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CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

The Authority passes a general order delegating powers to a committee of its Members and to an officer. A challenger argues that IFSCA could also delegate its regulation-making power to the officer. Which assessment is correct?

The regulation-making power cannot be delegated to an officer, because delegation to a Member or officer excludes powers under the regulation-making section. The Authority may also form committees of Members and delegate powers to them as specified by regulations.

  1. ADelegation to a Member or officer excludes the power to make regulations, and delegation to committees is as specified by regulationsCorrect
  2. BThe regulation-making power can be delegated to an officer by special order in writing
  3. CDelegation is possible only to committees, never to an individual officer
  4. DDelegation to a committee needs no regulations, but delegation to officers needs Parliament's approval

Explanation

Section 23(1) allows written delegation to a Member or officer of its powers except those under section 28, which is regulation making. Section 23(2) allows committees of Members to receive powers as specified by regulations. So the challenger's claim fails.

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