Section 28A
Inspection powers. [S 43/2016]
of Registered Agents and Trustees Licensing Order, 2000
(1)
The Authority may under conditions of confidentiality, from time to time conduct an on-site inspection on a licensee to facilitate the discharge of its duties under this
Order or any other written law.
(2)
The licensee shall provide such information and facilities as the Authority may reasonably require to conduct such inspection and failure to comply with the Authority’s request is an offence punishable with a fine not exceeding $20,000.
Incorporating amendments until S 43/2016
(Clean copy) NANI/muslim/fiqah _ as of 17.08.2020
27
BLUV as at 3rd August 2016
(3)
For the purpose of an inspection under subsection (1), the licensee shall –
(a)
give the Authority access to such books, documents, computers, computer programs including computer software (whether installed in a computer or otherwise) of the licensee as the Authority may reasonably require to conduct the inspection;
(b)
procure a person who is in possession of such books, documents, computers, computer programs including computer software (whether installed in computer or otherwise) of the licensee as the Authority may reasonably require to conduct the inspection, to give the Authority access to them;
(c)
provide such information (including but not limited to information relating to the identity and details of accounts of the directors, shareholders, owners and any other person the Authority deem necessary) and facilities as the Authority may reasonably require to conduct the inspection;
(d)
procure a person who is in possession of such information (including but not limited to information relating to the identity and details of accounts of the directors, shareholders, owners and any other person the Authority deem necessary) and facilities as the Authority may reasonably require to conduct the inspection;
(e)
allow the Authority, without fee, to make copies or extracts from any such books, documents, computers, computer program, computer software or computer output.
(4)
The Authority may, as a result of the inspection carried out, produce a report a copy of which shall be given to the licensee underlining the Authority’s findings and may issue directions to the licensee concerned.
(5)
Subsection (2) has effect despite any obligation of confidentiality or other restrictions on the disclosure of information imposed on the licensee or any of its officers, or any requirement imposed under any rule of law, written law, contract, any trust instruments as defined under the International Trusts Order, 2000 (S 55/2000) or any rule of professional conduct.
Incorporating amendments until S 43/2016
(Clean copy) NANI/muslim/fiqah _ as of 17.08.2020
28
BLUV as at 3rd August 2016
(6)
No civil or criminal liability is incurred by a licensee or any of its officers or any person referred to in subsection (2)(b) or (d), in respect of any obligation or restriction referred to in subsection (5), for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good faith and for the purpose of complying with subsection (2).
Surrender of licence.