Cap. 386 Art. 84DMinistermaymake regulationsrelating to formation, etc., ofincorporatedcell companies and cells.

The Minister, in consultation with the Minister responsible for finance and acting on the advice of the competent authority under the Insurance Business Act or the competent authority under the Investment Services Act, may make regulations which provide for the formation, constitution, authorisation and regulation of incorporated cell companies and incorporated cells as limited liability companies with separate legal personality under this Act, and which make it possible for such companies to carry on any financial services business as may be prescribed, and for all matters ancillary thereto or that may arise in connection therewith. Regulations issued in terms of this article may also provide for the applicability or inapplicability of, or the total or partial exemption from, any of the provisions of this Act or of any other law in force to incorporated cell companies and incorporated cells subject to any modifications, variations or conditions as may be specified.