183. Reporting by Registrar

(1) The Registrar must report to the Board of Directors of the AFSA in such a way as the Board of Directors of the AFSA may direct.

184. Record keeping

The Registrar must make suitable arrangements for keeping appropriate Records in relation to the Exercise of the Registrar’s Functions.

185. Conflicts of interest

(1) This section applies to an individual (a relevant person) who is the Registrar or an officer, employee, delegate, agent of the Registrar.

(2) A relevant person must disclose all material conflicts of interest that the person has in Exercising the person’s Functions. The disclosure must be made without undue delay to the person to whom the relevant person reports.

(3) A relevant person must not take part in the making of a decision on a matter in relation to which the person has a material conflict of interest.

(4) Contravention of subsection (3) in relation to a decision does not invalidate the decision.

186. Confidential information

(1) For this section, information is confidential if:

• (a) it is received by the Registrar, or an officer, employee, delegate or agent of the Registrar, in the Exercise of a Function under these Regulations, the Rules or any other Legislation Administered by the Registrar; and
• (b) it has not been made available to the public in circumstances in which disclosure is not prohibited under these Regulations, the Rules or any other Legislation Administered by the Registrar.

(2) Confidential information must not be disclosed by the Registrar, by an officer, employee, delegate or agent of the Registrar, or by any Person coming into possession of the information, without the consent of the Person to whom the duty of confidentiality is owed.

(3) However, the Registrar may, and must if directed by the Board of Directors of the AFSA, disclose confidential information if the disclosure is:

• (a) permitted or required to be made under these Regulations, the Rules or any other AIFC Regulations or AIFC Rules; or
• (b) permitted or required to be made by or under any other law; or
• (c) made to the AFSA for the purpose of assisting the AFSA to Exercise its regulatory Functions; or
• (d) made in good faith for the purposes of the Exercise of the Registrar’s Functions.

187. [intentionally omitted]

188. Annual budget of Registrar

(1) Before the end of each financial year of the AFSA an estimate of the annual income and expenditure of the Registrar for the next financial year must, be submitted to the Board of Directors of the AFSA as a part of the AFSA’s annual budget.

(2) The estimates must include figures relating to levels of remuneration and entitlement to expenses of the Registrar including its officers, employees and agents.

(3) The Board of Directors of the AFSA may, within 30 days after the day it receives estimates for a financial year under subsection (1):

• (a) approve the estimates; or
• (b) on reasonable grounds, reject them.

189. Funding and fees

(1) The Board of Directors of the AFSA shall provide financial resources to the Registrar from the annual budget available to the AFSA to enable the Registrar to Exercise the Registrar’s Functions in an adequate manner.

(2) The Rules may require the payment to the AFSA of fees in respect of:

• (a) the Exercise by the Registrar of prescribed Functions under or for these Regulations, the Rules or any other Legislation Administered by the Registrar, including the receipt by the Registrar of any Document that is required to be given or delivered to, or filed with, the Registrar (however described);
• (b) the inspection of Documents or other material held by the Registrar under these Regulations, the Rules or any other Legislation Administered by the Registrar; and
• (c) the Post-Registration Procedures service provided by the Registrar under these Regulations, the Rules or any other Legislation Administered by the Registrar.

(3) The Registrar may charge a fee for any services provided by the Registrar otherwise than under an obligation imposed on the Registrar by or under these Regulations, the Rules or any other Legislation Administered by the Registrar.

(4) If a fee is prescribed or charged under this section for the Exercise of a Function, or the provision of services, by the Registrar, no action needs to be taken by the Registrar until the fee is paid and, if the fee is payable on the receipt by the Registrar of a Document required to be given or delivered to, or filed with, the Registrar (however described), the Registrar is taken not to have received the Document until the fee is paid.

190. Accounts of Registrar

(1) The Registrar must keep proper accounts of the Registrar’s financial activities and provide such information to the Board of Directors of the AFSA as they may require to enable the AFSA to satisfy any accounting and audit requests applicable to it.

191. [intentionally omitted]

192. [intentionally omitted]

193. Liability

(1) Neither the Registrar, the AFSA, nor an officer, employee, delegate or agent of the Registrar or AFSA, can be held liable for anything done or omitted to be done in the Exercise or purported Exercise of the Functions of the Registrar or the Board of Directors of the AFSA under these Regulations, the Rules or any other Legislation Administered by the Registrar.

(2) Subsection (1) does not apply in relation to an act or omission if the act or omission is shown to have been in bad faith.

194. Independent review of Registrar

(1) The Governor may appoint an independent Person (the reviewer) to review and report to the Governor on any aspect of the efficiency and effectiveness of the Registrar in the use of the Registrar’s resources.

(2) The office of the Governor must meet the reasonable expenses incurred by the reviewer in conducting the review and preparing the report.

(3) The reviewer has a right of access, at all reasonable times, to all information that is held or controlled by any officer, employee or agent of the Registrar and that is reasonably required by the reviewer for the purposes of the review.

(4) The reviewer is entitled reasonably to require from the Registrar, and the officers, employees and agents of the Registrar, the information and explanations that the reviewer considers necessary for the purposes of the review.

(5) A Person must not, without reasonable excuse, intentionally engage in conduct that obstructs or hinders the reviewer in the Exercise of the reviewer’s Functions under this section.