Malaysia legislation
Section 53
Section 53
Power of Commission to require production of records
(a)
give a direction to—
(i)
a central depository;
(ii)
a nominee company of a central depository;
(iii)
an authorized depository agent;
(iv)
a user;
(v)
a person who is or has been an officer or employee of or an agent, advocate and solicitor, auditor, or other person acting in any capacity
62 Laws of Malaysia ACT 453
for or on behalf of, a central depository, or its nominee company, or an authorized depository agent, or a user, requiring the production, to the Commission, of such records or accounts as are so specified, being records and accounts relating to—
(ii)
the business or affairs of a central depository or its nominee company, or an authorized depository agent, or a user;
(iii)
any record or account required to be kept pursuant to section 27; or
(b)
give a direction to any person requiring the production, to the Commission, of any record or account relating to matters mentioned in subparagraph (a)(vi) or (vii) that are in the custody or under the control of the person:
Provided that the production of such record or account shall not be required at such times and at such places as shall interfere with the proper conduct of the normal daily business of that person.
(2)
A reference in subsection (1) to a business carried on by a person shall be deemed to include a reference to a business carried on by a person as trustee.
(3)
Where the Commission requires the production of any record or account under this section and a person has a lien on the record or account, the production of such record or account shall not prejudice the lien.
(4)
(Deleted by Act A1076).
(5)
A power conferred by this section to make a requirement of a person extends, if the person is a body corporate, to making that requirement of any person who is or has been an officer of the body corporate.
Securities Industry (Central Depositories) 63
(6)
A person who, without lawful excuse, refuses or fails to comply with a requirement made under this section shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding ten years or to both, and in the case of a continuing offence, shall, in addition, be liable to be punished with a daily fine not exceeding one thousand ringgit for every day during which the offence continues after the fourteenth day from the date such person is required to comply with such requirement.