24. Power of auditors appointed by Board

(1)

An auditor appointed under section 23 to examine and audit the books, accounts and records of a commodity broker may, for the purpose of carrying out the examination and audit —

(a)

examine on oath any of the commodity broker’s directors, employees and agents and any other auditor appointed under this Act in relation to those books, accounts and records;

(b)

require any of the commodity broker’s directors, employees and agents, to produce any books, accounts and records held by or on behalf of the commodity broker relating to the commodity broker’s business and make copies of or take accounts and records for such period as is necessary to enable them to be inspected;

(c)

require an auditor appointed by the commodity broker to produce any books, accounts and records held by the commodity broker relating to the business of the commodity broker;

(d)

require a commodity market or a clearing house to produce any books, accounts and records kept by it relating to the business of the commodity broker;

(e)

require a commodity market or a clearing house to provide any information in its possession relating to the business of the commodity broker;

(f)

employ such persons as the auditor considers necessary to assist the auditor in carrying out the examination and audit; and

(g)

by instrument in writing under the hand of the auditor, authorise any person employed by the auditor to do, in relation to the examination and audit, any act or thing that the auditor could do himself or herself as an auditor, except the examination of any person on oath, under this subsection.

(2)

A person who, without reasonable excuse, refuses or fails to answer any question put to the person, or fails to comply with any request made to the person, by an auditor appointed under section 23, or a person authorised under subsection (1)(g), 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 12 months or to both.

(3)

If a commodity market or a clearing house, without reasonable excuse, fails to comply with any request made to it by an auditor appointed under section 28, or a person authorised under subsection (1)(g), that market or the clearing house shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000.