Section 41Part 6 — Accounts and Statements
Independent review of Authority's performance
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The Cabinet may, at any time, appoint an independent person to —
review the Authority's performance of any of its functions, including its observance of its general duties under section 6 and the regulatory handbook established under section 48; or
enquire into any action or inaction of the Authority which appears to raise questions of importance to the public interest, and such appointment may include directions concerning the scope and conduct of the review or enquiry and the making of interim reports.
The person appointed under subsection (1) ("the appointed person") may, subject to any directions given in that person's appointment —
obtain such information from such persons and in such manner as that person thinks fit;
review or enquire into such matters as that person thinks fit; and
determine the procedure to be followed in connection with the review or the enquiry.
The appointed person may require any person who, in that person's opinion, is able to provide any information or produce any document which is relevant to the review or enquiry to provide any such information or produce any such document, and for this purpose the appointed person shall have the same powers as the Grand Court in respect of the attendance and examination of witnesses (including the examination of witnesses abroad) and in respect of the production of documents.
Where a person fails to comply with a requirement imposed on that person under subsection (3), the appointed person may refer the matter to the Grand Court which may enquire into the matter and, if satisfied after hearing —
any witness who may be produced against or on behalf of the person who fails to comply; and
any statement made by or on behalf of such person, that such person would have been in contempt of court if the review or enquiry had been proceedings before the court, such person may be dealt with by the court in the same manner as if that person were in contempt of court.
The appointed person shall, upon the completion of the review or enquiry, make a written report to the Minister charged with responsibility for Financial Services setting out the result of the review or enquiry and making such recommendations (if any) as that person considers appropriate.
The report under subsection (5) shall be laid before the Legislative Assembly, subject to the removal of any material —
which the Minister charged with responsibility for Financial Services considers to relate to the affairs of a particular person whose interests would be seriously and unfairly prejudiced by the publication; or
whose disclosure, in the opinion of the Minister charged with responsibility for Financial Services, would be incompatible with the public interest or an international obligation of the Islands.
Expenses reasonably incurred in conducting a review or enquiry shall be paid out of the revenue of the Islands.
Cross References
- Section 6 of Monetary Authority Actexternal
general duties
- Section 48 of Monetary Authority Actexternal
regulatory handbook