(b) The signature of the person subscribing a document filed with the Commission constitutes a certificate by the individual that:
- (1) The person has read the document being subscribed and filed and knows the contents thereof.
- (2) The document has been subscribed and executed in the capacity specified upon the document with full power and authority to do so, if executed in a representative capacity.
- (3) The document is well grounded in fact and is warranted by existing law or a good faith argument for the extension, modification or reversal of existing law, to the best of the person’s knowledge, information and belief formed after reasonable inquiry.