Clause 21

The Authority may, from time to time, make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Act and for prescribing anything that may be required or authorised to be prescribed by this Act.(2) Without prejudice to the generality of subsection (1), regulations may be made for or with respect to the operations and activities of banks and other financial institutions issuing credit and charge cards, including the minimum qualifying criteria for the issue of a credit or charge card.(3) Regulations made under this section may relate to all, or any class, category or description of persons or banks, and may make different provisions for different classes, categories or descriptions of persons or banks or to a particular person or bank or of general or specifically limited application.(4) Except as otherwise expressly provided in this Act, the regulations may provide for the imposition of a fine not exceeding $5,000 or imprisonment for a term not exceeding one year or both for any contravention thereof.”.