50Regulations

1. The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

2. prescribing matters for the purposes of section 32(1)(b)(iii):
3. prescribing matters that must be taken into account under section 36A(1) or (2) or 36C:
4. prescribing requirements for the purposes of section 36A(1) or (2)(a):
5. prescribing requirements for the purposes of section 36C(1)(a), including (without limitation) requirements relating to a company's or an overseas company's—
   1. ownership, including requirements relating to who may be a shareholder or member and who may exercise voting rights (for example, requiring all or a majority of voting rights to be held by members of the Institute, an accredited body, or an approved association):
   2. governance, including requirements relating to who may be a director or senior manager (for example, requiring all or a majority of directors to be members of the Institute, an accredited body, or an approved association):
   3. systems, policies, and procedures that relate to any of the following:
      1. promoting compliance with the requirements imposed by or under any enactment that relates to the conduct of audits:
      2. promoting compliance with auditing and assurance standards:
      3. promoting reasonable care, diligence, and skill in the carrying out of audits:
   4. professional indemnity insurance:
6. prescribing minimum standards for the purposes of section 36A(2)(b) or 36C(1)(b):
7. prescribing fees payable in respect of applications under section 36A or reports under section 36B(1) (or the manner in which those fees may be calculated):
8. prescribing matters relating to reports under section 36B, including the times and events referred to in that section and the information that must be contained in the reports (including prescribing the manner in which the information is to be presented, calculated, or prepared):
9. prescribing procedures, requirements, and other matters, not inconsistent with this Act, for the register kept under section 36N, including matters that relate to—
   1. the operation of the register:
   2. the form of the register:
   3. the information to be contained in the register:
   4. access to the register:
   5. search criteria for the register:
   6. circumstances in which amendments must be made to the register:
10. prescribing a form for the purposes of section 45(3):
11. prescribing classes of persons for the purposes of section 55(1)(b)(ii) and dates, or a method by which dates are to be determined, for the purposes of section 55(3):
12. providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.

13. Any regulations made under subsection (1)(ad) relating to professional indemnity insurance may, without limitation,—

14. specify the terms and conditions upon which insurance is to be available and any circumstances in which the insurance cover may be excluded or modified:
15. specify the minimum terms and conditions that an insurance policy must satisfy:
16. specify circumstances in which a body corporate or any class of bodies corporate are exempt from the requirements:
17. require a body corporate to have arrangements in place that ensure that an accredited body or approved association can ascertain whether the insurance is being maintained in accordance with the regulations.

18. For the purposes of subsection (1)(af),—

19. regulations may authorise the Registrar to refund or waive, in whole or in part and on any conditions that may be prescribed, payment of the fee in relation to any person or class of persons:
20. the Registrar may refuse to perform a function or exercise a power until the prescribed fee is paid:
21. any fee payable under the regulations is recoverable by the Registrar in any court of competent jurisdiction as a debt due to the Registrar.

22. Different requirements, dates, methods, or other matters may be prescribed under the regulations in respect of different classes of persons or different circumstances.

23. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

24. If regulations under subsection (3)(a) authorise the Registrar to refund or waive payment of a fee,—

25. the instrument by which the waiver or refund is granted is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements), unless it applies only to 1 or more named persons; and
26. the regulations must contain a statement to that effect.