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Principles and policies applicable to making of orders, etc., under Principal Act.
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58.— The Principal Act is amended by inserting the following after section 95:
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“Principles and policies applicable to making of orders, etc. under this Act.
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95A.— When the Minister or the Authority makes an order, regulation, regulatory notice or other notice under this Act, the Minister or the Authority, as the case may be, shall have regard to the following principles and policies to the extent applicable to the relevant order, regulation, regulatory notice or other notice, as the case may be:
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(a) the purposes of this Act as set out in section 2;
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(b) the need to develop the business of one or more types of designated credit institutions permitted by this Act having regard to domestic or international markets in which the institutions operate or may propose to operate;
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(c) the need to protect the interests of preferred creditors or other creditors of one or more types of designated credit institutions permitted by this Act;
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(d) the need for the proper and proportionate regulation of one or more types of designated credit institutions permitted by this Act; and
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(e) the Codified Banking Directive and any regulations and directives made by competent organs of the European Union which have been implemented under the laws of the State relevant to article 22(4) securities and asset covered securities.”.
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