12. (1) The chief executive shall carry on and manage, and control generally, the administration and business of the Regulator and perform such other functions (if any) as may be determined by the Regulator.

(2) The chief executive shall perform his or her functions subject to such policies as may be determined from time to time by the Regulator and shall be accountable to the Regulator for the efficient and effective management of the Regulator and for the due performance of his or her functions.

(3) The chief executive may make proposals to the Regulator on any matter relating to its functions.

(4) The Regulator may designate a member of the staff of the Regulator to perform the functions of chief executive in the absence of the chief executive or where the position of chief executive is vacant and a member of staff so designated shall, in such absence or upon such position being vacant, perform those functions.