8Power of Commission to require production of books

8 Power of Commission to require production of books

(1A) The powers of the Commission under subsection (1), or the powers of an authorized person under subsection (2), to make a requirement of a corporation or person shall not be exercised except:

(a) for the purpose of:

(i) the performance of a function, or the exercise of a power, by the Commission under a relevant Act (other than the exercise of a power of the Commission under subsection 6(3) of the National Companies and Securities Commission Act 1979); or

(ii) ensuring compliance with the provisions of a relevant Act; or

(b) where the requirement relates to a matter that constitutes or may constitute:

(i) a contravention of, or failure to comply with, a provision of such a relevant Act; or

(ii) an offence relating to securities that involves fraud or dishonesty.

(1B) A reference in subsection (1A) to a relevant Act includes a reference to the provisions of a law of a participating State or participating Territory that correspond with a relevant Act. (1) The Commission may, at any time, by notice in writing:

(a) give a direction to:

(i) a securities exchange;

(ii) a member of the committee of a securities exchange;

(iii) a person who is or has been (either alone or together with another person or other persons) a dealer or an investment adviser or is or has been a dealer’s representative or an investment representative;

(iv) a nominee controlled by a person referred to in subparagraph (iii) or jointly controlled by 2 or more persons at least one of whom is a person referred to in that subparagraph;

(v) a person who is or has been an officer or employee of, or an agent, banker, solicitor, auditor or other person acting in any capacity for or on behalf of, a securities exchange or a person referred to in subparagraph (ii), (iii) or (iv); or

(va) any other person who, in the opinion of the Commission, has been a party to any dealing in securities;

requiring the production, to a person authorized by the Commission to receive them, at such time and place as are specified in the direction, of such books as are so specified, being books relating to:

(vi) the business or affairs of a securities exchange;

(vii) any dealing in securities;

(viii) any advice concerning securities or the issuing or publication of a report or analysis concerning securities;

(ix) the character or financial position of, or any business carried on by, a person referred to in subparagraph (iii) or (iv); or

(x) an audit of, or any report of an auditor concerning, a dealing in securities or any accounts or records of a dealer or of an investment adviser; or