CONFLICT OF INTEREST REGULATIONS

CONFLICT OF INTEREST

SUBSIDIARY LEGISLATION 461.01

CONFLICT OF INTEREST REGULATIONS

8th October, 2004

LEGAL NOTICE 433 of 2004.

The title of these regulations is the Conflict of Interest

Regulations.

(Regulation 2(e))

Declaration made by the officials of the Directorate

Declaration Number

(for official use)

Name and Surname of Official

Grade

Senior Official

(Manager/Assistant Director)

Assignment Nature

Assignment Name

1. DESCRITION OF THE CONFLICT OF INTEREST SITUATION

(As described on attached sheet)

2. RECOMMENDATION BY SENIOR OFFICIAL

Senior official

For the purpose of article 17 of the Internal Audit and

Financial Investigations Act

(a) direct conflict of interest refers to a situation where the

official of the Directorate is himself related with the

auditee by virtue of a professional or work

relationship, provided that a period of five years has

not elapsed since such relationship has been

terminated;

(b) indirect conflict of interest refers to a situation where

the official of the Directorate has a family relationship

with the auditee where the auditee is related to the

official by being a person who is

(i)

the husband or wife;

(ii)

the son or daughter;

(iii)

the parent;

(iv)

the brother or sister;

(v)

the grandfather or grandmother;

(vi)

the uncle or aunt; or

(vii)

the nephew or niece;

(c) in all other cases, the official of the Directorate shall

consider the circumstances of the particular case in

order to see whether the relationship he has with the

auditee has any form of influence on him or can cause

an influence on his judgement in such manner that he

would not be in a position to perform his duties in an

impartial and fair manner. In making such a

consideration, the official shall keep in mind the

principle that he should be independent in fact and in

appearance. In addition, the Code of Fundamental

Principles for officials serving in the Internal Audit

and Investigations Directorate and for any Compliance

and Assurance official, as referred to in article 20 of

the said Act shall also be consulted;

(d) if, after such consideration as is mentioned in

paragraph (c), the official is still in doubt, he shall

refer the matter to the Director explaining all the facts

relative to his doubt. The Director shall consider and

decide on the facts as presented by the official and

shall relate his decision to that official. The Director’s

CONFLICT OF INTEREST

decision shall be final;

(e) in all cases where a conflict of interest is claimed by

an official under these regulations, a declaration

should be made in the form shown in the Schedule.

CONFLICT OF INTEREST

DECISION BY DIRECTOR

I agree that subject to the information given by the official in section 1 of this

declaration

(a)

there is no conflict of interest and the official should continue with

his work

(b) there is a conflict of interest and the official should refrain from

continuing with his work

CONFLICT OF INTEREST

FULL DESCRIPTION OF THE CONFLICT OF INTEREST SITUATION

Signature of Official