International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022

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.... information to be provided, provision of adequate resources and discharge of functions by the Performance Review Committee, namely: CHAPTER I PRELIMINARY 1. SHORT TITLE AND COMMENCEMENT (1) These regulations may be called International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022. (2) These Regulations shall come into force from the date of its publication in the official gazette. 2. DEFINITIONS (1) In these regulations unless the context otherwise requires: (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) ....

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.... experience and skills in relation to the specific area of review; and (ii) Absence of any direct and substantial conflict of interest, which could influence performance of their duties and responsibilities. (3) The members, including the independent experts, of the Committee shall be nominated for a period of three years and shall not be eligible for re-nomination before expiry of a period of two years. If a vacancy arises in the Committee, the Board shall nominate another member or expert, as the case may be, for the residual period. 4. SCOPE OF REVIEW BY THE COMMITTEE The Committee shall review the functioning of the Authority at least once in every financial year in following areas:- (i) Compliance with the pr....

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.... (ii) reviewing whether the risk identification measures are appropriate and assure the safety and soundness of the operations of the Authority while ensuring that any possible harm is mitigated and risks are categorised; and (iii) reviewing the monitoring and evaluation process and maintenance of record of any breach. CHAPTER III ACCESS TO INFORMATION AND MEETINGS 7. INFORMATION (1) The Committee shall have access to all the relevant records for the purposes of performing its functions; (2) The Committee may require attendance of any employee of the Authority to perform its functions; and (3) No person other than the Chairperson or a person authorized by him shall interact or share information with any person inc....