(1)Before undertaking an inspection or audit under regulation 20the Authority or its authorised representative or the auditor shall give ten working days’ notice to the Trustee Bank:
Provided that no notice shall be required if the Authority is satisfied that an inspection or audit is required for immediate safeguarding of the interest of the subscribers.
(2) During the course of an inspection or audit, the Trustee Bank against whom the inspection or audit is being carried out shall be bound to discharge its obligations as provided in these regulations.
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22. Obligations on inspection and audit—(1) It shall be the duty of the Trustee Bank, the affairs of which is being inspected or audited, and of every director, officer and employee thereof, to produce to the Authority, or its authorized representative or auditor, such books, accounts, records and other documents in its custody or control and furnish to the Authority or its authorized representative or the auditor with such statements and information relating to the activities entrusted to it by the Authority, as it or he may require, within such reasonable period as may be specified.
(2) The Trustee Bank shall allow the Authority or its authorized representative or the auditor to have a reasonable access to the premises occupied by it or by any other person on its behalf and also extend reasonable facility for examining any books, records, documents and computer data in the possession of the Trustee Bank or such other person and also provide copies of documents or other materials which in the opinion of the Authority or its authorized representative or auditor are relevant for the purpose of the inspection or audit.
(3) It shall be the duty of the Trustee Bank to give to the Authority, or its authorized representative or auditor all assistance in connection with the inspection and audit which the Authority or its authorized representative, or auditor may reasonably require.