Protection from personal liability for persons exercising Regulator’s or Board’s functions under this Law
698 Protection from personal liability for persons exercising Regulator’s or Board’s functions under this Law
A person who is or was a protected person does not incur civil liability personally for anything done or omitted to be done in good faith—
in the exercise of a function of the Regulator or the Board under this Law; or
in the reasonable belief that the act or omission was the exercise of a function of the Regulator or the Board under this Law.
Any liability resulting from an act or omission that would, but for the purposes of subsection (1), attach to a protected person attaches instead to the Regulator.
In this section—
protected person means an individual who is any of the following—
a member of the Board;
a member of a committee of the Board;
a member of the staff of the Regulator;
an authorised officer;
a person to whom the Regulator has delegated any of its functions or to whom functions delegated by the Regulator have been subdelegated;
a person acting under the direction or authority of a person mentioned in paragraphs (a) to (e), including, for example, a person helping an authorised officer or an assistant mentioned in section 518, 519 or 523;
a person—
who constitutes a body corporate that exercises functions of the Regulator under this Law; and
who is, or is of a class, prescribed by the national regulations;
any other person exercising functions of the Regulator under this Law.
This Act’s bill:Second reading speech
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