§ 72 — Inspection by Authority

72.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons:(a)

a licensee;

(b)

an exempt payment service provider;

(c)

an operator of a designated payment system;

(d)

a settlement institution of a designated payment system;

(e)

a participant of a designated payment system;

(f)

a person exempt under section 100.

(2) For the purposes of an inspection under this section —(a)

a person mentioned in subsection (1) in possession of the person’s books must produce those books to the Authority and give such information or facilities as the Authority may require;

(b)

a person mentioned in subsection (1) must procure any other person that is in possession of the firstmentioned person’s books to produce those books to the Authority and give such information or facilities as the Authority may require; and

(c)

the Authority may —(i)

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

(ii)

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

(iii)

subject to subsection (4), retain possession of any such books for so long as is necessary —(A)

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

(B)

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

(C)

for such proceedings to be commenced and carried on.

(3) 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.

(4) 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.

(5) 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.

(6) A person that, without reasonable excuse, fails to comply with subsection (2)(a) or (b) or a requirement of the Authority under subsection (5) 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) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons:(a)

a licensee;

(b)

an exempt payment service provider;

(c)

an operator of a designated payment system;

(d)

a settlement institution of a designated payment system;

(e)

a participant of a designated payment system;

(f)

a person exempt under section 100.

(2) For the purposes of an inspection under this section —(a)

a person mentioned in subsection (1) in possession of the person’s books must produce those books to the Authority and give such information or facilities as the Authority may require;

(b)

a person mentioned in subsection (1) must procure any other person that is in possession of the firstmentioned person’s books to produce those books to the Authority and give such information or facilities as the Authority may require; and

(c)

the Authority may —(i)

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

(ii)

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

(iii)

subject to subsection (4), retain possession of any such books for so long as is necessary —(A)

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

(B)

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

(C)

for such proceedings to be commenced and carried on.

(3) 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.

(4) 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.

(5) 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.

(6) A person that, without reasonable excuse, fails to comply with subsection (2)(a) or (b) or a requirement of the Authority under subsection (5) 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.