S.L. 371.21 Art. 8Investigations.

(1) Any officer, employee or agent of the competent authority may, for the purposes of regulation 7, carry out investigations on and, or, on-site inspections at the premises of, any person who appears to be in possession of relevant information.

(2) For the purposes of sub-regulation (1), the competent authority may appoint one or more competent persons, as inspectors, to investigate and report on the nature, conduct or state of the creditor’s business or any particular aspect of it:

Provided that if any such person appointed under this sub- regulation deems it necessary for the purposes of his investigation or for the purposes of an on-site inspection, he may also investigate and report on the business of any person who is or has at any relevant time been involved with, or in any matters of, the creditor concerned, including:

(a) a holding company, subsidiary or a company which is a connected person of the creditor under investigation; or

(b) a subsidiary or a company which is a connected person of a holding company of that creditor; or

(c) a holding company of a subsidiary of that creditor; or

(d) a controller of that creditor; or

(e) an outsourcing service provider of that creditor.

(3) Where the competent authority decides to investigate the business of, or carry out an on-site inspection at the premises of, any person in terms of sub-regulation (1), it shall inform that person by notice in writing.

(4) It shall be the duty of every person who is or was an officer or employee of, or who is otherwise related to the creditor, which is under investigation in terms of these regulations:

(a) to produce to the person or persons appointed under sub-regulation (2), within such time and at such place as they may require, all documents relating to the person concerned which are in his custody or power;

(b) to attend before the person or persons so appointed at such time and place as they may require; and

(c) otherwise to give such person or persons all assistance in connection with the investigation which he is reasonably able to give, and such person or persons may take copies of or extracts from any documents produced to them under paragraph (a).

(5) A person exercising powers by virtue of an appointment under this regulation shall, if so required, produce evidence of his authority.

(6) No person shall:

(a) without lawful excuse fail to produce any documents which it is his duty to produce under sub-regulation (4);

(b) without lawful excuse fail to attend before the person or persons appointed under sub-regulation (2) when required to do so; or

(c) without lawful excuse fail to answer any question which is put to him by persons so appointed.

(7) A statement made by a person in compliance with a requirement imposed by virtue of this regulation may be used as evidence against him.

(8) The competent authority shall have the power to order that all expenses of, and incidental to, an investigation pursuant to this regulation be paid by the creditor concerned.