Article 78 empowers the
DFSAto conduct such investigations as it considers appropriate and expedient:(a) where it has reason to suspect that a contravention of the Law or the Rules is being or may have been committed; or(b) further to a request for assistance made under Article 39.
Whether an investigation of a matter is appropriate and expedient is determined by reference to factors such as those set out in paragraph 5-4-2.
DFSAhas "reason to suspect" a contravention of the Law is a question which the DFSAwill determine on the facts and circumstances, available at the time, of the determination.
DFSAis not bound to disclose, to any party, that an investigation has commenced or is on-going or the basis upon which an investigation is commenced, it may notify a Personwho is the subject of an investigation that an investigation has commenced, and the nature of the investigation.
DFSAwill not make a notification referred to in 5-4-6 if to do so is likely to compromise or prejudice the investigation. The DFSAwill not advise a Personof the conclusion of an investigation unless the Personhas earlier been notified of its commencement.
The decision to commence an investigation is not a decision that can be referred to the
Financial Markets Tribunalfor review.