Central Bank’s authority to examine and to appoint examiners

(1) The Central Bank shall make or cause to be made such examination and inquiry into the affairs or business of each– (a) (b) (c) subsidiary of a local licensee; and (d) subsidiary and branch of a local licensee located outside Belize, 142 as it considers necessary or expedient, for the purpose of satisfying itself that the provisions of this Act are being observed and that the licensee or financial holding company or subsidiary is in a sound financial condition. (2) The Central Bank may appoint examiners to carry out the performance of its functions under section 79 and this section, and shall prepare a report detailing the findings and conclusions of each examination in such form as the Central Bank may determine, and deliver such report to the licensee upon its completion. (3) Every licensee, financial holding company or subsidiary of a licensee and every officer or agent of the licensee, financial holding company or subsidiary shall furnish for the examination of any examiner appointed by the Central Bank such books, records, accounts, writings and documents of any kind, and supply the examiner with such other oral information as may be required by such examiner in the performance of the functions specified in sections 79 and this section. (4) The Central Bank shall make or cause to be made such examination and inquiry into the affairs or business of a member of a financial group, if in the opinion of the Central Bank, such examination and inquiry is necessary to assess any risk that such member may pose to the licensee. (5) Any licensee, financial holding company or subsidiary of a licensee or any director, officer or employee of such licensee, financial holding company, subsidiary or member of the financial group who contravenes the requirements of sub- sections (3) or (4), or who obstructs or impedes the performance by any examiner or officer appointed by the Central Bank of the duties specified in this section, commits an offence and is liable, on summary conviction to a fine not exceeding one hundred thousand dollars and a penalty of ten thousand dollars for each day that the contravention continues. 143 (6) The Central Bank may examine the affairs of any foreign licensee in accordance with the powers and functions specified in sections 79 and this section, but nothing in this Part shall be construed to authorize the examination of the business and affairs conducted outside of Belize of any foreign licensee without the permission or consent of the supervisory or regulatory authorities of the country responsible for the supervision of that licensee. (7) Where a foreign bank or foreign financial institution is a foreign licensee or is the holding body corporate of a local licensee, the Central Bank may allow the foreign supervisory or regulatory authorities responsible for the supervision of the foreign bank or foreign financial institution to examine in (a) the branch or branches of the foreign licensee; or (b) the local licensee that is the subsidiary of the foreign bank or foreign financial institution. (8) The Central Bank may assess any licensee it examines under this Part such fees and costs as may be necessary to defray the costs of examination, provided that such fees and costs are determined on a fair and equitable basis taking into account the amount of assets and deposits, and the activities of the licensee being examined, and do not unreasonably discriminate between licensees of a similar character or among classes of similar (9) Every director, officer or employee of a licensee, a financial holding company or subsidiary of a licensee who supplies false or misleading reports or information to the Central Bank under this section commits an offence and shall be liable on summary conviction to a fine not exceeding one hundred thousand dollars or to imprisonment for a term not exceeding four years, or to both such fine and term of imprisonment.