Part XIV

Investigation of Companies and Their Affairs; Requisition of Documents

Requisition and seizure of books and papers

Disclosure of information by Secretary of State or inspector.
451A
1
This section applies to information obtained—
a
under sections 434 to
446E
;
b
by an inspector in consequence of the exercise of his powers under section 453A.
2
The Secretary of State may, if he thinks fit—
a
disclose any information to which this section applies to any person to whom, or for any purpose for which, disclosure is permitted under section 449, or
b
authorise or require an inspector appointed under this Part to disclose such information to any such person or for any such purpose.
3
Information to which this section applies may also be disclosed by an inspector appointed under this Part to—
a
another inspector appointed under this Part;
b
a person appointed under—
i
section 167 of the Financial Services and Markets Act 2000 (general investigations),
ii
section 168 of that Act (investigations in particular cases),
iii
section 169(1)(b) of that Act (investigation in support of overseas regulator),
iv
section 284 of that Act (investigations into affairs of certain collective investment schemes), or
v
regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),
to conduct an investigation; or
c
a person authorised to exercise powers under—
i
section 447 of this Act; or
ii
section 84 of the Companies Act 1989 (exercise of powers to assist overseas regulatory authority).
4
Any information which may by virtue of subsection (3) be disclosed to any person may be disclosed to any officer or servant of that person.
5
The Secretary of State may, if he thinks fit, disclose any information obtained under section 444 to—
a
the company whose ownership was the subject of the investigation,
b
any member of the company,
c
any person whose conduct was investigated in the course of the investigation,
d
the auditors of the company, or
e
any person whose financial interests appear to the Secretary of State to be affected by matters covered by the investigation.
6
For the purposes of this section, information obtained by an inspector in consequence of the exercise of his powers under section 453A includes information obtained by a person accompanying the inspector in pursuance of subsection (4) of that section in consequence of that person’s accompanying the inspector.
7
The reference to an inspector in subsection (2)(b) above includes a reference to a person accompanying an inspector in pursuance of section 453A(4).
S. 451A inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 182, Sch. 13 para. 10 and substituted by Companies Act 1989 (c. 40, SIF 27), ss. 68, 213(2) Supplementary
S. 451A extended (with modifications) by S.I. 1989/638, regs. 18, 21, Sch. 4 para. 11
S. 451A applied (with modifications) (6.4.2001) by S.I. 2001/1090, reg. 4, Sch. 2 Pt. I
S. 451A(3) substituted (1.12.2001) by S.I. 2001/3649, art. 24
S. 451A(1) substituted (6.4.2005) by Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27), ss. 25, 65; Sch. 2 para. 20(2); S.I. 2004/3322, art. 2(2), Sch. 2 (subject to arts. 3-13)
S. 451A(6)(7) inserted (6.4.2005) by Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27), ss. 25, 65, Sch. 2 para. 20(3); S.I. 2004/3322, art. 2(2), Sch. 2 (subject to arts. 3-13)
Words in s. 451A(1)(a) substituted (1.10.2007) by Companies Act 2006 (c. 46), ss. 1037(2), 1300; S.I. 2007/2194, art. 2(1)(k) (with art. 12, Sch. 3 para. 48)
S. 451A applied (with modifications) (E.W.S.) (6.4.2014) by The Co-operative and Community Benefit Societies and Credit Unions (Investigations) Regulations 2014 (S.I. 2014/574), regs. 1(1), 2
Pt. 14 power to apply (with modifications) (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), ss. 135, 154 (with Sch. 5)