; and

{b)

the references in section 15(1){a} to the Authority include a reference to a duly appointed senior officer or agent of a designated supervisory authority.

(3)

Any reference in this Part to a designated supervisory authority is a reference to that authority which, in a country or territory designated by the

Minister for the purposes of this Order, exercises in that country or territory functions corresponding to those of the Authority under this Order or the Minister under the Banking Act (Chapter 95) or the Islamic Banking Act (Chapter 168) and, in relation to such an authority, "material supervisory functions" means functions which so correspond.

(4)

The Minister shall not designate any country or territory for the purposes of this Order unless he is satisfied that the supervisory authority there is subject to provisions of confidentiality which are at least equivalent to those which apply to the Authority, whether under this Order or otherwise.

(5)

Any reference in section 15 to a licensee includes a reference to-

{a}

any institution which has been a licensee;

{b)

any person who is or was an associate, director, manager, officer or a controller of a licensee or former licensee;

{c)

any undertaking which is a parent or subsidiary undertaking of a licensee or former licensee; and

{d)

any undertaking with which a licensee or former licensee is closely linked.

1058

Contravention of Order, serious crime, money-laundering.