Section 24Part 5 — Duties and Powers of the Authority
Authority to administer this Act
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It is the duty of the Authority to administer this Act and in particular to examine and make determinations with respect to an application for reg istration of a private fund under section 7 .
The Authority shall —
maintain a general review of business of a private fund in the Islands and submit an annual report in respect of the review of private fund business to the Cabinet;
be responsible for supervision and enforcement in respect of persons to whom this Act applies and for the investigation of pers ons where the Authority reasonably believes that they are or have been in breach of this Act ; and
whenever the Authority considers it necessary, examine, by way of scrutiny of regular returns, on - site inspections or auditors ’ reports, or in such other manner as the Authority may determine, the affairs or business of any private fund for the purpose of —
a general review under paragraph (a) ; or
satisfying itself that this Act and any regulations made under this Act or under the Proceeds of Crime Act (2025 Revision) are being complied with.
The Authority may in writing authori s e any other person to assist it in the exercise and performance of its powers and functions under this Act .