177Investigations into insider dealing
(1)If it appears to the Secretary of State that there are circumstances suggesting that there may have been a contravention of section 1, 2, 4 or 5 of the [1985 c. 8.] Company Securities (Insider Dealing) Act 1985, he 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 him.
(2)The appointment under this section 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 Secretary of State as they think fit or he may direct and on the conclusion of the investigation they shall make a final report to him.
(6)A statement made by a person in compliance with a requirement imposed by virtue of this section may be used in evidence against him.
(7)A person shall not under this section 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 or on grounds of confidentiality as between client and professional legal adviser in proceedings in the Court of Session.
(8)Nothing in this section 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 Secretary of State 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 section shall be without prejudice to his lien.
(10)In this section "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.