Financial Services and Markets Bill - continued        House of Lords
PART XI, INFORMATION GATHERING AND INVESTIGATIONS - continued

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Conduct of investigations
Investigations: general.     166. - (1) This section applies if-
 
 
    (a) the Authority appoints one or more competent persons ("investigators") under section 163 or 164(3) to conduct an investigation on its behalf;
 
    (b) the Secretary of State appoints one or more competent persons ("investigators") under section 163 or 164(4) to conduct an investigation on his behalf.
      (2) The investigating authority must give written notice of the appointment of an investigator to the person who is the subject of the investigation ("the person under investigation").
 
      (3) Subsections (2) and (9) do not apply if -
 
 
    (a) the investigator is appointed as a result of section 164(1) and the investigating authority believes that the notice required by subsection (2) or (9) would be likely to result in the investigation being frustrated; or
 
    (b) the investigator is appointed as a result of subsection (2), or paragraph (b), (c), (d) or (e) of subsection (4), of section 164.
      (4) A notice under subsection (2) must-
 
 
    (a) specify the provisions under which, and as a result of which, the investigator was appointed; and
 
    (b) state the reason for his appointment.
      (5) Nothing prevents the investigating authority from appointing a person who is a member of its staff as an investigator.
 
      (6) An investigator must make a report of his investigation to the investigating authority.
 
      (7) The investigating authority may, by a direction to an investigator, control-
 
 
    (a) the scope of the investigation;
 
    (b) the period during which the investigation is to be conducted;
 
    (c) the conduct of the investigation; and
 
    (d) the reporting of the investigation.
      (8) A direction may, in particular-
 
 
    (a) confine the investigation to particular matters;
 
    (b) extend the investigation to additional matters;
 
    (c) require the investigator to discontinue the investigation or to take only such steps as are specified in the direction;
 
    (d) require the investigator to make such interim reports as are so specified.
      (9) If there is a change in the scope or conduct of the investigation and, in the opinion of the investigating authority, the person subject to investigation is likely to be significantly prejudiced by not being made aware of it, that person must be given written notice of the change.
 
      (10) "Investigating authority", in relation to an investigator, means-
 
 
    (a) the Authority, if the Authority appointed him;
 
    (b) the Secretary of State, if the Secretary of State appointed him.
Powers of persons appointed under section 163.     167. - (1) An investigator may require the person who is the subject of the investigation ("the person under investigation") or any person connected with the person under investigation-
 
 
    (a) to attend before the investigator at a specified time and place and answer questions; or
 
    (b) otherwise to provide such information as the investigator may require.
      (2) An investigator may also require any person to produce at a specified time and place any specified documents or documents of a specified description.
 
      (3) A requirement under subsection (1) or (2) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of the document to be relevant to the purposes of the investigation.
 
      (4) For the purposes of this section and section 168, a person is connected with the person under investigation ("A") if he is or has at any relevant time been-
 
 
    (a) a member of A's group;
 
    (b) a controller of A;
 
    (c) a partnership of which A is a member; or
 
    (d) in relation to A, a person mentioned in Part I or II of Schedule 15.
      (5) "Investigator" means a person conducting an investigation under section 163.
 
      (6) "Specified" means specified in a notice in writing.
 
Additional power of persons appointed as a result of section 164(1).     168. - (1) An investigator has the powers conferred by section 167.
 
      (2) An investigator may also require a person who is neither the subject of the investigation ("the person under investigation") nor a person connected with the person under investigation-
 
 
    (a) to attend before the investigator at a specified time and place and answer questions; or
 
    (b) otherwise to provide such information as the investigator may require for the purposes of the investigation.
      (3) A requirement may only be imposed under subsection (2) if the investigator is satisfied that the requirement is necessary or expedient for the purposes of the investigation.
 
      (4) "Investigator" means a person appointed under subsection (3) or (4) of section 164 (so far as relating to subsection (1) of that section).
 
      (5) "Specified" means specified in a notice in writing.
 
Powers of person appointed to investigate as a result of section 164(2).     169. - (1) Subsections (2) to (4) apply if an investigator considers that any person ("A") is or may be able to give information which is or may be relevant to the investigation.
 
      (2) The investigator may require A-
 
 
    (a) to attend before him at a specified time and place and answer questions; or
 
    (b) otherwise to provide such information as he may require for the purposes of the investigation.
      (3) The investigator may also require A to produce at a specified time and place any specified documents or documents of a specified description which appear to the investigator to relate to any matter relevant to the investigation.
 
      (4) The investigator may also otherwise require A to give him all assistance in connection with the investigation which A is reasonably able to give.
 
      (5) "Investigator" means a person appointed under subsection (3) or (4) of section 164 (so far as relating to subsection (2) of that section).
 
 
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