Credit Union and Co-operation with Overseas Regulators Act 2012

29.

Power of Bank to make regulations.

29.— The Principal Act is amended by inserting the following after section 84:

“84A.— (1) In making regulations under this Act the Bank shall have regard to the need to ensure that the requirements imposed by the regulations so made are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply.

(2) Before making regulations under this Act, the Bank shall consult with—

( a) the Minister and the Credit Union Advisory Committee,

( b) any other body that appears to the Bank to have expertise or knowledge of credit unions generally, and

( c) any other body that the Bank considers appropriate to consult in the circumstances.

(3) Regulations made under this Act may—

( a) contain any incidental, supplementary and consequential provisions that appear to the Bank to be necessary or expedient for the purposes of the regulations,

( b) apply either generally to a specified category or categories of credit union, and

( c) include different provisions in relation to different categories of credit union.”.