—(1) The Authority may inspect, under conditions of secrecy, the books of an operator or a settlement institution of a designated payment system.
(2) For the purposes of an inspection under this section —
an operator or a settlement institution of a designated payment system or any person in possession of the books, shall produce such books to the Authority and give such information and facilities as may be required by the Authority; and
an operator or a settlement institution of a designated payment system shall procure that any person who is in possession of the books referred to in paragraph (a) produce such books to the Authority and give such information and facilities as may be required by the Authority.
(3) Nothing in subsection (2) shall require the production of any of the books of an operator or a settlement institution of a designated payment system at such times or at such places as would unduly interfere with the conduct of the normal daily operations of the designated payment system.
(4) The Authority may —
make copies of, or take possession of, any of the books;
use, or permit the use of, any of the books for the purposes of any proceedings under this Act; and
retain possession of any of the books for so long as is necessary —
for the purposes of exercising a power conferred by this section (other than subsection (7));
for a decision to be made about whether or not any proceedings under this Act to which the books concerned would be relevant should be instituted; or
for such proceedings to be instituted and carried on.
(5) No person shall be entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(6) While the books are in the possession of the Authority, the Authority —
shall permit another person to inspect at all reasonable times such of the books (if any) as the other person would be entitled to inspect if they were not in the Authority’s possession; and
may permit another person to inspect any of the books.
(7) The Authority may require a person who produced any of the books to the Authority to explain to the best of his knowledge and belief any matter about the compilation of the books or to which the books relate.
(8) Any person who fails, without reasonable excuse, to comply with subsection (2) or with a requirement of the Authority under subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
[SF Act, s. 150; Insurance Act, s. 40]