A member of the regulator who is directly or indirectly interested in any matter arising at a meeting of the regulator must disclose the nature of that interest to the meeting.
A member of a committee or sub-committee of the regulator who is directly or indirectly interested in any matter arising at a meeting of the committee or sub-committee must disclosure the nature of that interest to the meeting.
Where a member has disclosed an interest within subsection (1) or (2)—
that member must not take part in any deliberation or decision about the matter if it is a contract or agreement of any description, but
may otherwise take part in any deliberation or decision about the matter unless at least one-third of the other members at the meeting decide that the interests disclosed might prejudicially affect the member's consideration of the matter.
The regulator must prepare and keep up to date a register of members' interests of the interests disclosed under subsection (1) or (2).
The register required by subsection (4) must include the interests of—
the members of the regulator, and
all members of committees or sub-committees whether or not falling within paragraph (a).