Clause 33

Any designated financial holding company, if at any time called upon in writing by the Authority to do so, shall satisfy the Authority by the production of such evidence or information as it may require, that the designated financial holding company is not in contravention of any of the provisions in this Part.

Without prejudice to sections 28, 30 and 31, the Authority may, for the purposes of securing compliance with those sections on a consolidated basis, from time to time by notice in writing, require any designated financial holding company to aggregate, in such manner as may be specified in the notice, its accounts, with the accounts of all or any of —

The designated financial holding company shall comply with the requirement referred to in subsection (2) within such time as is specified in the notice.

Any designated financial holding company that fails to provide any of the evidence or information required by the Authority under subsection (1), 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.

Any designated financial holding company that fails, within the time referred to in subsection (3), to comply with a requirement referred to in subsection (2) relating to the aggregation of accounts for the purposes of complying with section 28, 30 or 31 on a consolidated basis shall be guilty of an offence and shall be liable on conviction to the same punishment provided under section 28, 30 or 31, whichever is applicable, for failure to comply with that section.

In this section, “accounts” means any item on the profit and loss accounts and balance-sheet.