This section applies only to information and documents reasonably required in connection with the exercise by F49either regulator of functions conferred on it by or under this Act.

F45The regulator in question may require any information provided under this section to be provided in such form as it may reasonably require.

“Authorised person” includes a person who was at any time an authorised person but who has ceased to be an authorised person.

“Officer” means an officer of F51the regulator exercising the power and includes a member of F52that regulator's staff or an agent of F53that regulator.

This section applies only to information and documents that the F56PRA considers are, or might be, relevant to the stability of one or more aspects of the UK financial system.

The F56PRA may require any information provided under this section to be provided in such form as it may reasonably require.

In this section—

• “management” includes any of the activities listed in Annex II to the UCITS directive;

• “relevant investment fund” means an investment fund whose assets consist of or include financial instruments which—

  1. a

     are traded in the United Kingdom; or

  2. b

     were issued by a body incorporated in the United Kingdom;

• “service” includes facility;

• “specified” means specified in the notice.

If the F57PRA proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the F57PRA is proposing to impose the requirement.

The F57PRA must then decide, within a reasonable period, whether to impose the requirement.

Subsections (1) to (3) do not apply in any case where the F57PRA is satisfied that it is necessary for the information or documents to be provided or produced without delay.

If the F57PRA imposes a requirement on a person under section 165A, the notice under that section must give the F58PRA's reasons for imposing the requirement.

The F57PRA must prepare a statement of its policy with respect to the exercise of the power conferred by section 165A.

The statement requires the approval of the Treasury.

If the Treasury approve the statement, the F57PRA must publish it.

The power conferred by section 165A may not be exercised before the statement has been published.

The Treasury may make an order under section 165A(2)(d) only if either or both of the following conditions is met in relation to the provision made by the order.

Condition B is that the provision implements all or part of a recommendation made by the Financial Policy Committee of the Bank of England under section 9P of the Bank of England Act 1998.

Subject as follows, an order under section 165A(2)(d) may not be made unless a draft of the order has been laid before, and approved by a resolution of, each House of Parliament.

Subsection (2) does not apply in any case where the Treasury are satisfied that it is necessary to make an order under section 165A(2)(d) without laying a draft for approval.

“Relevant period” means a period of 28 days beginning with the day on which the order is made.

In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.

If a statutory instrument containing an order under section 165A(2)(d) would, apart from this subsection, be treated as a hybrid instrument for the purposes of the Standing Orders of either House of Parliament, it is to proceed in that House as if it were not a hybrid instrument.

This section applies where either regulator has required or could require a person to whom subsection (2) applies (“the person concerned”) to provide information or produce documents with respect to any matter (“the matter concerned”).

When acting under subsection (3)(a), the regulator may require the report to be in such form as may be specified in the notice.

The regulator must give notice of an appointment under subsection (3)(b) to the person concerned.

The obligation imposed by subsection (7) is enforceable, on the application of the regulator in question, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

A regulator may make rules providing for expenses incurred by it in relation to an appointment under subsection (3)(b) to be payable as a fee by the person concerned.

The powers conferred by this section may also be exercised by the FCA in relation to a person to whom subsection (11) applies, (and references to the person concerned are to be read accordingly).

This section applies if either regulator considers that an authorised person has contravened a requirement in rules made by that regulator to collect, and keep up to date, information of a description specified in the rules.

The regulator must give notice of an appointment under subsection (2)(b) to the authorised person.

The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question.

A requirement imposed under subsection (5) is enforceable, on the application of the regulator in question, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

An authorised person may provide information (whether received under subsection (7) or otherwise) that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done as a result of this section.

A regulator may make rules providing for expenses incurred by it in relation to an appointment under subsection (2)(b) to be payable as a fee by the authorised person.

In this section “authorised person”, in relation to the PRA, means PRA-authorised person.

If a person appointed under subsection (1) decides to investigate the business of any person under subsection (2) he must give that person written notice of his decision.

If a person appointed under subsection (1) decides under subsection (2)(c) to investigate a person located in an EEA State other than the United Kingdom the person appointed must inform the supervisory authority of that EEA State prior to conducting an on-site inspection.

“Business” includes any part of a business even if it does not consist of carrying on regulated activities.

References in subsection (1) to a recognised investment exchange do not include references to an overseas investment exchange (as defined by section 313(1)).

The investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

The F32investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

An investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (1) of that section).

If the request has been made by a competent authority in pursuance of any F11EU obligation the F35regulator must, in deciding whether or not to exercise its investigative power, consider whether its exercise is necessary to comply with any such obligation.

The F37regulator may decide that it will not exercise its investigative power unless the overseas regulator undertakes to make such contribution towards the cost of its exercise as the F37regulator considers appropriate.

Subsections (4) and (5) do not apply if the F38regulator considers that the exercise of its investigative power is necessary to comply with F11an EU obligation.

If F39a regulator has appointed an investigator in response to a request from an overseas regulator, it may direct the investigator to permit a representative of that regulator to attend, and take part in, any interview conducted for the purposes of the investigation.

A direction under subsection (7) is not to be given unless the F40regulator is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to safeguards equivalent to those contained in Part XXIII.

F41Each regulator must prepare a statement of its policy with respect to the conduct of interviews in relation to which a direction under subsection (7) has been given.

The statement requires the approval of the Treasury.

If the Treasury approve the statement, the F42regulator must publish it.

No direction may be given under subsection (7) before the statement has been published.

“Overseas regulator” has the same meaning as in section 195.

“Investigative power” means one of the powers mentioned in subsection (1).

“Investigator” means a person appointed under subsection (1)(b).

At the request of an overseas regulator, the F62PRA may exercise a corresponding section 165A power.

An “overseas regulator” means an authority in a country or territory outside the United Kingdom which exercises functions with respect to the stability of the financial system operating in that country or territory.

A “corresponding section 165A power” means a power corresponding to the one conferred by section 165A, but reading references in that section to the stability of the UK financial system as references to the stability of the financial system operating in the country or territory of the overseas regulator.

This section applies if an investigating authority appoints one or more competent persons (“investigators”) under section 167 or 168(3) or (5) to conduct an investigation on its behalf.

The investigating authority must give written notice of the appointment of an investigator to the person who is the subject of the investigation (“the person under investigation”).

Nothing prevents the investigating authority from appointing a person who is a member of its staff as an investigator.

An investigator must make a report of his investigation to the investigating authority.

If there is a change in the scope or conduct of the investigation and, in the opinion of the investigating authority, the person subject to investigation is likely to be significantly prejudiced by not being made aware of it, that person must be given written notice of the change.

An investigator may also require any person to produce at a specified time and place any specified documents or documents of a specified description.

A requirement under subsection (1) or (2) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of the document to be relevant to the purposes of the investigation.

Where the investigation relates to a recognised investment exchange, an investigator has the additional powers conferred by sections 172 and 173 (and for this purpose references in those sections to an investigator are to be read accordingly).

“Investigator” means a person conducting an investigation under section 167.

“Specified” means specified in a notice in writing.

The reference in subsection (3A) to a recognised investment exchange does not include a reference to an overseas investment exchange (as defined by section 313(1)).

An investigator has the powers conferred by section 171.

A requirement may only be imposed under subsection (2) if the investigator is satisfied that the requirement is necessary or expedient for the purposes of the investigation.

“Investigator” means a person appointed as a result of subsection (1) or (4) of section 168.

“Specified” means specified in a notice in writing.

Subsections (2) to (4) apply if an investigator considers that any person (“A”) is or may be able to give information which is or may be relevant to the investigation.

The investigator may also require A to produce at a specified time and place any specified documents or documents of a specified description which appear to the investigator to relate to any matter relevant to the investigation.

The investigator may also otherwise require A to give him all assistance in connection with the investigation which A is reasonably able to give.

“Investigator” means a person appointed under subsection (3) of section 168 (as a result of subsection (2) of that section).

A statement made to an investigator by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.

Subsection (2) applies to proceedings in relation to action to be taken under section 123(2) or (3) against a person who may have contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.

“Investigator” means a person appointed under section 167 or 168(3) or (5) F94, or a person appointed under section 169 who has the powers conferred by virtue of subsection (2A) of that section.

“Information requirement” means a requirement imposed by an investigator under section 171, 172, 173 or 175.

If F66either regulator or an investigator has power under this Part to require a person to produce a document but it appears that the document is in the possession of a third person, that power may be exercised in relation to the third person.

A document so produced may be retained for so long as the person to whom it is produced considers that it is necessary to retain it (rather than copies of it) for the purposes for which the document was requested.

If a person who is required under this Part to produce a document fails to do so, the F67regulator or an investigator may require him to state, to the best of his knowledge and belief, where the document is.

A lawyer may be required under this Part to furnish the name and address of his client.

If a person claims a lien on a document, its production under this Part does not affect the lien.

“Investigator” means a person appointed under section 167 or 168(3) or (5).

A justice of the peace may issue a warrant under this section if satisfied on information on oath given by or on behalf of the Secretary of State, F69either regulator or an investigator that there are reasonable grounds for believing that the first, second or third set of conditions is satisfied.

A warrant under this section may be executed by any constable.

The warrant may authorise persons to accompany any constable who is executing it.

The powers in subsection (5) may be exercised by a person authorised by the warrant to accompany a constable; but that person may exercise those powers only in the company of, and under the supervision of, a constable.

In England and Wales, sections 15(5) to (8) and section F7216(3) to (12) of the M5Police and Criminal Evidence Act 1984 (execution of search warrants and safeguards) apply to warrants issued under this section.

In Northern Ireland, Articles 17(5) to (8) and F7318(3) to (12) of the M6Police and Criminal Evidence (Northern Ireland) Order 1989 apply to warrants issued under this section.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

“Investigator” means a person appointed under section 167 or 168(3) or (5).

Any document of which possession is taken under section 176 (“a seized document”) may be retained so long as it is necessary to retain it (rather than copies of it) in the circumstances.

A person claiming to be the owner of a seized document may apply to a magistrates' court or (in Scotland) the sheriff for an order for the delivery of the document to the person appearing to the court or sheriff to be the owner.

If on an application under subsection (2) the court or (in Scotland) the sheriff cannot ascertain who is the owner of the seized document the court or sheriff (as the case may be) may make such order as the court or sheriff thinks fit.

An order under subsection (2) or (3) does not affect the right of any person to take legal proceedings against any person in possession of a seized document for the recovery of the document.

Any right to bring proceedings (as described in subsection (4)) may only be exercised within 6 months of the date of the order made under subsection (2) or (3).

If a person other than the investigator (“the defaulter”) fails to comply with a requirement imposed on him under this Part the person imposing the requirement may certify that fact in writing to the court.

If the court is satisfied that the defaulter failed without reasonable excuse to comply with the requirement, it may deal with the defaulter (and in the case of a body corporate, any director or F74other officer) as if he were in contempt F17; and “officer”, in relation to a limited liability partnership, means a member of the limited liability partnership..

Any person who intentionally obstructs the exercise of any rights conferred by a warrant under section 176 is guilty of an offence and liable on summary conviction to imprisonment for a term not exceeding three months or a fine not exceeding level 5 on the standard scale, or both.

In this section—

• “court” means—

  1. a

     the High Court;

  2. b

     in Scotland, the Court of Session;

• “investigator appointed by the FCA” means an investigator appointed by the FCA under section 167, 168 or 169;

• “officer of the FCA” means an officer authorised by the FCA for the purposes of section 165(3).