(1) A person appearing before the Commission in compliance with a requirement made under section 38A, commits an offence if the person -

(a) refuses or fails to swear an oath, or to make an affirmation, on being required to do so by the Commission, or

(b) refuses or fails to give evidence in compliance with a requirement made under section 38A, or refuses or fails to answer a question put to the person by the Commission in relation to any such evidence, or

(c) refuses or fails to produce a document that is required to be produced in compliance with such a requirement.

(2) Subsection (1) does not apply if the person has a reasonable excuse.

(3) It is a reasonable excuse for the purposes of subsection (2) for a person to refuse or fail to answer a question on the ground that the answer might tend to incriminate the person or to expose the person to a penalty.

(4) It is a reasonable excuse for the purposes of subsection (2) for a person to refuse or fail to produce a document on the ground that the production of the document might tend to incriminate the person or to expose the person to a penalty.

(5) Subsections (3) and (4) do not limit what is a reasonable excuse for the purposes of subsection (2).