698Protection 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

698 Protection from personal liability for persons exercising Regulator’s or Board’s functions under this Law

(1) 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—

(a) in the exercise of a function of the Regulator or the Board under this Law; or

(b) in the reasonable belief that the act or omission was the exercise of a function of the Regulator or the Board under this Law.

(2) 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.

(3) In this section—

protected person means an individual who is any of the following—

(a) a member of the Board;

(b) a member of a committee of the Board;

(c) a member of the staff of the Regulator;

(d) an authorised officer;

(e) a person to whom the Regulator has delegated any of its functions or to whom functions delegated by the Regulator have been subdelegated;

(f) 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;

(g) a person—

(i) who constitutes a body corporate that exercises functions of the Regulator under this Law; and

(ii) who is, or is of a class, prescribed by the national regulations;

(h) any other person exercising functions of the Regulator under this Law.