180. Functions of Board of Directors of the AFSA in relation to the Registrar etc.

(1) The Board of Directors of the AFSA may, from time to time:

• (a) do anything that it considers necessary or desirable to ensure that the Registrar Exercises the Registrar’s Functions in pursuit of the Registrar’s Objectives; or
• (b) review the Registrar’s performance and the use of the Registrar’s resources; or
• (c) after consultation with the Governor, give the Registrar Written directions:

(i) to further any of the Registrar’s Objectives; or

(ii) relating to the Exercise of the Registrar’s Functions.

(2) The Board of Directors of the AFSA may delegate any of its Functions, other than a Function under subsection (1), to the Registrar if the Board considers that the Functions may more efficiently and effectively be Exercised by the Registrar.

(3) This section is additional to, and does not limit, any other Function of the Board of Directors of the AFSA, whether the Function is given by or under these Regulations or the Rules or otherwise.

181. Power to adopt Rules etc.

(1) The Board of Directors of the AFSA may adopt Rules prescribing matters:

• (a) required or permitted by these Regulations, or any other AIFC Regulations that are Legislation Administered by the Registrar, to be prescribed by the Board by the Rules; or
• (b) necessary or convenient to be prescribed for carrying out or giving effect to these Regulations, the Rules or any other Legislation Administered by the Registrar.

(2) However, the Board may not adopt Rules under this section on matters related to the regulation of financial services and related operations in the AIFC.

(3) Without limiting subsection (1), the Board may adopt Rules:

• (a) with respect to any matters relating to the Registrar’s Objectives or Functions; or
• (b) to facilitate the administration of, or further the purposes of, these Regulations or any Legislation Administered by the Registrar; or
• (c) prescribing standard articles of association; or
• (d) with respect to the procedures for the imposition or recovery of fines, including any circumstances in which the procedures do not apply to the imposition of a fine; or
• (e) setting limits for fines and other penalties that may be imposed for Contraventions of these Regulations; or
• (f) the giving of waiver and modification notices under section 195 (Waivers and modifications of certain provisions), including the procedures for the making of application for, or giving of, notices; or
• (g) with respect to any of the following:

(i) forms, procedures and requirements under these Regulations, the Rules or any other Legislation Administered by the Registrar;

(ii) the keeping of public registers and databases;

(iii) the conduct of the Registrar and the Registrar’s officers, employees, delegates and agents in relation to the Exercise of Functions, including discretionary Functions and the conduct of investigations and hearings.

(4) Rules adopted by the Board may incorporate standards and codes of practice by reference. A standard or code of practice incorporated into Rules adopted by the Board has the same effect as it had been adopted in the Rules, except so far as the Rules otherwise provide.

(5) Instead of incorporating a standard or code of practice into Rules adopted by the Board, the Board may adopt the standard or code of practice as non-binding guidance for AIFC Participants.

(6) Without limiting subsection (1), Rules adopted by the Board may do any of the following:

• (a) make different provision for different cases or circumstances;
• (b) include supplementary, incidental and consequential provisions;
• (c) make transitional and savings provisions.

(7) If any Rules adopted by the Board purport to be adopted in the exercise of a particular power or powers, the Rules are taken also to be adopted in the exercise of all the powers under which they may be adopted.

(8) Until Rules mentioned in subsection (3)(e) are adopted by the Board, there are no limits on the fines and other penalties that may be imposed for a Contravention of these Regulations.

182. Publication of proposed Rules

(1) Before making Rules under section 181 (Power to adopt Rules etc.), the Board of Directors of the AFSA must publish a notice under this section.

(2) The notice must include, or have attached to it:

• (a) a summary of the proposed Rules; and
• (b) the text of the Rules; and
• (c) a statement of the substance and purpose of the material provisions of the Rules; and
• (d) if the Rules incorporate a standard or code of practice by reference—a summary, and the text, of the standard or code of practice and a statement of the substance and purpose of the material provisions of the standard or code of practice.

(3) The notice must invite interested Persons to make representations about the proposed Rules within a stated period of at least 30 days.

(4) Subsections (1), (2) and (3) do not apply to the making of Rules if the Board of Directors of the AFSA considers:

• (a) that any delay likely to arise because of complying with those subsections is prejudicial to the interests of the AFSA; or
• (b) that the Rules are merely consequential on any other Rules adopted (or proposed to be adopted) by the Board; or
• (c) that the Rules do not change, or significantly change, the policy intended to be given effect by these Regulations and the Rules or any other AIFC Regulations or AIFC Rules.