Inquiries by and Other Powers of Registrar (ss 20-25)
(1) The Registrar may at any time call for any
documents and any other information from a licensed fund or an officer of a
licensed fund in relation to any matter connected with the business or
transactions of that fund.
(2) Within one month, or such further period as
the Registrar may allow, of receiving any inquiry in terms of subsection (1),
the fund or officer to whom the inquiry is made shall reply in writing thereto
and shall furnish any document called for.
[Ch2703s21]21. Investigation of affairs of a licensed fund
(1) If at any time the Registrar, from information
in his possession, is of the opinion that it is necessary or desirable to do
so, he may investigate the affairs or any part of the affairs of a licensed
(2) In making an investigation in terms of this
section, the Registrar may-
from the fund the production of any of its securities, books or documents; and
on oath, which the Registrar may administer, any person in relation to the
business of the fund.
(3) The Registrar shall have the same powers,
rights and privileges as conferred upon a Commissioner by the Cap. 05:02 Commissions
of Inquiry Act.
(4) The Registrar may, with the approval of the
Minister, recover from the fund concerned all or part of the expenses
necessarily incurred in connection with the investigation.
[Ch2703s22]22. Registrar may prohibit dealings with assets pending
of 2007, s. 107
(1) The Registrar may, at any time before or
during an investigation under section 21, by an order given under his hand-
a fund from dealing in any manner whatsoever with all or a named portion of its
any dealing which would result in a reduction of the value of the fund,
for such time as he shall consider necessary to conclude his
investigation or any part of it.
(2) Except with the prior consent in writing of
the Registrar, the assets covered by an order made under subsection (1) shall
not be sold, mortgaged, pledged or otherwise encumbered in any manner
whatsoever by any person.
(3) Every director, manager, controller or
principal officer who, after an order has been made by the Registrar under
subsection (1), purports to sell, mortgage, pledge or otherwise encumber any
asset named in such order or reduces the value of the fund shall be guilty of
an offence and liable, at the order of the Registrar, to a fine equivalent to
twice the value of any loss or expense thereby caused to the fund and to the
(4) Any sale, mortgage, pledge or other
encumbrance purported to be made of or to any asset, named in any order made
under subsection (1) while such order remains in force, shall be void and of no
(5) Any fine imposed on any person under
subsection (3) shall be recoverable as a fine imposed by a court under the
provisions of subsections (1) to (4) of section 303 of the Cap. 08:02 Criminal
Procedure and Evidence Act, and an affidavit sworn by the Registrar shall be
sufficient proof of the lawful imposition of the fine to enable the court to
issue a warrant under those provisions.
(6) An order made by the Registrar under
subsection (1) shall be published in the Gazette as soon as practicable.
[Ch2703s23]23. Registrar may require unlicensed fund to provide information
(1) The Registrar may, by notice in writing,
require any person whom he has reason to suspect is carrying on the business of
a fund which is not licensed to transmit to him, within such period as may be
specified in the notice, a copy of the rules, if any, in terms of which the
business concerned is being operated, together with a copy of the last annual
accounts recorded by that person in relation to that business, and such other
information in relation to the business carried on by that person as the Registrar
(2) If any person who has been required in terms
of subsection (1) to transmit any document or information fails to comply with
the terms of the notice within the period specified therein, the Registrar may
investigate the affairs or any part of the affairs of that person, and the
provisions of section 21(2) to (4) shall, mutatis mutandis, apply in
relation to such investigation.
(3) If it appears from inquiries in terms of
subsection (1) or an investigation in terms of subsection (2) that the person
concerned is carrying on the business of a fund which is not licensed, the
inform the person concerned accordingly by notice in writing sent by registered
(b) may, if
an application for licensing of the fund is not received within one month of
the sending of such notice, direct that the business of the fund shall be
wound-up and that the provisions of section 10 shall, mutatis mutandis,
apply as though the fund were a licensed fund.
[Ch2703s24]24.–25 ...... 2 of 2007, s. 107