Regulations

(1) The Minister may, after consultation with the Commission, make regulations providing for any matter contemplated by this Act or as may be necessary or convenient for carrying out or giving effect to this Act and its administration. (2) Without limiting the generality of subsection (1) of this section, such regulations may be made, (a) prescribing anything required or permitted to be prescribed by this Act; (b) prescribing annual returns to be made; (c) prescribing forms to be used; (d) prescribing the format for any filings to be made under this Act; (e) prescribing or amending the fees payable under this Act; (f) prescribing or amending the penalties for offences committed under this Act; (g) prescribing standards of governance of limited liability companies; (h) providing that an offence under this Act or any regulations made thereunder shall be punishable on summary conviction by a fine not exceeding five thousand dollars or by a term of imprisonment not exceeding one 94 year, or by both such fine and term of imprisonment. (3) All regulations made under this section shall be subject to negative resolution.