Section 24Part 3 — Mutual Fund Administration
Authority may require information in respect of alleged breach of section
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If the Authority has reasonable grounds for believing a person is carrying on or attempting to carry on business as a mutual fund in or from the Islands in contravention of section 4(1), the Authority may instruct that person to give to the Authority such information or explanation as the Authority may reasonably require to enable the Authority to carry out its duty under this Act .
A person who fails to comply with an instruction given to that person in accordance with subsection (1) commits an offence and is liable on conviction to a fine of one hundred thousand dollars.
A person giving information or an explanation for the purpose of subsection (1) shall not give the Authority information or an explanation that that person knows or should reasonably know is false or misleading, and a per son who contravenes this provision commits an offence and is liable on conviction to a fine of one hundred thousand dollars.