Cap. 514 Art. 40Appointment of inspectors.

(1) The competent authority may, whenever it deems it necessary or expedient, appoint an inspector or inspectors to investigate and report on the affairs of any retirement scheme, retirement fund, service provider, overseas retirement scheme or person,referred to in article 39(1)(a) to (c) and to report thereon to it.

(2) An inspector appointed under sub-article (1) -

(a) may also, if he thinks it necessary or expedient for the purposes of that investigation, investigate the affairs of any retirement scheme, retirement fund, service provider, overseas retirement scheme or person, mentioned in sub-article (1);

(b) shall have and may exercise all the powers conferred on the competent authority by article 39, and any requirement made by him shall be deemed to be and have the same force and effect as a requirement by the competent authority; and

(c) may, and if so directed by the competent authority shall, make interim reports and on the conclusion of his investigation shall make a final report to the competent authority.

(3) The competent authority shall have power to order that all expenses of, and incidental to, an investigation pursuant to this article be paid by the retirement scheme, retirement fund, service provider, overseas retirement scheme or person concerned. anyone referred to in article 39 to whom or to which the notice is given shall obey, comply with and otherwise give effect to any such directive within the time and in the manner stated in the directive or further directive:

Provided that the competent authority may give any such directive, even where a licence holder, for whatever reason, ceases to hold a licence granted in terms of this Act:

Provided further that any directive given in terms of this article shall, unless the competent authority otherwise directs, continue to apply even when a licence holder, for whatever reason, ceases to hold a licence granted in terms of this Act.

(2) Without prejudice to the generality of the foregoing provisions of this article, a directive under this article may -

(a) require anything to be done or be omitted to be done, or impose any prohibition, restriction or limitation, or any other requirement, including any requirement emanating from European Union legislation, and confers powers,with respect to any transaction or other act, or to any assets, or to any other thing whatsoever;

(b) require a retirement scheme, or a retirement fund and any other person who may issue or redeem units or shares in the retirement scheme or retirement fund, as the case may be, to cease the issue or redemption of units or shares or all or any combination of those activities, as may be specified in the directive;

(c) require that any officer or any person having functions in relation to the holder of a licence be prohibited, temporarily or otherwise, suspended from carrying out activities licensable under the Act, or be removed, or removed and replaced by another person acceptable to the competent authority;

(d) require a retirement scheme or Retirement Scheme Administrator or any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund as applicable, to wind up the retirement scheme or retirement fund by such date and in accordance with such procedure and other provisions as may be specified in the directive;

(e) require a retirement scheme or retirement fund or service provider or any person who is or was providing, or who appears to be or to have been providing a service, to cease operations and to wind up its affairs, in accordance with such procedures and directions as may be specified in the directive, which or service provider or such other person;

(f) require the cessation of any practice that is contrary to the provisions adopted in the implementation of the Occupational Pensions Directive.

(3) Where the competent authority is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under any of the provisions of this article.

(4) The power to give directives under this article shall include the power to vary, alter, add to or withdraw any directive, as well as the power to issue new or further directives.