Rwanda
Ministerial Order determining the Modalities for Conducting Inspections and Investigations in Capital Market
Ministerial Order 2-TC of 2012
- Published in Official Gazette 23 on 4 June 2012
- Assented to on 18 May 2012
- Commenced on 4 June 2012
- [This is the version of this document from 4 June 2012.]
Chapter One
General provisions
Article One – Purpose of this Order
This Order determines the modalities for conducting inspections and investigations in capital market.Article 2 – Definitions
In this Order, the following terms shall mean:“Officer”: an officer of the Authority and includes a member of the Authority’s staff or an agent of the Authority;“Authority": Capital Market Authority;"Approved person or company”: means licensed person or company to carry out business in the capital market.Chapter II
Modalities for inspection and invetigations
Section One – Modalities for inspection
Article 3 – Powers of the Authority
The Authority shall have the power to require:1°any key person to provide an explanation relevant to the matters of the capital market activities.2°approved person or company to provide such regular reports or returns as the Authority considers appropriate.3°by notice in writing given to an approved person or company require any employee, owner of the business activities related to capital market or controller of that approved person:a.to provide specific required information;b.to produce specific required documents;c.to attend at a place and time specified in the notice and answer in writing or orally to questions which the Authority or any duly authorized officer or agent of the Authority may require.Article 4 – Entry of premises
With the assistance of the competent organs, the Authority may enter any premises owned, controlled or occupied by an approved person or company and examine any documents found on those premises, or in the possession of the approved person or company or that may, in any way, relate to the business of the approved person or company, or that may be related to the matters of the capital market.Article 5 – Information and documents subject to inspection
The information and documents subject to inspection are related to:a.the business or affairs of the approved person or company or a former approved licensed person;b.the integrity, competence, financial standing or organization of any approved person or company, or any employee, owner or controller of an approved person or company;c.the compliance by approved person or company with this Order, statement of principle, regulation, code, condition of any grant of a license, direction and disqualification issued by the Authority;d.any other matter about which the Authority may require information for the performance of its functions.The information or documents to be provided according to this Order must be provided before the end of such period and at such place as may be specified in the notice of the Authority.Article 6 – Verification of the documents
The Authority may require that:1°any information required, whether in a document or otherwise, to be submitted in such manner as it may require;2°any document provided be verified as far as its authenticity is concerned.Where books of accounts are produced, the Authority may instruct an accountant or another expert in accountancy to examine the books or any of them and report to the Authority. For that purpose, the books may be delivered to the accountant or expert in accountancy for such examination.Article 7 – Refusal to give information
Where books of accounts required are not produced, the Authority may require the person who should have produced them to explain reason of that failure.Any person, who without reasonable excuse, fails to comply with requirements of this Article, obstructs or hinders the Authority in the fulfillment of its mission commits an offence punishable by the Law regulating Capital Market in Rwanda.Section 2 – Modalities for investigation
Article 8 – Use of investigating powers
The Authority may appoint any of its agents or any other competent person to use, on its behalf, all or any of the investigating powers as provided for in this Article. Such representation to investigate shall specify affairs to be investigated.No person shall be bound to comply with any requirement to be investigated under this Article unless the investigator has produced evidence of his/her power to investigate from the competent authority.Article 9 – Request for information
The Authority may:1°require any person whose affairs are investigated or any other person that the Authority has reason to believe that he/she has relevant information to the investigation to appear before the Authority at a specified time and place to answer questions or give information with respect to any matter relevant to the investigation.2°require the person under investigation or any other person to produce any specified documents which are relevant to any matter under investigation.3°take copies of documents received or keep some of them that it considers necessary and require the person who submitted them to give explanations about those documents.Article 10 – Confidential information
A person shall not be required to disclose any information or produce any documents considered confidential unless:1°he/she is the person under investigation or a person in relation with the company under investigation;2°he/she has been requested in writing to do so by the Authority.Article 11 – Giving false information
Any person requested by the Authority to give information must provide that information and must not provide false or misleading information.A person shall not refuse to give information required by the Authority on the grounds that the information may be used against him/her as evidence of an offense unless it is provided otherwise by other laws.Chapter III
Final provisions
Article 12 – Repealing provision
All prior provisions contrary to this Order are hereby repealed.Article 13 – Commencement
This Order shall come into force on the date of its publication in the Official Gazette of the Republic of Rwanda.History of this document
04 June 2012 this version
Commenced
18 May 2012
Assented to