Powers and functions of the competent authority

(1) The competent authority, subject to the general directions of the Minister, shall generally administer and enforce compliance with the provisions of the Convention, this Act and any regulations made under this Act, with respect to the automatic exchange of financial account information. (2) The competent authority may exercise all powers vested in the competent authority of Income Tax under the Income and Business Tax Act to administer and enforce compliance with the provisions of the Convention, this Act and any regulations made under this Act. (3) The competent authority may in writing, request information from and, at all reasonable times, enter, with the assistance of such agents as the competent authority considers necessary, any premises or place of business of a reporting financial institution for the purposes of– (a) determining whether the information– (i) included in an information return made under this Act by the reporting financial institution is correct and complete; or Mutual Administrative Assistance (ii) not included in an information return was correctly not included; or (b) examining the procedures put in place by the reporting financial institution for the purposes of ensuring compliance with that institution’s obligations under this Act and the regulations.