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(1) The Board may issue guidelines for the purpose of giving guidance to

(a) approved trustees,

(b) pension fund managers,

(c) custodians,

(d) other service providers,

(e) the basic national social security scheme,

(f) the Controller and Accountant General Department, and

(g) Participating employers and their workers, self-employed persons, and other persons concerned with this Act.

(2) A guideline may

(a) consist of a code, standard, rule, specification or provision related to occupational pensions, provident fund or personal pension schemes or a class of these schemes;

(b) apply, incorporate or refer to a published or amended document in force, and

(c) require persons including persons belonging to a class to give specified information or documents to the Board.

(3) The Board shall publish the guidelines in the Gazette or in another print media determined by the Board.

(4) Where the Board amends or revokes a guideline, it shall publish it in the Gazette or in another print media determined by the Board.

(5) A person shall not incur a civil or criminal liability for the contravention of a guideline issued under this section.

(6) Despite subsection (5) the Board may impose the following sanctions for deliberate refusal to apply the guidelines:

(a) imposition of a fine;

(b) suspension or revocation of a licence;

(c) suspension or cancellation of registration; or

(d) other sanctions determined by the Board.

(7) In any legal proceedings, where the court is satisfied that a guideline is relevant to the determination of a matter

(a) the guideline shall be admissible in evidence, and

(b) proof as to whether or not a person contravened a guideline may be relied on by any party to the proceedings to establish or negate the matter.