Section 17Part 1 — Banks and Trust Companies Act
Powers and duties of Authority
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It is the duty of the Authority —
to maintain a general review of banking practice in the Islands;
whenever it thinks fit, to examine, by way of the receipt of regular returns or in such other manner as it thinks necessary, the affairs or business of any licensee carrying on business in or from within the Islands for the purpose of satisfying itself tha t this Act is being complied with and that the licensee is in a sound financial position and, whenever it thinks fit, to report to the Cabinet the results of every such examination;
to assist in the investigation of any offence against the laws of the Islands which it has reasonable grounds to believe has or may have been committed by a licensee or by any of its directors or officers in their capacity as such; and
to examine accounts and audited annual accounts forwarded to it under section 12 and t o report on them to the Cabinet whenever it thinks fit.
The Authority may —
examine and make decisions with respect to applications for licences;
examine all proposals and make decisions in respect of the exercise of its powers under sections 18 , 18A, 19 and 20 ; and
take all nece ssary action, including originating applications to the Grand Court, to ensure the proper and just implementation of every provision of this Act .
In the performance of its functions under this Act , the Authority is entitled at all reasonable times —
to have access to such books, records, vouchers, documents, cash and securities of any licensee;
to request any information, matter or thing from any person whom it has reasonable grounds to believe is carrying on banking or trust business in the Isl ands in contr avention of section 5(1) or (2);
to have access to information from any member of the Cayman banking group or any member of the licensee ’ s economic group and such information includes —
policies;
procedures;
financial statements;
audit reports;
board reports;
regulatory returns; and
supervisory reports from overseas regulators;
to examine the business or affairs including the carrying on of onsite inspections, of any member of the Cayman banking group; and
to conduct onsite inspections of a licensee, as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Act .
The Authority may, in writing, authorise any other person to assist the Authorit y in the performance of its functions under this Act , and the Authority may make provision for the payment of such person ’ s remuneration and expenses whether or not the performance of the function has been completed.
If it appears to it that there is r easonable ground for suspecting that an offence against this Act has been or is being committed by any person, the Authority may, with the approval of the Court, take such action as it considers necessary, in the interests of the depositors or of the benef iciaries of any trust, or other creditors of that person, to preserve any assets held by that person.