Section 24Part 5 — POWERS AND DUTIES OF THE AUTHORITY
Powers of the Authority
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24. (1) The Authority shall —
maintain a general review of the requirements for the qualification of directors of covered entities in the Islands and make recommendations to the Cabinet necessary with respect to the making of regulations under this Law;
examine the capacity of registered directors, professional directors and corporate directors to carry out their duties and responsibilities as directors of covered entities and to give directions where necessary;
examine and determine applications for registration and licences;
act as the adviser to the Cabinet and take all necessary action to ensure the proper and just implementation of this Law; and
whenever the Authority considers it necessary, examine, by way of scrutiny of prescribed regular returns or on-site inspections, or in such other manner as the Authority may determine, the affairs or business of any registered director, professional or corporate director for the purpose of a general review of directorship services in the Islands or for the Directors Registration and Licensing Law, 2014 Section 25 c Law 10 of 2014 Page 15 purpose of satisfying itself that this Law and any regulation made under this Law are being complied with.
In the performance of its functions under this Law, the Authority may, at all reasonable times, require —
a person whom the Authority reasonably believes is acting as a director of a covered entity in contravention of this Law;
a registered director, professional director or corporate director; or
any person whom the Authority reasonably believes has relevant information relating to (a) or (b), to provide access to and allow copies to be made of any books, records or documents that the Authority may reasonably require and to furnish any information or explanation the Authority may reasonably require for the performance of its functions under this Law or the Monetary Authority Law (2013 Revision).
If the Authority considers there are reasonable grounds for believing that an offence against this Law 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 he is convicted is continued after conviction he 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 to whom subsection (2) applies who knowingly or recklessly, furnishes any information, provides any explanation or makes any statement to the Authority 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 or to imprisonment for six months, or to both, or on conviction on indictment to a fine of one hundred thousand dollars or to imprisonment for five years, or to both.