s 321 Codes, guidelines, etc., by Authority
321.—(1) The Authority may issue, in such manner as it considers appropriate, such codes, guidelines, policy statements, practice notes and no‑action letters as it considers appropriate for providing guidance —(a) in furtherance of its regulatory objectives; (b) in relation to any matter relating to any of the functions of the Authority under any of the provisions of this Act; or (c) in relation to the operation of any of the provisions of this Act. (2) The Authority may publish any such code, guideline, policy statement, practice note or no‑action letter, and in such manner as it thinks fit. (3) The Authority may revoke, vary, revise or amend the whole or any part of any code, guideline, policy statement, practice note or no‑action letter issued under this section in such manner as it thinks fit. (4) Where amendments are made under subsection (3) —(a) the other provisions of this section apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement, practice note or no‑action letter; and (b) any reference in this Act or any other written law to the code, guideline, policy statement, practice note or no‑action letter however expressed is, unless the context otherwise requires, a reference to the code, guideline, policy statement, practice note or no‑action letter as so amended. (5) A failure by any person to comply with any of the provisions of a code, guideline, policy statement or practice note issued under this section that applies to the person does not of itself render that person liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings. (6) The issue by the Authority of a no‑action letter does not of itself prevent the institution of any criminal proceedings against any person for a contravention of any provision of this Act. (7) Any code, guideline, policy statement or practice note issued under this section —(a) may be of general or specific application; and (b) may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases. (8) To avoid doubt, any code, guideline, policy statement, practice note or no‑action letter issued under this section is deemed not to be subsidiary legislation. (9) In this section, a “no‑action” letter means a letter written by the Authority to an applicant for such a letter to the effect that, if the facts are as represented by the applicant, the Authority will not institute proceedings against the applicant in respect of a particular state of affairs or particular conduct.