Section 16

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.

Incorporating amendments until S 1/2016

(Cleancopy) NANI/Bb_as of 08.05.2019

NOTE: Amendment on P1S1 and P45S2 [24.04.2019]; P3S1, P1S2, P10S2, P11S2, P16S2-P18S2P28S2, P31S2, P34S2, P35S2, P39S2,

20

BLUV as at 14th January 2016

Where subsection (1) applies –

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 Authority for the purposes of this Order, exercises in that country or territory functions corresponding to those of the

Authority under this Order or the Authority 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.

The Authority 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.

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