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CHAPTER 11
COMPETENT OFFICER
 SECTION
264.
- In the execution of his duties, a competent officer shall have the power
to:
- enter into the place of business or premises of a securities company,
mutual fund supervisor, custodian, the Securities Exchange, over-the-counter centre,
clearing house, securities depository centre, securities registrar or the place where the
data of such securities company or institution is collected or processed by computers or
any other equipment, during the hours between sunrise and sunset, or during the business
hours of such places, in order to examine the operations, assets and liabilities of such
securities company or institution, including documents, evidence or information concerning
such securities company or institution;
- enter into the place of business of a promoter of a public limited
company, a company which issues securities or an owner of securities who offers for sale
securities to the public or any person, or the place where the data of such person is
collected or processed by computers or any other equipment, during the hours between
sunrise and sunset, or during the business hours of such places, to inspect accounts or
other related documents and evidence;
- enter into a commercial bank, financial institution or any place during
the hours between sunrise and sunset, or during the business hours of such places, to
inspect accounts, documents or evidence which may be related to the commission of offences
under the provisions of this Act;
- seize or attach documents, or evidence related to the commission of
offences under the provisions of this Act for the purpose of inspection or taking legal
action;
- order a director, officer, employee or auditor of a securities company,
mutual fund, mutual fund supervisor, custodian, the Securities Exchange, over-the-counter
centre, clearing house, securities depository centre, securities registrar and persons who
collect or process the data of such securities company or institution by computers or any
other equipment, to testify or to deliver copies of or present accounts, documents, seals
or other evidence related to the businesses, operations, assets and liabilities of such
securities company or institution;
- order any person who purchases or sells securities with or through a
securities company or member of the Securities Exchange or over-the-counter centre to
testify or deliver copies of or present accounts, documents and other evidence related to
the purchase or sale of securities;
- order any person who may be of use in the execution of the duties of the
competent officer to testify or deliver copies of or present accounts, documents, evidence
or any objects related to or necessary for the execution of the duties of the competent
officer;
- enter into a place of business to inspect the condition or the operations
of any debtor of any securities company during the hours between sunrise and sunset or
during the business hours of such place. In the execution of the duties of the competent
officer under the first paragraph, the persons concerned shall give reasonable assistance.
After having entered and inspected in accordance with (1), (2), (3) or (8), if the
inspection has not been completed, the competent officer may continue the inspection into
the night or beyond the business hours of such places. The exercise of powers of the
competent officer in accordance with (6), (7) and (8) shall be carried out against the
person who is directly involved in the matter under inspection and shall require prior
approval from the Office and in the case of (6) and (7), the competent officer shall
specify a reasonable period for such person to comply with the order.
- SECTION
265.
- In the execution of his duties, the competent officer shall present his
identification card to the persons involved.
- The identification card of the competent officer shall be in the form
specified in the ministerial regulations.
- SECTION
266.
- In the execution of his duties in accordance with this Act, the competent
officer shall be an official under the Criminal Code.
- SECTION
267.
- In cases where there is evidence that any person has committed an offence
under this Act which may cause damage to the interests of the public and the Office has
reasonable grounds to believe that the wrongdoer would remove or dispose of his
properties, the Office with the approval of the SEC shall have the power to order seizure
or attachment of such person's properties or the properties for which there is reasonable
evidence to believe that they belong to such person. However, the period of seizure or
attachment may not exceed one hundred and eighty days unless an action is brought in
court, and such seizure or attachment order shall still be effective until court orders
otherwise. Where circumstances render it impossible to bring the case into court within
one hundred and eighty days, the court having jurisdiction may extend the period of
seizure or attachment as requested by the Office, but may not extend the period beyond
another one hundred and eighty days.
- The Office shall have the power to authorize the competent officer to
proceed with the seizure or attachment of the properties under the first paragraph.
- The first provisions of the Revenue Code shall apply to the seizure or
attachment of the properties under the paragraph mutatis mutandis.
- In a case under the first paragraph, where there are reasonable grounds
to suspect that such person will abscond from the Kingdom, upon the request by the Office,
the Criminal Court shall have the power to prohibit such person from leaving the Kingdom,
and in the case of extreme urgency, the SEC shall prohibit such person from leaving the
Kingdom on a temporary basis for a period not exceeding fifteen days until the Criminal
Court orders otherwise.
[ Chapter 10 | Chapter 12 ]
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