s.16Powers and duties of the Authority
16
Section 16Part 0 —

Powers and duties of the Authority

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The Authority shall —
maintain a general review of the business of company management in the Islands and make such recommendations to the Cabinet as may be considered necessary with respect to the making of regulations under this Act;
whenever the Authority considers it necessary, examine, by way of the receipt of regular returns or in such other manner as the Authority may require, the affairs or business of any licensee for the purpose of —
carrying out the functions of the Authority or exercising the powers of the Authority under section 18;
confirming that the provisions of this Act are being complied with; or
confirming that the licensee is in a sound financial position;
whenever the Authority considers it necessary, assist in the investigation of any offence against the laws of the Islands for which there are reasonable grounds for believing that an offence has or may have been committed by a licensee or by any of its directors or officers in their capacity as such;
examine accounts and audited annual accounts forwarded to it under section 13 and report on them to the Cabinet whenever the Authority considers it necessary;
examine and determine applications for licences; and
act as the adviser to the Cabinet and take all necessary action to ensure the proper and just implementation of this Act.
In the performance of its functions under this Act, the Authority may, at all reasonable times, require a person whom the Authority reasonably believes is carrying on the business of company management in contravention of this Act, or a licensee to provide —
access to, and to allow copies to be made of, such books, records and documents;
access to such cash and securities; and
such information or explanation,
as the Authority may reasonably require for the performance of its functions under this Act.
If it appears to the Authority that there are reasonable grounds for suspecting that an offence against this Act has been or is being committed by any person, the Authority may, with the approval of the Court, take such action as may be necessary in the interests of —
a managed company;
an owner of a managed company;
a creditor of a managed company; or
a creditor of an owner of a managed company,
to preserve any assets held by that managed company, owner or creditor.
If the Authority considers there are reasonable grounds for believing that an offence against this Act has been committed, the Authority may apply to the Court for any order which is necessary to facilitate the investigation of the offence.
A person who fails to comply with any requirement of the Authority under subsection (2) commits an offence and is liable on summary conviction to a fine of ten thousand dollars, and on conviction on indictment to a fine of one hundred thousand dollars, and if the offence of which that person is convicted is continued after conviction that person commits a further offence and is liable to a fine of ten thousand dollars for every day on which the offence is so continued.
A person who, knowingly or recklessly, furnishes any information, provides any explanation or makes any statement which is false or misleading in a material particular commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for six months, or on conviction on indictment to a fine of one hundred thousand dollars and to imprisonment for five years.

Defined Terms

managed company

Cross References

Referenced By