(1) On request made by a foreign regulatory authority, the Commission may provide die foreign regulatory authority with assistance in accordance with section 40 if that foreign regulatory authority states that it is conducting an investigation to determine whether a person has violated, is violating, or is about to violate any law or rule relating to securities matters, irrespective of where the securities are issued or listed.

(2) Assistance may be provided without regard as to whether facts stated in die request may constitute a violation of die domestic laws of this country.

(3) In deciding whether to provide assistance, the Commission shall consider whether

(a) the foreign regulatory authority has agreed to provide reciprocal assistance in securities matters to the Commission; and

(b) Compliance with the request is likely to adversely affect the public interest of the country.