(1) The relevant Director may, if he or she considers it appropriate having regard to the criteria (if any) prescribed by the regulations, require, as a condition of approving a proposed arrangement, a security to be given in relation to the operation of the arrangement.
(2) The regulations may:
(a) prescribe criteria to which the relevant Director must have regard in considering whether to require a security to be given as mentioned in subsection (1); and
(b) make provision for or in relation to the security that may be required.
(3) Without limiting paragraph (2)(b), regulations made for the purposes of that paragraph may deal with any or all of the following:
(a) the form of the security;
(b) the amount of the security;
(c) who must give the security;
(d) when the security must be given;
(e) the circumstances in which the security may be retained;
(f) the circumstances in which the security, or any part of the security, must be repaid.