§ 54 — Guidelines on Fit and Proper Criteria

54.—(1) For the purpose of determining whether a person is a fit and proper person under this Act or any provision of this Act, the Minister may issue or adopt Guidelines on Fit and Proper Criteria.(2) If the functions and powers of the Minister in respect of a designated entity have been transferred to a relevant Minister under section 6(2), then, for the purpose of determining whether a person is a fit and proper person under this Act or any provision of this Act in relation to that designated entity, the relevant Minister may issue or adopt Guidelines on Fit and Proper Criteria.

(3) The Minister or relevant Minister may, at any time, vary or revoke the Guidelines on Fit and Proper Criteria issued by the Minister or relevant Minister (as the case may be) mentioned in subsection (1) or (2), or any part of the Guidelines.

(4) The Minister or relevant Minister (as the case may be) must —(a)

ensure that the Guidelines on Fit and Proper Criteria, or their variation or revocation, are published on the prescribed website;

(b)

specify in the publication, the date on which the Guidelines on Fit and Proper Criteria, or their variation or revocation, take effect; and

(c)

ensure that the Guidelines on Fit and Proper Criteria (including any variation to them) remain available to the public for access and inspection without charge.

(5) To avoid doubt, the Guidelines on Fit and Proper Criteria mentioned in subsections (1) and (2) are deemed not to be subsidiary legislation.

(6) To avoid doubt, the Guidelines on Fit and Proper Criteria do not prevent any other matter or evidence that may be relevant to be taken into account in determining whether a person is or is not a fit and proper person.

—(1) For the purpose of determining whether a person is a fit and proper person under this Act or any provision of this Act, the Minister may issue or adopt Guidelines on Fit and Proper Criteria.

(2) If the functions and powers of the Minister in respect of a designated entity have been transferred to a relevant Minister under section 6(2), then, for the purpose of determining whether a person is a fit and proper person under this Act or any provision of this Act in relation to that designated entity, the relevant Minister may issue or adopt Guidelines on Fit and Proper Criteria.

(3) The Minister or relevant Minister may, at any time, vary or revoke the Guidelines on Fit and Proper Criteria issued by the Minister or relevant Minister (as the case may be) mentioned in subsection (1) or (2), or any part of the Guidelines.

(4) The Minister or relevant Minister (as the case may be) must —(a)

ensure that the Guidelines on Fit and Proper Criteria, or their variation or revocation, are published on the prescribed website;

(b)

specify in the publication, the date on which the Guidelines on Fit and Proper Criteria, or their variation or revocation, take effect; and

(c)

ensure that the Guidelines on Fit and Proper Criteria (including any variation to them) remain available to the public for access and inspection without charge.

(5) To avoid doubt, the Guidelines on Fit and Proper Criteria mentioned in subsections (1) and (2) are deemed not to be subsidiary legislation.

(6) To avoid doubt, the Guidelines on Fit and Proper Criteria do not prevent any other matter or evidence that may be relevant to be taken into account in determining whether a person is or is not a fit and proper person.