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(1)  An operator or the holder of any licence or authorisation issued by the Authority and officers, directors, employees or agents of such an operator; lawyers or other experts or customers, whether in proceedings before the Authority or in any other case, shall provide accurate and truthful statement in:

(a) any response to correspondence from the Authority;

(b) Any inquiry, application, report or any written statement submitted to the Authority.

(2) A person referred to in sub-regulation (1) who without justifiable excuse willfully makes a misrepresentation or deliberate omission of material information under sub-regulation (1), commits an offence and is liable on summary conviction to fine not exceeding 250 penalty units and the Authority may suspend or cancel 'any licence any licence or other authorization, where applicable-relevant to the matter.