32. Regulations
The Minister may, on the recommendation of the Central Bank, make Regulations for giving effect to the provisions of this Act, and without limiting the generality of the foregoing, may make Regulations respecting—
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(a) reports or other information to be supplied by designated funds transfer systems or designated settlement systems and any other matter associated with their use;
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(b) records to be kept, returns and reports to be made to the Central Bank or the Minister by persons who are appointed auditors under the Act;
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(c) form of reports and returns to be made by designated funds transfer systems or designated settlement systems and fixing the times when such reports and returns shall be made;
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(d) forms necessary for the administration of this Act;
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(e) penalties that may be imposed for violations of Orders or Regulations made under this Act but no such penalty shall exceed a fine of $50,000 or imprisonment for a term of one year;
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(f) minimum criteria for fit and proper persons;
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(g) any other matter required for the efficient administration of this Act.