Section 47: Special examination.

(1) The Commission shall order a special examination or investigation of the books and affairs of a capital market operator where it is satisfied that:
(a) it is in the public interest to do so ;
(b) the capital market operator has been carrying on its business in a manner detrimental to the interest of its clients, beneficiaries and creditors ;
(c) the capital market operator has "insufficient" assets to cover its liabilities to the clients, beneficiaries and creditors;
(d) the capital market operator has been contravening the provisions of this Act; or
(e) an application is made therefore by:
(i) a director or shareholder of the capital market operator; or
(ii) a client, beneficiary or creditor of the capital market operator;
Provided that in the case of paragraph (e) of this subsection, the Commission may not order a special examination or investigation of the books and affairs of a capital market operator if the Commission is satisfied that it is not necessary to do so.
(2) For the purpose of subsection (1) of this section, the Commission shall appoint one or more qualified persons other than the officers of the Commission to conduct special examination or investigation, under conditions of confidentiality, of the books and affairs of the capital market operator.
(3) Nothing in this section or in any other section of this Act shall be construed as precluding the Commission from appointing one or more officers of the Commission as examiner apart from those mentioned under section 45 of this Act and ascribing to such officers such other designations as it deems fit, and from directing or requiring all or any of the officers to exercise all or any of the powers of the Commission under this Act.