Committees of Regulator
(1) The Regulator may, if it considers it necessary for the proper performance of its functions establish one or more committees, which must consist of— (a) such members of the Regulator as the Regulator may designate; or (b) such members of the Regulator as the Regulator may designate and other persons appointed by the Regulator, as referred to in section 47(7), for the period determined by the Regulator.
(2) The Regulator may at any time extend the period of an appointment referred to in subsection (1)(b) or, if in its opinion good reasons exist therefor, revoke any such appointment.
(3) The Regulator must designate the chairperson and, if the Regulator deems it necessary, the vice-chairperson of a committee established under subsection (1).
(4) (a) A committee referred to in subsection (1) must, subject to the directions of the Regulator, perform those functions of the Regulator assigned to it by the Regulator. (b) Any function so performed by a committee referred to in subsection (1) will be deemed to have been performed by the Regulator.
(5) The Regulator may at any time dissolve any committee established by the Regulator.
(6) The provisions of sections 40(4) and 51 will apply, with the necessary changes, to a committee of the Regulator.
What this means for your estate
- Describes how the Regulator may establish its own internal committees generally, the specific, more relevant one is the Enforcement Committee this section enables under s.50. Otherwise, internal governance of the Regulator, not a compliance obligation on your estate.
Not something your estate needs to act on directly, see s.50 for the committee most relevant if your estate is ever the subject of an enforcement recommendation.