1. The Central Bank may, at any time, dispatch any of its staff or any third party authorized to act on its behalf to Licensed Financial Institutions, their owned companies or subsidiaries, if it is deemed necessary to ensure soundness of their financial positions, and their compliance with the provisions of this decree-law and the regulations and decisions issued in implementation thereof, and other established laws and regulations in the State. 2. In the event that the institutions and companies referred to in item (1) of this article are subject to supervision and licensing by any of the regulatory authorities in the State, the Central Bank shall coordinate with the relevant regulatory authority in this regard in accordance with the provisions of article (28) of this decree-law. 3. The Central Bank may, in coordination with the concerned agencies in the State, inspect premises of any Person suspected of carrying on any of the Licensed Financial Activities referred to in Article (61) of this decree-law, without a license. The Central Bank may, in this respect, require the suspected Person to provide all information, documents, and records relating to the unlicensed financial activities, and may seize such information, documents, and records. 4. Licensed Financial Institutions, their owned companies and subsidiaries shall provide any staff or authorized third party referred to in item (1) of this article with all information, records, books, accounts, documents and data relating to the subject of examination, along with any information they may ask for, on timely basis. 5. Central Bank staff or any authorized third party referred to in item (1) of this article may, within the framework of the examination process, summon any related Person, on the time and place they may determine, to provide information, data, documents, or records relating to the examination process. 6. The Board of Directors may issue regulations, rules, standards, directives and instructions relating to mechanisms and procedures for examination of Licensed Financial Institutions. 7. The Central Bank may take all measures and actions it deems appropriate for achieving its objectives and discharging its functions in accordance with the provisions of this decree-law, and may particularly take the following actions, if it was found that a violation to the provisions of this decree-law, or the regulations and decisions issued in implementation thereof, has occurred: a. Impose restrictions on some of the operations or activities carried on by the concerned Licensed Financial Institution. b. Require the concerned Licensed Financial Institution to take necessary actions and measures to rectify the situation immediately. c. Appoint a specialized expert, or a qualified Central Bank employee, to advice the concerned Licensed Financial Institution or supervise, or oversee some of its operations, for a period specified by the Central Bank. The concerned Licensed Financial Institution shall pay remunerations of such appointee if he is an expert from outside the Central Bank. d. Take any other action or measure, or impose any p sanctions or fines it deems appropriate in accordance with Article (168) of this decree-law. 8. Licensed Financial Institutions shall bear all expenses of examination and investigations process outsourced by the Central Bank, to a third party, in case its violation to the provisions of this decree-law, and the regulation and decisions issued in implementation thereof, has been established.
Interpretation and application must be checked against the official text and current version.