CP 21 Approval of codes
Released 6 June 2001. Comment closed 5 July 2001.
This paper sets out how ÷ÈÓ°Ö±²¥ proposes to approach its discretion to approve codes of conduct under 1101A of the Financial Services Reform Bill 2001 (the Bill).
The paper provides:
- an outline of ÷ÈÓ°Ö±²¥â€™s codes approval power, including what we will treat as a code, and the circumstances in which approval can be sought (Section A);
- details of the statutory criteria for code approval, and how ÷ÈÓ°Ö±²¥ proposes to interpret and apply these criteria (Section B);
- details of other criteria that ÷ÈÓ°Ö±²¥ will consider when approving a code, and how ÷ÈÓ°Ö±²¥ proposes to interpret and apply these criteria (Section C);
- information on how to meet the statutory and other criteria in the case of a new code, an already operating but unapproved code, and an amended code that had previously been approved (Section D);
- information on retaining approved status and on when code approvals will be revoked (Section E); and
- a brief description of the regulatory framework within which codes sit (Section F).
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