Stock Exchange Act, 1995

Powers of authorised officers.

56.—(1) The powers conferred by this section may be exercised in respect of a proposed stock exchange, an approved stock exchange, a former approved stock exchange, a proposed member firm, an authorised member firm, a member firm or a former authorised member firm, or associated undertaking or related undertaking and those persons shall be referred to in this section as “persons to whom this section applies”.

(2) An authorised officer may, for the purpose of obtaining any information which the Bank may require for enabling it to exercise any of its functions under this Act, do any one or more of the following things:

(a) enter at all reasonable times any premises in which he reasonably believes there are any books, documents or records relating to the activities of persons to whom this section applies,

(b) inspect or take copies of or extracts from and make such inquiries and do other acts as he may consider necessary in relation to—

(i) the books and records kept by persons to whom this section applies, including books and records kept pursuant to sections 15 and 27 of this Act,

(ii) any books of account relating to the said persons kept under the Companies Acts, and

(iii) any other documents relating to the business of the said persons,

(c) require any person employed in the premises to produce to him any books, documents or records which are in such person's control, possession or procurement and which such authorised officer has reasonable grounds for believing to be records, books or documents relating to the activities of any persons to whom this section applies and to give him such information as he may reasonably require in regard to any entries in any such records, books or documents,

(d) require any person employed in the premises to prepare a report on specified aspects of the business of the persons to whom this section applies or to explain entries in any documents or other materials furnished.

(3) A person who has in his power, possession or procurement any books, records or other documents aforesaid shall—

(a) produce them at the request of an authorised officer and permit him to inspect and take copies of, or extracts from, them;

(b) at the request of an authorised officer, give any information which may be reasonably required with regard to them, and

(c) give such other assistance and information to an authorised officer as is reasonable in the circumstances.

(4) Where any person from whom production of a book, record or other document is required claims a lien thereon, the production of it shall be without prejudice to the lien.

(5) Nothing in this section shall compel the production by a barrister or solicitor of a book, record or other document containing a privileged communication made by him or to him in that capacity or the furnishing of information contained in a privileged communication so made.

(6) An approved stock exchange or member firm and any person carrying on the business of an associated or related undertaking to which this section relates shall each furnish the Bank—

(a) at such times as the Bank may specify, from time to time, such information and returns concerning the business to which the approval, authorisation or business of the associated undertaking or related undertaking relates, as the Bank may specify from time to time, being information and returns which the Bank considers it necessary to have for the due performance of its functions under this Act; and

(b) within such period as the Bank may specify, any information and returns (not being information or returns specified under paragraph (a) of this subsection) concerning the business to which the approval, authorisation or business of the associated undertaking or related undertaking relates that the Bank may request in writing, being information and returns which the Bank considers it necessary to have for the due performance of its functions under this Act.

(7) This section shall apply to the business of an associated undertaking or related undertaking to the extent only that the information and returns sought by the Bank are, in the opinion of the Bank, materially relevant to the proper appraisal of the business of the approved stock exchange or authorised member firm to which the associated or related undertaking relates.

(8) A requirement under this section may be imposed on a person outside the State to whom this section applies.

(9) The duty to produce or provide any information, document, material or explanation extends to a liquidator or receiver or any person who is or has been an officer or employee or agent of the persons to whom this section applies, or who appears to the Bank or the authorised officer to have the information, document, material or explanation in his possession or under his control.

(10) In this section—

(a) “specified” means specified under this section;

(b) “agent”, in relation to a person to whom this section applies or any associated or related undertaking, includes past as well as present agents, as the case may be, and includes its bankers, accountants, solicitors, auditors and its financial and other advisors, whether or not those persons are officers or persons to whom this section applies.

(11) If any officer, employee, shareholder or agent of a person to whom this section applies refuses to produce to an authorised officerwhen requested to do so any book or document which it is his duty under this section to produce, or refuses to co-operate with an authorised officer when required to do so, or refuses to answer any question put to him by an authorised officer with respect to the affairs of the person to whom this section applies, the authorised officer may certify the refusal under his hand to the Court and the Court may thereupon inquire into the case and, after hearing any witnesses who may be produced against or on behalf of the officer, employee, shareholder or agent of the person to whom this section applies and any statement which may be offered in defence, make any order or direction as it thinks fit including a direction to the person concerned to attend or re-attend before the authorised officer or produce particular books or documents or answer a particular question put to him by the authorised officer, or a direction that the person concerned need not produce a particular book or document or answer a particular question put to him by the authorised officer.