§ 170 — Obligation of relevant person under inspection, etc.

170.—(1) For the purposes of an inspection under section 169(1), a relevant person must —(a)

give the Authority access to such of the books of the relevant person as the Authority may reasonably require to conduct the inspection;

(b)

procure any other person who is in possession of such of the books of the relevant person as the Authority may reasonably require to conduct the inspection, to give the Authority access to the books;

(c)

provide such information (including information relating to the internal control systems of the relevant person) and facilities as the Authority may reasonably require to conduct the inspection; and

(d)

procure any other person who is in possession of such information (including information relating to the internal control systems of the relevant person) and facilities as the Authority may reasonably require to conduct the inspection, to provide the information and facilities to the Authority.

(2) Subsection (1) has effect despite any obligation of confidentiality or other restrictions on the disclosure of information imposed on the relevant person or any of its officers, or on any person referred to in subsection (1)(b) or (d), by any prescribed written law as defined in section 17(1) or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct.

(3) A relevant person that, without reasonable excuse, refuses or neglects to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

(4) No civil or criminal liability is incurred by a relevant person or any of its officers, or by any person referred to in subsection (1)(b) or (d), in respect of any obligation or restriction referred to in subsection (2), for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good faith and for the purpose of complying with subsection (1).

(5) A relevant person, or any of its officers, or any person referred to in subsection (1)(b) or (d), that, with reasonable care and in good faith, does or omits to do any act for the purpose of complying with subsection (1) is not to be treated as being in breach of any obligation or restriction referred to in subsection (2).

(6) For the purposes of an inspection under section 169(1), the Authority may —(a)

make copies of, or take possession of, any such books;

(b)

use, or permit the use of, any such books for the purposes of any proceedings under this Act; and

(c)

subject to subsection (8), retain possession of any such books for so long as is necessary —(i)

for the purposes of exercising a power conferred by this section;

(ii)

for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or

(iii)

for such proceedings to be commenced and carried on.

(7) A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.

(8) While the books are in the possession of the Authority, the Authority —(a)

must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and

(b)

may permit another person to inspect any of the books.

(9) The Authority may require a person that produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.

(10) A person that, without reasonable excuse, fails to comply with a requirement of the Authority under subsection (9) shall be guilty of an offence and shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

—(1) For the purposes of an inspection under section 169(1), a relevant person must —(a)

give the Authority access to such of the books of the relevant person as the Authority may reasonably require to conduct the inspection;

(b)

procure any other person who is in possession of such of the books of the relevant person as the Authority may reasonably require to conduct the inspection, to give the Authority access to the books;

(c)

provide such information (including information relating to the internal control systems of the relevant person) and facilities as the Authority may reasonably require to conduct the inspection; and

(d)

procure any other person who is in possession of such information (including information relating to the internal control systems of the relevant person) and facilities as the Authority may reasonably require to conduct the inspection, to provide the information and facilities to the Authority.

(2) Subsection (1) has effect despite any obligation of confidentiality or other restrictions on the disclosure of information imposed on the relevant person or any of its officers, or on any person referred to in subsection (1)(b) or (d), by any prescribed written law as defined in section 17(1) or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct.

(3) A relevant person that, without reasonable excuse, refuses or neglects to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

(4) No civil or criminal liability is incurred by a relevant person or any of its officers, or by any person referred to in subsection (1)(b) or (d), in respect of any obligation or restriction referred to in subsection (2), for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good faith and for the purpose of complying with subsection (1).

(5) A relevant person, or any of its officers, or any person referred to in subsection (1)(b) or (d), that, with reasonable care and in good faith, does or omits to do any act for the purpose of complying with subsection (1) is not to be treated as being in breach of any obligation or restriction referred to in subsection (2).

(6) For the purposes of an inspection under section 169(1), the Authority may —(a)

make copies of, or take possession of, any such books;

(b)

use, or permit the use of, any such books for the purposes of any proceedings under this Act; and

(c)

subject to subsection (8), retain possession of any such books for so long as is necessary —(i)

for the purposes of exercising a power conferred by this section;

(ii)

for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or

(iii)

for such proceedings to be commenced and carried on.

(7) A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.

(8) While the books are in the possession of the Authority, the Authority —(a)

must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and

(b)

may permit another person to inspect any of the books.

(9) The Authority may require a person that produced any book to the Authority to explain, to the best of the person’s knowledge and belief, any matter about the compilation of the book or to which the book relates.

(10) A person that, without reasonable excuse, fails to comply with a requirement of the Authority under subsection (9) shall be guilty of an offence and shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.