Islamic Banking Act · s 32

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32.
Assistance to designated supervisory authority
(1) The Authority may exercise any of the powers conferred by section 31 for the purpose of assisting a designated supervisory authority in the performance of any of its material supervisory functions.
(2) Where subsection (1) applies —
(a) any reference in section 31 to the functions of the Authority under this Act includes a reference to the material supervisory functions of the designated supervisory authority; and
(b) the references in section 31(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 section to a designated supervisory authority is a reference to that authority which, in a country or territory designated by the Authority for the purposes of this Act, exercises in that country or territory functions corresponding to those of the Authority under this Act and, in relation to such an authority, “material supervisory functions” means functions which so correspond.
(4) The Authority shall not designate any country or territory for the purposes of this Act unless the Authority 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 under this Act.

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s 32Assistance to designated supervisory authority

(1)

The Authority may exercise any of the powers conferred by section 31 for the purpose of assisting a designated supervisory authority in the performance of any of its material supervisory functions.

(2)

Where subsection (1) applies —

(a)

any reference in section 31 to the functions of the Authority under this Act includes a reference to the material supervisory functions of the designated supervisory authority; and

(b)

the references in section 31(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 section to a designated supervisory authority is a reference to that authority which, in a country or territory designated by the Authority for the purposes of this Act, exercises in that country or territory functions corresponding to those of the Authority under this Act and, in relation to such an authority, “material supervisory functions” means functions which so correspond.

(4)

The Authority shall not designate any country or territory for the purposes of this Act unless the Authority 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 under this Act.