57 Powers of supervisory authorities

(1) Every supervisory authority may exercise the following powers when monitoring compliance by the reporting entities under this Act—
(a) to request any documentation or information from a reporting entity;
(b) to have access to any premises, reasonably believed to be a premise at which the reporting entity is carrying on its business, and to conduct an examination during business hours;
(c) to require any person who has control of or access to the records or other documents that relate to the business of a reporting entity—
(i) to produce the documents for its examination; and
(ii) if any of those documents are in an electronic, mechanical or in any other form, to reproduce those documents in written form;
(d) to inspect the documents produced or reproduced in accordance with a request or found in the course of inspection of the premises;
(e) to take copies of those documents or of any part of those documents;
(f) to require any person, having information relating to the documents, or to the business of the reporting entity, to answer questions with respect to the documents of the reporting entity;
(g) to direct a reporting entity to provide an explanation about any documentation relating to the reporting entity; and
(ga) to caution a reporting entity not to repeat a noncompliant conduct;
(Inserted by Act 62 of 2021)
(gb) to direct a reporting entity to take remedial action;
(Inserted by Act 62 of 2021)
(h) to impose dissuasive administrative sanctions on the reporting entity and on the directors and senior management of the reporting entity for non-compliance with the provisions of this Act.
(2) Every supervisory authority may issue direction, directives or guidelines in relation to the requirements set out in this Act or the regulations made thereunder.
(3) Every reporting entity, including a director, manager or other officer involved in the control or management of the entity, that—
(a) obstructs or interferes with the exercise of the powers of a supervisory authority; or

(b) fails to comply with a direction or request made by the supervisory authority within such timeframe as may be specified by the supervisory authority, commits an offence and is liable on conviction to a fine not exceeding SCR200,000.
(Substituted by Act 62 of 2021)