(1) The purpose of this section is to enable the Regulatory Authority to have sufficient funds to enable it to perform its functions and exercise its powers.
(2) The Chief Executive, with the agreement of the other members of the Regulatory Authority, may make regulations prescribing levies to be paid by persons who are subject to regulation under the designated enactments and designated statutory instruments.
(3) In particular, regulations under subsection (2) may provide for any of the following matters:
(a) the activities, services or other matters for which specified kinds of levies are payable;
(b) the persons, or classes of persons, who are required to pay specified kinds of levies;
(c) the amounts of specified kinds of levies;
(d) the periods in respect of which, or the dates by which, specified levies are to be paid to the Regulatory Authority;
(e) penalties that are payable by a person who fails to pay a levy on time;