The Companies (Northern Ireland) Order 1989

Investigations into insider dealing

31.  After Article 16 of the Insider Dealing Order there shall be inserted—

“Investigations into insider dealing

16A.— (1) If it appears to the Department that there are circumstances suggesting that there may have been a contravention of Articles 10, 11, 13 or 14, the Department may appoint one or more competent inspectors to carry out such investigations as are requisite to establish whether or not any such contravention has occurred and to report the results of their investigations to the Department.

(2) The appointment under this Article of an inspector may limit the period during which he is to continue his investigation or confine it to particular matters.

(3) If the inspectors consider that any person is or may be able to give information concerning any such contravention they may require that person—

(a) to produce to them any documents in his possession or under his control relating to the company in relation to whose securities the contravention is suspected to have occurred or to its securities;

(b) to attend before them; and

(c) otherwise to give them all assistance in connection with the investigation which he is reasonably able to give;

and it shall be the duty of that person to comply with that requirement.

(4) An inspector may examine on oath any person who he considers is or may be able to give information concerning any such contravention, and may administer an oath accordingly.

(5) The inspectors shall make such interim reports to the Department as they think fit or the Department may direct and on the conclusion of the investigation they shall make a final report to the Department.

(6) A statement made by a person in compliance with a requirement imposed by virtue of this Article may be used in evidence against him.

(7) A person shall not under this Article be required to disclose any information or produce any document which he would be entitled to refuse to disclose or produce on grounds of legal professional privilege in proceedings in the High Court.

(8) Nothing in this Article shall require a person carrying on the business of banking to disclose any information or produce any document relating to the affairs of a customer unless—

(a) the customer is a person who the inspectors have reason to believe may be able to give information concerning a suspected contravention; and

(b) the Department is satisfied that the disclosure or production is necessary for the purposes of the investigation.

(9) Where a person claims a lien on a document its production under this Article shall be without prejudice to his lien.

(10) In this Article “document” includes information recorded in any form; and in relation to information recorded otherwise than in legible form references to its production include references to producing a copy of the information in legible form.

(11) Section 178 of the Financial Services Act 1986 (penalties for failure to co-operate with investigations into insider dealing) shall have effect as if the reference in subsection (1)(a) to subsection (3) of section 177 of that Act included a reference to paragraph (3) of this Article and as if any reference in that section to the court included the High Court.”.