Cap. 632 Art. 13Directives.

(1) The competent authority may issue directives or guidelines regulating the activity of insolvency practitioners or registered firms on the following:

(a) the establishment and definition of procedures and generally accepted procedures applicable in the performance of the functions of an insolvency practitioner in terms of article 4(2);

(b) criteria for eligibility to receive an authorisation in terms of this Act and the manner in which the competent authority shall determine the competence of applicants for an authorisation in the pertinent fields of expertise;

(c) conduct of insolvency practitioners and registered firms and the required standards of quality control, competence, integrity and independence;

(d) clients’ accounts and monies held on behalf of clients and third parties;

(e) continued professional education;

(f) the provision of such information as may be required from insolvency practitioners and registered firms by the competent authority in order to enable it to carry out any of its functions under this Act;

(g) the establishment of a system of registration and renewals for an authorisation or registration issued in terms of this Act;

(h) the meaning and interpretation of any provision of this Act and of any regulations or directives issued under it; or

(i) such other matters as may be prescribed by regulation.

(2) Directives and guidelines issued in terms of sub-article (1) shall be published by the competent authority in such manner so as to ensure effective dissemination thereof.

(3) Directives and guidelines issued in terms of sub-article (1) shall not become operative before the lapse of one week from the publication made in terms of sub-article (2), or such later date as may be specified therein.