(1) Where the Commission has reasonable grounds to believe that—
(a) an offence under this Act or regulations made under this Act has been committed;
(b) a person may have committed a breach of trust, fraud or misconduct—
(i) in dealing in securities,
(ii) in the management of investment in securities, or
(iii) in giving advice as regards the acquisition, disposal, purchase or sale, or otherwise investing in, any security; or
(c) the manner in which a person has engaged or is engaging in any of the activities referred to in paragraph (b) is not in the interest of the investing public or the public interest,
the Commission may in writing appoint a person (“the investigator”) to investigate any matter referred to in paragraphs (a) to (c) and to report the results of the investigation to the Commission.
(2) Any person who is reasonably believed or suspected by the investigator to have in his or her possession or under his or her control any record or other document which contains, or which is likely to contain, information relevant to an investigation under this section, or who is so believed or suspected of otherwise having such information in his or her possession or under his or her control, shall—
(a) produce to the investigator, within such time and at such place as he or she may reasonably require, any document specified by the investigator which is, or may be, relevant to the investigation, and which is in his or her possession or under his or her control;
(b) if so required by the investigator, give to him such explanation or further particulars in respect of a document produced in compliance with a requirement under paragraph (a) as the investigator shall specify; and
(c) attend before the investigator at such time and place as the investigator may reasonably require in writing, and answer truthfully and to the best of his or her ability under oath (which oath the investigator is hereby empowered to administer) such questions relating to the matters under investigation as the investigator may put to him or her.
(3) A person commits an offence if, without reasonable excuse, that person—
(a) fails to produce a record or other document which that person is required to produce under subsection (2)(a);
(b) fails to give an explanation or particulars required under subsection (2)(b);
(c) fails to comply with a requirement under subsection (2)(c) to attend before the investigator; or
(d) fails to answer a question put to him by the investigator under subsection (2)(c), or in answering the question says anything which that person knows to be false or misleading in a material particular or who in so answering recklessly makes a false statement.