48. Power of Board to obtain information
(1) The Board may require a Scheme member to submit (including periodically submit) such information as it may require for the performance of its functions, and such information shall be submitted within such period and in such manner as the Board may specify.
(2) Without prejudice to the generality of subsection (1), the Board may require a Scheme member to submit, within such period and in such manner as the Board may require, returns showing the amount of the relevant deposits maintained with the Scheme member and the breakdown of those relevant deposits.
(3) The Board may require a Scheme member to submit a report prepared by an auditor appointed by the Scheme member and approved by the Board as to whether or not, in the opinion of the auditor, information submitted pursuant to subsection (1) or a return submitted pursuant to subsection (2), is correctly compiled in all material respects.
(4) The Board may require a Scheme member to submit a report prepared by an auditor appointed by the Scheme member and approved by the Board as to whether or not, in the opinion of the auditor, the Scheme member has in place systems of control that are adequate to enable the Board to perform its functions.
(5) Nothing in this section empowers the Board to require a Scheme member to submit any information or report relating to any person who is—
- (a) a beneficiary for whom a deposit, or portion thereof, maintained with the Scheme member is held by a depositor as a trustee or bare trustee; or
- (b) a client for whom a deposit, or portion thereof, maintained with the Scheme member is held by a depositor in a client account.
(6) If a Scheme member, without reasonable excuse, fails to submit any information or return as required under subsection (1) or (2), every director and every chief executive of the Scheme member commits an offence and is liable—
- (a) on conviction on indictment to a fine of $400,000 and to imprisonment for 2 years and to a further fine of $20,000 for each day on which the failure continues; or
- (b) on summary conviction to a fine at level 6 and to imprisonment for 6 months and to a further fine of $10,000 for each day on which the failure continues.
(7) If a Scheme member, without reasonable excuse, fails to submit an auditor’s report as required under subsection (3) or (4), every director and every chief executive of the Scheme member commits an offence and is liable on conviction to a fine at level 6 and to a further fine of $10,000 for each day on which the failure continues.
