AI Summary of 8. Guidelines
The Bank is required to prepare guidelines within 12 months of the commencement of the relevant section. These guidelines will address the determination process under section 7(1), the information required for notifications under section 7(2), the assessment of such notifications, and the circumstances under which a determination may be made pursuant to section 7(4).
In developing the guidelines, the Bank must consult with the Minister, designated entities, consumer representation bodies, organisations for persons with disabilities, elderly persons’ interests, SMEs in the retail and hospitality sectors, and any other relevant parties it deems appropriate. The final guidelines will be published on the Bank's official website or its designated platform.
8. Guidelines
(1) The Bank shall, within 12 months of the commencement of this section, having regard to the matters referred to in section 7(5), prepare guidelines (in this Act referred to as "the guidelines") in relation to -
(a) the manner in which the Bank shall make a determination under section 7(1),
(b) the information to be provided to the Bank when making a notification under section 7(2),
(c) the manner in which the Bank shall assess a notification made under section 7(2), and
(d) the circumstances in which a determination may be made under section 7(4).
(2) For the purposes of the preparation of the guidelines, the Bank shall consult with -
(b) the designated entities,
(c) one or more than one body representing the interests of consumers,