43Exercise of certain powers of the Commission in relation to securities

43 Exercise of certain powers of the Commission in relation to securities

(1) This section applies where the Commission considers that: (a) it may be necessary to exercise, in relation to securities of a body corporate, a power under section 775 of the Corporations Law of this jurisdiction; (b) a contravention of section 845, or Division 2 of Part 7.11, of the Corporations Law of this jurisdiction may have been committed in relation to securities of a body corporate; (c) a contravention of Chapter 6C of the Corporations Law of this jurisdiction may have been committed in relation to shares in a body corporate; (d) a contravention of a law of this jurisdiction may have been committed, being a contravention that involves fraud or dishonesty and relates to securities of a body corporate; (e) unacceptable circumstances within the meaning of Part 6.9 of the Corporations Law of this jurisdiction have, or may have, occurred: (i) in relation to an acquisition of shares in a body corporate; or (ii) as a result of conduct engaged in by a person in relation to shares in, or the affairs of, a body corporate; or (f) a person has, or may have, contravened section 657F of the Corporations Law of this jurisdiction. (2) The Commission may require a director, secretary or executive officer of the body to disclose to the Commission information of which he or she is aware and that: (a) may have affected a dealing that has taken place; or (b) may affect a dealing that may take place; in securities of the body. (3) If the Commission believes on reasonable grounds that a person can give, information about particular matters, being any or all of the following: (a) a dealing in securities of the body; (b) advice, or an analysis or report, that a dealer, an investment adviser, or a securities representative of a person, has given, issued or published about such securities; (c) the financial position of a business carried on by a person who: (i) is or has been (either alone or together with any other person or persons) a dealer or investment adviser; and (ii) has dealt in, has given advice about, or has issued or published an analysis or report about, such securities; (d) the financial position of a business carried on by a nominee controlled by a person of a kind referred to in paragraph (c) or jointly controlled by 2 or more persons at least one of whom is such a person; (e) an audit of, or a report of an auditor about, accounts or records of a dealer or investment adviser, being accounts or records relating to dealings in such securities; the Commission may require the person to disclose to it the information that the person has about those particular matters. (4) The Commission shall not exercise a power conferred by subsection (2) or (3) except: (a) if paragraph (1)(a) applies—for the purpose of determining whether or not to exercise a power as mentioned in that paragraph; (b) if paragraph (1)(b), (c) or (d) applies—for the purpose of investigating the possible contravention; or (c) if paragraph (1)(e) or (f) applies—for the purpose of determining whether or not to make an application under section 657C or 657G of the Corporations Law.