Section 16Part 1 — Securities Investment Business Act
Powers and duties of the Authority
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The Authority shall —
maintain a general review of securities investment business in the Islands, and submit an annual report thereon to the Cabinet;
be responsible for supervision and enforcement in respect of persons to whom this Law applies, and for the investigation of persons where the Authority reasonably believes that they are or have been in breach of section 5(1);
whenever the Authority considers it necessary, examine, by way of the receipt of regular returns, on-site inspections, auditors ’ reports or in such other manner as the Authority may determine, the affairs or business of any licensee or registered person for the purpose of —
assessing whether a licensee or registered person is undertaking its authorised activities in accordance with this Law and any regulations made under this Law;
confirming that the provisions of the Anti-Money Laundering Regulations (2020 Revision) are being complied with;
confirming that the licensee or registered person is in a sound financial position; or
carrying out any other functions of the Authority. (1A) The Authority may require — (a) from a registered person, information related to its securities investment business; or (b) from any person who, in the opinion of the Authority, is conducting securities investment business in contravention of this Law information related to the person ’ s securities investment business.
The Authority may in writing authorise any other person to assist it to perform its functions under this Law.
This Law is deemed to be a regulatory law for the purposes of the Monetary Authority Law (2020 Revision) .
A person who knowingly or recklessly provides any information to the Authority which is false or misleading in a material particular commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for six months.