Search Legislation

Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

More Resources


This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Investigations: supplementary

24.—(1) Where a person claims a lien on a document its production under regulation 22 shall be without prejudice to the lien.

(2) An inspector appointed under regulation 22 may, and if directed by the relevant authority shall, make interim reports to the authority and on the conclusion of his investigation shall make a final report to the authority.

(3) If it appears to the relevant authority that matters have come to light in the course of an inspector’s investigation which suggest that a criminal offence has been committed, and those matters have been referred to the appropriate prosecuting authority, the relevant authority may direct the inspector to take no further steps in the investigation or to take only such steps as are specified in the direction.

(4) Where an investigation is the subject of a direction under paragraph (3), the inspector shall make a final report to the relevant authority only where it directs him to do so.

(5) Each final report shall be written or printed as the relevant authority may direct and the authority may, if it thinks fit—

(a)furnish a copy, on request and on payment of the prescribed fee—

(i)to any director or shareholder, or to the depositary, of a company under investigation by virtue of paragraph (1) of regulation 22;

(ii)where a director under investigation by virtue of that paragraph is a body corporate, to any director of that body;

(iii)to any director of a depositary under investigation by virtue of that paragraph; or

(iv)to any other person whose conduct is referred to in the report; and

(b)cause the report to be published.

(6) A person who is convicted on a prosecution instituted as a result of an investigation under regulation 22 may, in the same proceedings, be ordered to pay the expenses of the investigation to such extent as may be specified in the order.

(7) For the purposes of paragraph (6), there shall be treated as expenses of the investigation, in particular, such reasonable sums as the relevant authority may determine in respect of general staff costs and overheads.

(8) The powers in section 205(1) of the 1986 Act (general power to make regulations), as they apply in relation to fees to be prescribed for the purposes of section 94(9) of that Act (investigations in respect of authorised unit trusts etc.), shall be exercisable in relation to fees to be prescribed for the purposes of paragraph (5)(a)—

(a)for like purposes; and

(b)subject to the same conditions.


Section 205 was substituted by section 206(1) of, and paragraph 18 of Schedule 23 to, the Companies Act 1989 (c. 40) and amended by Article 10(1) of, and paragraph 7 of Schedule 4 to, the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315)

Back to top


Print Options


Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.


Opening Options

Different options to open legislation in order to view more content on screen at once


More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources