The Central Bank shall conduct periodic examinations of the business of the Finance Company to ensure the soundness of the financial position of the Finance Company and the application of the provisions of this Regulation as well as any other laws mentioned in this Regulation and instructions issued by the Central Bank.
20.2
The Central Bank may from time to time conduct examination of the Finance Company and of any branch or subsidiary operating in the U.A.E. or abroad to ensure the soundness of its financial position and compliance with the Articles of this Regulation and/or any other directives prescribed by the Central Bank.
20.3
Whenever the Central Bank has reason to believe that a person is conducting Financing activities without a License, the Central Bank may depute its examiner to check the books of accounts and records of that person in order to ascertain whether or not that person has violated or is violating any Articles of this Regulation.
20.4
For the purpose of an examination by the Central Bank, a Finance Company must provide full access to its accounts, records and documents and must give such information and facilities as may be required to conduct the examination.
20.5
If any accounts, records or documents as required for proper execution of an examination are not produced by the Finance Company, the board of directors and the Senior Management of the Finance Company shall be held responsible by the Central Bank.
20.6
Should the Central Bank's examination reveal that the operations of a Finance Company are unsound, the Central Bank may appoint a qualified person to advise and monitor the Finance Company. The advisor's emoluments shall be paid by the Finance Company.