|
|
|
Disclosure of interests
|
| |
|
|
| |
21. (1) Where the Regulator, a member of the staff of the Regulator, or a consultant, adviser or other person engaged by the Regulator, has a pecuniary interest or other beneficial interest in, or material to, any matter which falls to be considered by the Regulator, he or she—
|
|
| |
(a) shall disclose to the Regulator or, where the disclosure is required of the Regulator, disclose to the Minister, the nature of his or her interest in advance of any consideration of the matter,
|
|
| |
(b) shall neither influence nor seek to influence a decision in relation to the matter, and
|
|
| |
(c) shall take no part in any consideration of the matter, unless there are compelling reasons requiring him or her to do so.
|
|
| |
(2) For the purposes of this section but without prejudice to the generality of subsection (1), a person shall be regarded as having a beneficial interest if—
|
|
| |
(a) he or she or any nominee of his or her is a member of a company or any other body which has a beneficial interest in, or material to, a matter referred to in that subsection,
|
|
| |
(b) he or she is in partnership with or is in the employment of a person who has a beneficial interest in, or material to, such a matter, or
|
|
| |
(c) he or she is a party to any arrangement or agreement (whether or not enforceable) concerning land to which such a matter relates.
|
|
| |
(3) For the purposes of this section, a person shall not be regarded as having a beneficial interest in, or material to, any matter by reason only of an interest of his or her or of any company or of any other body or person mentioned in subsection (2) which is so remote or insignificant that it cannot reasonably be regarded as likely to influence a person in considering, discussing or voting on, any question with respect to the matter, or in performing any function in relation to that matter.
|
|
| |
(4) Where a question arises as to whether or not a course of conduct, if pursued by a person, would be a failure by him or her to comply with the requirements of subsection (1), the question shall be determined by the Regulator or, in the case of the Regulator, by the Minister.
|
|
| |
(5) Where a disclosure is made to the Regulator, particulars of the disclosure shall be recorded in the minutes of any meeting concerned.
|
|
| |
(6) Where a person, other than the Regulator, referred to in this section fails to make a disclosure in accordance with this section, the Regulator shall decide the appropriate action (including removal from office or termination of contract) to be taken.
|
|
| |
(7) Where the Regulator fails to make a disclosure in accordance with this section, the Minister shall decide the appropriate action (including removal from office) to be taken.
|
