Procedure etc.

Committees92L

1

The regulator may establish committees and sub-committees.

2

A committee or sub-committee may include non-members (provided that it includes at least one member).

3

The regulator may, with the consent of the Secretary of State, pay such remuneration and allowances as it thinks fit to any person who—

a

is a member of a committee or sub-committee, but

b

is not a member of the regulator.

Procedure92M

1

Subject to the provisions of this Part, the regulator may determine its own procedure and the procedure of any committee or sub-committee.

2

The regulator must make such arrangements as it thinks appropriate for publishing its procedure.

3

The validity of any proceedings is not affected by—

a

any vacancy of the chair, chief executive or any other member,

b

any defect in the appointment of the chair, chief executive or any other member, or

c

any contravention of section 92P (members’ interests).

4

In this section “procedure” includes quorum.

Conflict of interest92N

1

The regulator’s procedure under section 92M must include arrangements for dealing with any conflict of interest of—

a

members,

b

members of staff, or

c

members of committees or sub-committees.

2

The procedure must oblige a person—

a

to declare any financial or other personal interest relevant to the exercise of a function of the regulator, and

b

to withdraw from the performance of that function unless the regulator directs otherwise, being satisfied that the interest will not influence performance of the function.

Delegation92O

1

The regulator may delegate any of its functions to—

a

a committee,

b

a sub-committee,

c

a member, or

d

a member of staff.

2

A committee may further delegate to a sub-committee, a member of the regulator, or a member of staff.

Members’ interests92P

1

A member of the regulator who is directly or indirectly interested in any matter arising at a meeting of the regulator must disclose the nature of that interest to the meeting.

2

A member of a committee or sub-committee of the regulator who is directly or indirectly interested in any matter arising at a meeting of the committee or sub-committee must disclosure the nature of that interest to the meeting.

3

Where a member has disclosed an interest within subsection (1) or (2)—

a

that member must not take part in any deliberation or decision about the matter if it is a contract or agreement of any description, but

b

may otherwise take part in any deliberation or decision about the matter unless at least one-third of the other members at the meeting decide that the interests disclosed might prejudicially affect the member’s consideration of the matter.

4

The regulator must prepare and keep up to date a register of members’ interests of the interests disclosed under subsection (1) or (2).

5

The register required by subsection (4) must include the interests of—

a

the members of the regulator, and

b

all members of committees or sub-committees whether or not falling within paragraph (a).

Seal92Q

1

The application of the regulator’s seal must be authenticated by a member of the regulator or by some other person authorised (generally or specially) by the regulator for that purpose.

2

A document purporting to be duly executed under the seal—

a

is to be received in evidence, and

b

is to be treated as so executed unless the contrary is shown.