Investigations: powers and duties of inspectors
22.—(1) A relevant authority may appoint one or more competent inspectors to investigate and report on the affairs of, or of any director or depositary of, an investment company with variable capital if it appears to the authority that it is in the interests of shareholders of the company to do so or that the matter is of public concern.
(2) An inspector appointed under paragraph (1) to investigate the affairs of, or of any director or depositary of, a company may also, if he thinks it necessary for the purposes of that investigation, investigate the affairs of, or (as the case may be) of the directors, depositary, trustee or operator of,—
(a)an investment company with variable capital the directors of which include any of the directors of the company whose affairs are being investigated by virtue of that paragraph;
(b)an investment company with variable capital the directors of which include any of the directors of the depositary whose affairs are being investigated by virtue of that paragraph;
(c)an investment company with variable capital the depositary of which is—
(i)the same as the depositary of the company whose affairs are being investigated by virtue of that paragraph; or
(ii)the depositary whose affairs are being investigated by virtue of that paragraph;
(d)an investment company with variable capital the directors of which include—
(i)the director whose affairs are being investigated by virtue of that paragraph; or
(ii)any director of a body corporate which is the director whose affairs are being investigated by virtue of that paragraph;
(e)a collective investment scheme the manager or operator of which is a director of the company whose affairs are being investigated by virtue of that paragraph;
(f)a collective investment scheme the trustee of which is—
(i)the same as the depositary of the company whose affairs are being investigated by virtue of that paragraph; or
(ii)the depositary whose affairs are being investigated by virtue of that paragraph; or
(g)a collective investment scheme the manager or operator of which is—
(i)the director whose affairs are being investigated by virtue of that paragraph; or
(ii)a director of a body corporate which is the director whose affairs are being investigated by virtue of that paragraph.
(3) Articles 427 and 429 of the 1986 Order(1) (production of documents and evidence to inspectors) shall apply in relation to an inspector appointed under this regulation as they apply to an inspector appointed under Article 424 of that Order but with the modifications specified in paragraph (4).
(4) In the provisions applied by paragraph (3)—
(a)for any reference to a company there shall be substituted a reference to the company, director or depositary under investigation by virtue of paragraph (1);
(b)any reference to an officer of the company shall include a reference to—
(i)any director of the company or depositary under investigation by virtue of paragraph (1); or
(ii)where the director under investigation by virtue of that paragraph is a body corporate, any director of that body;
(c)for any reference to any other body corporate whose affairs are investigated under Article 426(1) of the 1986 Order there shall be substituted a reference to any other investment company with variable capital or collective investment scheme under investigation by virtue of paragraph (2); and
(d)any reference to an officer of such a body corporate shall include a reference to the depositary and directors of an investment company with variable capital or the trustee and operator of a collective investment scheme.
(5) This regulation and regulations 23 and 24 confer the same powers in relation to a shadow director of an investment company with variable capital as they confer in relation to a director of such a company.
Articles 427 and 429 were amended by Article 4 of the Companies (No. 2) (Northern Ireland) Order 1990 S.I. 1990/1504 (N.I. 10)