(1) A person who is or was a protected person does not incur civil liability personally for anything done or omitted to be done in good faith—
(a) in the exercise of a function of the Regulator or the Board under this Law; or
(b) in the reasonable belief that the act or omission was the exercise of a function of the Regulator or the Board under this Law.
(2) Any liability resulting from an act or omission that would, but for the purposes of subsection (1), attach to a protected person attaches instead to the Regulator.
(3) In this section—
"protected person" means an individual who is any of the following—
(a) a member of the Board;
(b) a member of a committee of the Board;
(c) a member of the staff of the Regulator;
(d) an authorised officer;
(e) a person to whom the Regulator has delegated any of its functions or to whom functions delegated by the Regulator have been subdelegated;
(f) a person acting under the direction or authority of a person mentioned in paragraphs (a) to (e), including, for example, a person helping an authorised officer or an assistant mentioned in section 518, 519 or 523;
(g) a person—
(i) who constitutes a body corporate that exercises functions of the Regulator under this Law; and
(ii) who is, or is of a class, prescribed by the national regulations;
(h) any other person exercising functions of the Regulator under this Law.