The article in the latest edition of Private Eye, which has a readership of more than 700,000, also accused Guernsey in its attack of having an 'incestuous' political establishment.
The Policy Council will discuss it on Monday amid concerns over its potential reputational damage.
Jon Moulton, chairman of the exchange, which has been reformed and restructured as the Channel Islands Securities Exchange, labelled the piece as 'highly regrettable'.
Deputy Harwood, in responding to the allegations, said he had nothing more to add to comments made previously in the Guernsey Press in which he has defended his role at the CISX and the Guernsey Financial Services Commission.
Private Eye's attack also detailed the damning review of the exchange commissioned by Mr Moulton soon after joining the board in May 2013 and the ongoing investigation by the Guernsey Financial Services Commission.