Clause 12

The Authority may, from time to time, inspect under conditions of secrecy, the books, accounts, documents and transactions of a securities exchange, a dealer or an investment adviser.

The Authority may appoint any person to exercise the power of the Authority under subsection (1).

For the purpose of an inspection under this section, the securities exchange or any of the persons referred to in subsection (1), under inspection, shall afford the Authority access to, and shall produce, its or his books, accounts and documents and shall give such information and facilities as may be required to conduct the inspection.

Any person appointed by the Authority shall, at all times, have the power to copy or take possession of the books, accounts and other documents of a securities exchange, a dealer or investment adviser.

Any person who or securities exchange which fails, without reasonable excuse, to produce any book, account or document or furnish any information or facilities in accordance with subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.