Section 24
of Securities Markets Order, 2013
Section 24
(1)
The Authority has the duty to regulate the securities markets so that securities can be offered and traded in a fair and transparent manner in order to protect the interests of investors and the public, subject to any limitations included in this Order.
(2)
In discharging its functions the Authority must, so far as is reasonably possible, act in a way-
(a} which is compatible with the regulatory objectives of the Authority;
and
(b} which the Authority thinks fit for the purpose of meeting those objectives.
(3)
The regulatory objectives of the Authority include-
{a}
market confidence;
(b}
public awareness;
(c}
the protection of investors; and
(d}
the reduction of financial crime.
(4)
In discharging its functions under this Order, the Authority must have regard to 1259
{a}
the need to use its resources in the most efficient and economic way;
(b)
the responsibilities of those who manage the affairs of regulated persons;
(c)
the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;
(d)
the desirability of facilitating innovation in connection with regulated activities;
{e)
the international character of financial services and markets and the desirability of maintaining the competitive position of Brunei Darussalam;
({}
the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions; and
{g)
the desirability of facilitating competition between those who are subject to any regulations made by the Authority.
15)
In managing its affairs, the Authority must follow generally accepted principles of good corporate governance as applicable to it.
16)
The Authority must make and maintain effective arrangements for consulting practitioners and investors on the extent to which its general policies and practices are consistent with its general functions under this section.
(7)
The Authority shall, at least once a year, publish a report on the discharge of its functions under this Order and the extent to which, in its opinion, the regulatory objectives have been met.
Statement of principle and code of practice.