Section 43: On site inspections

43. On site inspections (1) The Commission may at any time cause to be carried on the business premises of a licensee an inspection and an audit of its books and records to check whether the licensee— (a) is complying or has complied with the requirements of any applicable enactment, or guidelines or the conditions of its licence, authorisation or registration; or F10 – 25 [Issue 1] Financial Services Act (b) satisfies criteria or standards set out in or made under any of the relevant Acts under which it is regulated, or any regulations made thereunder. (2) For the purposes of subsection (1), the Chief Executive may— (a) direct orally or in writing— (i) the licensee; or (ii) any other person whom the Chief Executive reasonably believes has in its possession or control a document or thing that may be relevant to the inspection, to produce the document or thing as specified in the direction; (b) examine, and make copies of or take extracts from, any document or thing that he considers may be relevant to the inspections; (c) retain any document or thing it deems necessary; and (d) direct a person, who is or apparently is an officer or employee of the licensee to give information about any document or thing that he considers may be relevant to the inspection. (3) The licensee, its officers and employees shall give the Chief Executive full and free access to the records and other documents of the licensee as may be reasonably required for the inspection. (4) Any person who— (a) intentionally obstructs the Chief Executive in the performance of any of his duties under this section; or (b) fails, without reasonable excuse, to comply with the directions of the Chief Executive in the performance of his duties under this section, shall commit an offence. (5) For the purposes of this section, “Chief Executive” shall include any person designated in writing by the Chief Executive or the Commission.