Investment Intermediaries Act, 1995

• Permanent Page URL

Powers of authorised officers.

65.—(1) The powers conferred by this section may be exercised in respect of an approved professional body or a body which has applied to be an approved professional body, a proposed investment business firm, an authorised investment business firm, an investment business firm or a former authorised investment business firm, or a person whom a supervisory authority has reasonable grounds to believe has provided or is providing investment business services or investment advice, or an associated undertaking or related undertaking and these persons shall be referred to in this section as “persons to whom this section applies”.

(2) An authorised officer may, for the purpose of obtaining any information which a supervisory authority may require to enable it to exercise any of its functions under this Act, do any one or more of the following things:

(a) at all reasonable times enter any premises, at which there are reasonable grounds to believe that any investment business service or any activity in connection with an investment business firm or an approved professional body is, or has been, carried on, or that books, records or other documents in relation to such business or activities are kept, and search and inspect the premises and any books, records or other documents on the premises;

(b) secure for later inspection any premises or any part of a premises in which books, records or other documents are kept or there are reasonable grounds for believing that such books, records or other documents are kept;

(c) inspect and take copies of or extracts from, or, subject to a warrant being issued for that purpose by a judge of the District Court, remove for a reasonable period for further examination, any books, records or other documents which the officer finds in the course of inspection;

(d) require any person who carries on such investment business services or investment advice and any person employed in connection therewith to give to the authorised officer such information as the officer may reasonably require in relation to any entries in such books, records or other documents;

(e) require any such person to give to the officer any information which the authorised officer may require in regard to the investment business service or investment advice or in regard to the persons carrying on such investment business service or investment advice or employed in connection therewith;

(f) require any such person to give to the authorised officer any other information which the authorised officer may reasonably require in regard to such investment business service or investment advice;

(g) require any person by or on whose behalf data equipment is or has been used or any person having charge of, or otherwise concerned with the operation of, the data equipment or any associated apparatus or material, to afford the authorised officer reasonable assistance in relation thereto;

(h) summon, at any reasonable time, any other person employed in connection with the investment business service or investment advice to give to the authorised officer any information which the officer may reasonably require in regard to such activity and to produce to the authorised officer any books, records or other documents which are in that person's power or control;

(i) require any person employed in the premises to prepare a report on specified aspects of the business of the persons to whom this section applies or to explain entries in any documents or other materials furnished.

(3) A person who has in his power, possession or procurement any books, records or other documents aforesaid shall—

(a) produce them at the request of an authorised officer and permit him to inspect and take copies of, or extracts from, them,

(b) at the request of an authorised officer, give any information which may be reasonably required with regard to them, and

(c) give such other assistance and information to an authorised officer as is reasonable in the circumstances.

(4) Where any person from whom production of a book, record or other document is required claims a lien thereon the production of it shall be without prejudice to the lien.

(5) Nothing in this section shall compel the production by a barrister or solicitor of a book, record or other document containing a privileged communication made by him or to him in that capacity or the furnishing of information contained in a privileged communication so made.

(6) An investment business firm, an approved professional body and any person carrying on the business of an associated or related undertaking to which this section relates shall each furnish to a supervisory authority—

(a) at such times as the supervisory authority may specify from time to time such information and returns concerning the business to which the authorisation or business of the associated undertaking or related undertaking relates as the supervisory authority may specify from time to time (being information and returns which the supervisory authority considers it necessary to have for the due performance of its functions under this Act), and

(b) within such period as the supervisory authority may specify, any information and returns (not being information or returns specified under paragraph (a) of this subsection) concerning the business to which the authorisation or business of the associated undertaking or related undertaking relates that the supervisory authority may request in writing (being information and returns which the supervisory authority considers it necessary to have for the due performance of its functions under this Act).

(7) This section shall apply to the business of an associated undertaking or related undertaking to the extent only that the information and returns sought by the supervisory authority are, in the opinion of the supervisory authority, materially relevant to the proper appraisal of the business of the investment business firm to which the associated or related undertaking relates.

(8) A requirement under this section may be imposed on a person to whom this section applies outside the State.

(9) The duty to produce or provide any information, document, material or explanation extends to an examiner, liquidator, receiver, official assignee or any person who is or has been an officer or employee or agent of the persons to whom this section applies, or who appears to the supervisory authority or the authorised officer to have the information, document, material or explanation in his possession or under his control.

(10) An authorised officer appointed under section 64 of this Act, where he considers it necessary, may be accompanied by a member of the Garda Síochána when performing any powers conferred on an authorised officer by this Act.

(11) A person shall not obstruct or interfere with an authorised officer in the exercise of his powers under this Act.

(12) A person shall comply with any request or requirement of an authorised officer under this Act.

(13) In this section—

(a) “specified” means specified under this section,

(b) “agent”, in relation to a person to whom this section applies or any associated or related undertaking, includes past as well as present agents, as the case may be, and includes its bankers, accountants, solicitors, auditors and its financial and other advisors, whether or not those persons are officers or persons to whom this section applies.

(14) If any officer, employee, shareholder or agent of a person to whom this section applies refuses to produce to an authorised officer when requested to do so any book or document which it is his duty under this section to produce, or refuses to co-operate with an authorised officer when required to do so, or refuses to answer any question put to him by an authorised officer with respect to the affairs of the person to whom this section applies, then the authorised officer may certify the refusal under his hand to the Court and the Court may thereupon enquire into the case and, after hearing any witnesses who may be produced against or on behalf of the officer, employee, shareholder or agent of the person to whom this section applies and any statement which may be offered in defence, make any order or direction as it thinks fit including a direction to the person concerned to attend or re-attend before the authorised officer or produce particular books or documents or answer a particular question put to him by the authorised officer, or a direction that the person concerned need not produce a particular book or document or answer a particular question put to him by the authorised officer.