17Conduct of investigations

##### 17 Conduct of investigations (1) An instrument containing a prescribed direction: (a) shall specify the matters that are to be investigated; (b) may require the investigation to be carried out by the Commission or require it to be carried out by an inspector to be appointed by the Commission; and (c) in the case of an investigation that is to be carried out by an inspector appointed by the Commission—may require a specified person to be appointed as the inspector and may require him to be appointed on specified terms and conditions. (2) An instrument containing a direction other than a prescribed direction: (a) shall specify the matters that are to be investigated; and (b) may be accompanied by a statement in writing setting out the views of the relevant authority as to: (i) whether the investigation should be carried out by the Commission or by an inspector appointed by the Commission; and (ii) if the Commission decides to appoint an inspector to carry out the investigation—the person who should be appointed and the terms and conditions of his appointment. (3) Where the Commission receives a direction, the Commission shall: (a) in the case of a prescribed direction—comply with any requirements specified in the direction; and (b) in the case of any other direction: (i) take into account any views expressed by the relevant authority in a statement accompanying the direction; (ii) if the Commission decides to arrange for the investigation to which the direction relates to be carried out contrary to the wishes of the relevant authority—notify the relevant authority accordingly; and (iii) if, after the Commission so notifies the relevant authority, the Ministerial Council gives any instructions to the Commission in relation to the investigation—comply with those instructions. (4) Where the Commission receives a direction, the Commission shall: (a) arrange for an investigation to be carried out into the matters specified in the instrument containing the direction; and (b) subject to subsection (3): (i) decide whether the investigation is to be carried out by the Commission or by an inspector to be appointed by the Commission; and (ii) if it decides that the investigation should be carried out by an inspector—appoint the inspector on such terms and conditions as the Commission determines. (5) Where, pursuant to a direction, an investigation is being carried out by the Commission or by an inspector appointed by the Commission, the Commission shall, if, and only if, it is so directed by the relevant authority: (a) arrange for the investigation to be extended to additional matters; (b) terminate the investigation, or terminate the investigation in so far as it relates to particular matters; or (c) in the case of an investigation that is being carried out by an inspector—terminate, or vary the terms and conditions of, the appointment of the inspector; before the completion of the investigation. (6) Where the Commission is directed under subsection 16(1), (2) or (3) to arrange for an investigation into matters relating to securities, the Commission shall cause to be published in the Gazette a notice stating that the direction has been given and specifying the matters concerned. (7) A notice referred to in subsection (6) shall: (a) if the investigation is being or is to be carried out by the Commission—state that fact; or (b) if the investigation is being or is to be carried out by an inspector—state that fact and specify the name of the inspector. (8) Where the Commission ceases to carry out an investigation or the appointment of an inspector to carry out an investigation is terminated, the Commission shall cause notice of the cessation or termination to be published in the Gazette. (9) A certificate by the Commission stating that: (a) an investigation into a matter specified in the certificate, being a matter relating to dealing in securities, is being or is to be carried out by the Commission; or (b) an investigation into a matter specified in the certificate, being a matter relating to dealing in securities, is being or is to be carried out by an inspector named in the certificate; is prima facie evidence of the matters stated in the certificate and, in the case of an investigation by an inspector, that the inspector has been duly appointed.