114. Power of the AFSA to conduct an investigation

(1) The AFSA may conduct such investigation as it considers appropriate and expedient:

• (a) where it has reason to suspect that a contravention of any legislation administered by the AFSA is being or may have been committed; or
• (b) further to a request made by a Financial Services Regulator.

(2) A Person is entitled to legal representation during the course of an investigation.

115. Costs of an Investigation

(1) The AFSA will pay the costs and expenses of an investigation save that, where, as a result of an investigation under section 114, the Person under investigation is found to have contravened any legislation administered by the AFSA, the AFSA or, where appropriate, the AIFC Court, may order that the Person must pay the AFSA in respect of the whole or any part of the costs and expenses of the investigation.

(2) The AFSA may apply to the AIFC Court for an order under section 115(1) only where there is a proceeding before the AIFC Court relating to the alleged contravention by the Person.

116. Powers to Obtain Information and Documents for Investigation

(1) If the AFSA considers that a Person is or may be able to give information or produce a document which is or may be relevant to an investigation, it may:

• (a) enter the business premises of such Person during normal business hours for the purpose of inspecting and copying information or documents stored in any form on such premises;
• (b) require such Person, by written notice, to

(i) give, or procure the giving of, specified information in such form as it may reasonably require; or

(ii) produce, or procure the production of, specified documents; or

(iii) to attend before an officer, or Employee of the AFSA at a specified time and place to answer questions in private (compulsory interview); or

(iv) give it assistance in relation to the investigation.

(2) Where the AFSA exercises its power under section 116(1)(a) to enter business premises, it may:

• (a) require any appropriate Person to make available any relevant information stored at those premises for inspection or copying;
• (b) require any appropriate Person to convert any relevant information into a form capable of being copied; and
• (c) use the facilities of the occupier of the premises, free of charge, to make copies.

(3) Where the AFSA exercises its power under section 116(1)(b)(iii) to conduct a compulsory interview, it may give a direction:

• (a) concerning who may be present;
• (b) preventing any Person present during any part of the compulsory interview from disclosing to any other Person any information provided to the interviewee or questions asked by the interviewer during the compulsory interview;
• (c) concerning the conduct of any Person present, including as to the manner in which they will participate in the interview;
• (d) requiring the interviewee to swear an oath or give an affirmation that the answers of the interviewee will be true; and
• (e) requiring the interviewee to answer any questions relevant to the investigation.

(4) The AFSA may require the relevant Person to give such information or produce such documents by the end of a reasonable period, at a place and in a form specified in the notice.

(5) The AFSA may exercise its powers under subsection (1) in respect of any Person within, or outside of, the AIFC provided that, if the Person is outside the AIFC and is not an Authorised Person, Ancillary Service Provider or Approved Individual, or Director of an Authorised Person or Ancillary Service Provider the AFSA must either:

• (a) use any arrangements it has with a regulatory authority in the jurisdiction in which the Person is resident or domiciled, or the premises are located, to assist it to exercise the power; or
• (b) apply to the AIFC Court for an order compelling the Person to provide the information, produce or procure the production of the documents, or answer questions, or permitting the AFSA to enter the premises of that Person.

117. Use and effect of information and documents obtained for an Investigation

(1) Subject to section 117(2), any information given or document produced as a result of the exercise by the AFSA of powers under section 116 is admissible in evidence in any proceedings, provided that any such information or document also complies with any requirements relating to the admissibility of evidence in such proceedings.

(2) The AFSA may not disclose a statement made by a Person in answer to any question asked pursuant to a requirement made of the Person under section 116(1)(b)(iii) to any law enforcement agency for the purpose of criminal proceedings against the Person unless:

• (a) the Person consents to the disclosure; or
• (b) the AFSA is required by law or court order to disclose the statement.

(3) The AFSA may retain possession of any information and documents given to it pursuant to a requirement made under section 116(1) for so long as is necessary:

• (a) for the purposes of the investigation to which the notice relates; or
• (b) for a decision to be made about whether or not a proceeding to which the information or documents would be relevant should be commenced; or
• (c) for such a proceeding to be completed.

(4) A Person is not entitled to claim a lien on any documents as a basis for failing to comply with a requirement made under section 116(1), but any lien is not otherwise prejudiced.

(5) Where a Person is unable to produce information or documents in compliance with a requirement made under section 116(1), the AFSA may require the Person to state, to the best of that Person’s knowledge or belief, where the information or documents may be found and who last had possession, custody or control of the information or documents.

(6) Where the AFSA considers that, if disclosed, the fact of the issuing of a notice requiring a Person to:

• (a) produce documents; or
• (b) give information; or
• (c) attend a compulsory interview; or
• (d) give assistance; may hinder the investigation to which it relates, the AFSA may direct a Person who receives a notice under section 116(1) and/or that person’s legal representative not to disclose the receipt of the notice or any information relating to compliance therewith to any other Person, other than his legal representative under a duty of confidentiality.