Chapter 11
Competent Officer
___________________________________________________
 
 
*
Section 264.
 
 
In the execution of his duties, a competent officer shall have the power to:
(1) enter into the place of business or premises of a securities company, mutual fund supervisor, custodian, the Securities Exchange, over-the-counter centre, clearing house, securities depository centre, securities registrar or the place where the data of such securities company or institution is collected or processed by computers or any other equipment, during the hours between sunrise and sunset, or during the business hours of such places, in order to examine the operations, assets and liabilities of such securities company or institution, including documents, evidence or information concerning such securities company or institution;
(2) enter into the place of business of a promoter of a public limited company, a company which issues securities or an owner of securities who offers for sale securities to the public or any person, or the place where the data of such person is collected or processed by computers or any other equipment, during the hours between sunrise and sunset, or during the business hours of such places, to inspect accounts or other related documents and evidence;
(3) enter into a commercial bank, financial institution or any place during the hours between sunrise and sunset, or during the business hours of such places, to inspect accounts, documents or evidence which may be related to the commission of offences under the provisions of this Act;
(4) seize or attach documents, or evidence related to the commission of offences under the provisions of this Act for the purpose of inspection or taking legal action;
(5) order a director, officer, employee or auditor of a securities company, mutual fund, mutual fund supervisor, custodian, the Securities Exchange, over-the-counter centre, clearing house, securities depository centre, securities registrar and persons who collect or process the data of such securities company or institution by computers or any other equipment, to testify or to deliver copies of or present accounts, documents, seals or other evidence related to the businesses, operations, assets and liabilities of such securities company or institution;
(6) order any person who purchases or sells securities with or through a securities company or member of the Securities Exchange or over-the-counter centre to testify or deliver copies of or present accounts, documents and other evidence related to the purchase or sale of securities;
(7) order any person who may be of use in the execution of the duties of the competent officer to testify or deliver copies of or present accounts, documents, evidence or any objects related to or necessary for the execution of the duties of the competent officer;
(8) enter into a place of business to inspect the condition or the operations of any debtor of any securities company during the hours between sunrise and sunset or during the business hours of such place.

In the execution of the duties of the competent officer under the first paragraph, the persons concerned shall give reasonable assistance.
After having entered and inspected in accordance with (1), (2), (3) or (8), if the inspection has not been completed, the competent officer may continue the inspection into the night or beyond the business hours of such places.

The exercise of powers of the competent officer in accordance with (6), (7) and (8) shall be carried out against the person who is directly involved in the matter under inspection and shall require prior approval from the Office and in the case of (6) and (7), the competent officer shall specify a reasonable period for such person to comply with the order.
 
*
Section 265.
 
 
In the execution of his duties, the competent officer shall present his identification card to the persons involved.
 
The identification card of the competent officer shall be in the form specified in the ministerial regulations.
 
*
Section 266.
 
 
In the execution of his duties in accordance with this Act, the competent officer shall be an official under the Criminal Code.
 
*
Section 267.
 
 
In cases where there is evidence that any person has committed an offence under this Act which may cause damage to the interests of the public and the Office has reasonable grounds to believe that the wrongdoer would remove or dispose of his properties, the Office with the approval of the SEC shall have the power to order seizure or attachment of such person's properties or the properties for which there is reasonable evidence to believe that they belong to such person. However, the period of seizure or attachment may not exceed one hundred and eighty days unless an action is brought in court, and such seizure or attachment order shall still be effective until court orders otherwise. Where circumstances render it impossible to bring the case into court within one hundred and eighty days, the court having jurisdiction may extend the period of seizure or attachment as requested by the Office, but may not extend the period beyond another one hundred and eighty days.
 
The Office shall have the power to authorize the competent officer to proceed with the seizure or attachment of the properties under the first paragraph.
The provisions of the Revenue Code shall apply to the seizure or attachment of the properties under the first paragraph mutatis mutandis.
In a case under the first paragraph, where there are reasonable grounds to suspect that such person will abscond from the Kingdom, upon the request by the Office, the Criminal Court shall have the power to prohibit such person from leaving the Kingdom, and in the case of extreme urgency, the SEC shall prohibit such person from leaving the Kingdom on a temporary basis for a period not exceeding fifteen days until the Criminal Court orders otherwise.