Here is the rewritten article in markdown format:
Financial Services Regulatory Commission Act Laws of Saint Christopher and Nevis (Cap 21.10)
Section 16: Requests by Regulatory Authority
The Financial Services Regulatory Commission has the authority to exchange information with a regulatory authority for the purpose of enabling the regulatory authority to discharge its regulatory functions.
Memorandum of Understanding
The exchange of information is based on a memorandum of understanding between the Commission and the regulatory authority, which must set out:
- Scope: The specific areas where the information will be exchanged
- Procedure: The process for requesting and providing information
- Other details: Any additional requirements or conditions for the exchange
Section 17: Protection from Liability
Immunity from Action
No action or proceeding can be brought against any:
- Commissioner
- Officer
- Employee of the Commission
for an act done or omitted to be done in good faith while exercising their functions under the Act.
Indemnification
The Commission must also indemnify a Commissioner, officer, or employee for the legal costs of defending an action in respect of such an act.
Section 18: Declaration of Interest and Abstention from Voting
Disclosure of Interest
A Commissioner who has a material interest in a matter before the Commission must declare their interest at the first meeting of the Commission at which it is practical to do so.
Leave of Absence
If the Commissioner’s interest is deemed material, they must leave the meeting when the matter comes up for discussion.
Section 19: Duration of Appointment
The appointment of a Commissioner shall be for a period not exceeding three years, subject to reappointment and staggering of appointments.
Section 20: Resignation
A Commissioner can resign at any time by giving notice in writing to the Minister.
Section 21: Revocation
The Minister has the power to revoke the appointment of a Commissioner at any time, upon evidence.