Investment Intermediaries Act, 1995
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Powers of inspection. |
69.—(1) It shall be the duty— | |
(a) of all officers, shareholders, employees and agents of an investment business firm or other body the affairs of which are being investigated under section 66 or 73 of this Act, including officers, shareholders and agents outside the State, and | ||
(b) of any other person, including those being investigated under section 67 of this Act, and including any person outside the State, who the inspector considers is, or may be, in possession of any information concerning the affairs of an investment business firm, | ||
to produce to an inspector appointed under section 66 or 73 of this Act all books, accounts, deeds, records or other documents of, or relating to, the business of the investment business firm or person being investigated under section 67 of this Act, which are in their control, possession or procurement, to attend before the inspector, when required to do so, and, otherwise, to give to him all assistance in connection with the investigation which they are reasonably able to give and it shall be the duty of such persons to comply with the requirement. | ||
(2) The inspector may examine on oath or by written interrogatories on oath the officers, employees, shareholders and agents of the investment business firm being investigated or other person being investigated by the inspector and any such person as is mentioned in subsection (1) of this section in relation to its affairs and may— | ||
(a) administer an oath accordingly, and | ||
(b) take or cause to be taken the answers of such person in writing and require that person to sign them. | ||
(3) If an inspector has reasonable grounds for believing that a director or past director or employee or past employee or agent or past agent or shareholder or past shareholder of the investment business firm or of any other person mentioned in subsection (1) of this section whose affairs the inspector is investigating, maintains or has maintained, either at that time or at any time in the past, an account of any description in a credit institution or an account with any other financial institution, including holdings of investment instruments, whether alone or jointly with another person and whether in the State or elsewhere, into or out of which there has been paid— | ||
(a) any money which has resulted from or been used in the financing of any transaction, arrangement or agreement relating to the business of the investment business firm or relating to client money or investment instruments, or | ||
(b) any money which has been in any way connected with any act or omission, or series of acts or omissions, which on the part of that director or employee or agent constituted misconduct (whether fraudulent or not) towards the investment business firm or its shareholders or any client or creditor of the investment business firm, | ||
the inspector may require the director or past director or officer or past officer or employee or past employee or agent or past agent or shareholder or past shareholder or other person mentioned in subsection (1) of this section to produce to him all documents in the director's or employee's or agent's possession, or under his control, relating to that account and in this subsection “credit institution account” includes an account with any person exempt by virtue of section 7 (4) of the Central Bank Act, 1971 , from the requirement of holding a licence granted under section 9 of that Act. | ||
(4) If any officer, shareholder or agent of the investment business firm or any such person as is mentioned in subsection (1) of this section refuses to produce to the inspector any book or document which it is his duty under this section to produce, refuses to attend before the inspector when required to do so, or refuses to answer any question put to him by the inspector with respect to the affairs of the investment business firm or other person mentioned in subsection (1) of this section, as the case may be, the inspector may certify the refusal under his hand to the Court and the Court may thereupon inquire into the case and, after hearing any witnesses who may be produced against or on behalf of the officer, shareholder or agent of the investment business firm or associated or related undertaking or other person mentioned in subsection (1) of this section and any statement which may be offered in defence make any order or issue a direction as it thinks fit, including a direction to the person concerned to attend or re-attend before the inspector, or may make an order to produce particular books or documents or answer a particular question put to him by the inspector, or may issue a direction that the person concerned need not produce a particular book or document or answer a particular question put to him by the inspector. | ||
(5) In this section any reference to officers or agents shall include past as well as present officers and agents, as the case may be, and “agents”, in relation to an investment business firm or other person mentioned in subsection (1) of this section, shall include the bankers, accountants, solicitors, auditors and the financial and other advisors of the investment business firm or other person mentioned in subsection (1) of this section, whether those persons are or are not officers of the investment business firm or other body or undertaking. |