Financial Services and Markets Bill - continued        House of Lords
PART XVII, COLLECTIVE INVESTMENT SCHEMES - continued
Facilities and information in UK - continued

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  CHAPTER VI
  INVESTIGATIONS
Power to investigate.     280. - (1) The Authority or the Secretary of State may appoint a person to investigate and report on-
 
 
    (a) the affairs of, or of the manager or trustee of, any authorised unit trust scheme,
 
    (b) the affairs of, or of the operator, trustee or depositary of, any recognised scheme so far as relating to activities carried on in the United Kingdom, or
 
    (c) the affairs of, or of the operator, trustee or depositary of, any other collective investment scheme except a body incorporated by virtue of regulations under section 258,

if it appears to the Authority or the Secretary of State that it is in the interests of the participants or potential participants to do so or that the matter is of public concern.

      (2) A person appointed under subsection (1) to investigate the affairs of, or of the manager, trustee, operator or depositary of, any scheme (scheme "A"), may also, if he thinks it necessary for the purposes of that investigation, investigate-
 
 
    (a) the affairs of, or of the manager, trustee, operator or depositary of, any other such scheme as is mentioned in subsection (1) whose manager, trustee, operator or depositary is the same person as the manager, trustee, operator or depositary of scheme A;
 
    (b) the affairs of such other schemes and persons (including bodies incorporated by virtue of regulations under section 258 and the directors and depositaries of such bodies) as may be prescribed.
      (3) If the person appointed to conduct an investigation under this section ("B") considers that a person ("C") is or may be able to give information which is relevant to the investigation, B may require C-
 
 
    (a) to produce to B any documents in C's possession or under his control which appear to B to be relevant to the investigation,
 
    (b) to attend before B, and
 
    (c) otherwise to give B all assistance in connection with the investigation which C is reasonably able to give,

and it is C's duty to comply with that requirement.

      (4) A person appointed to conduct an investigation under this section may examine on oath any person who he considers is or may be able to give information which is relevant to the investigation, and may administer an oath accordingly.
 
      (5) Subsections (5) to (9) of section 166 apply if-
 
 
    (a) the Authority appoints a person under this section to conduct an investigation on its behalf, or
 
    (b) the Secretary of State appoints a competent person under this section to conduct an investigation on his behalf,

as they apply in the cases mentioned in subsection (1) of that section.

      (6) Section 170 applies to a statement made by a person in compliance with a requirement imposed under this section as it applies to a statement mentioned in that section.
 
      (7) Subsections (4) and (6) of section 171 and section 173 have effect as if this section were contained in Part XI.
 
      (8) No person may be required under this section to disclose information or produce a document in respect of which he owes an obligation of confidence by virtue of carrying on the business of banking unless the person owing the obligation of confidence or the person to whom it is owed is-
 
 
    (a) the manager, trustee, operator or depositary of any collective investment scheme which is under investigation;
 
    (b) the director of a body incorporated by virtue of regulations under section 258 which is under investigation;
 
    (c) any other person whose own affairs are under investigation.
 
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