C1C2Part I Regulation of Investment Business

Annotations:
Modifications etc. (not altering text)
C1

Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2

C2

Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)

C3Chapter X Information

Annotations:
Modifications etc. (not altering text)
C3

Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5

C4106 Exercise of investigation powers by officer etc.

1

The Secretary of State may authorise any officer of his or any other competent person to exercise on his behalf all or any of the powers conferred by section 105 above but no such authority shall be granted except for the purpose of investigating the affairs, or any aspects of the affairs, of a person specified in the authority.

2

No person shall be bound to comply with any requirement imposed by a person exercising powers by virtue of an authority granted under this section unless he has, if required to do so, produced evidence of his authority.

F12A

A person shall not by virtue of an authority under this section be required to disclose any information or produce any documents in respect of which he owes an obligation of confidence by virtue of carrying on the business of banking unless—

a

he is the person under investigation or a related company,

b

the person to whom the obligation of confidence is owed is the person under investigation or a related company,

c

the person to whom the obligation of confidence is owed consents to the disclosure or production, or

d

the imposing on him of a requirement with respect to such information or documents has been specifically authorised by the Secretary of State.

In this subsection “documents", “person under investigation" and “related company" have the same meaning as in section 105.

3

Where the Secretary of State authorises a person other than one of his officers to exercise any powers by virtue of this section that person shall make a report to the Secretary of State in such manner as he may require on the exercise of those powers and the results of exercising them.