F1Part 8AShort selling
Power to require information
131FPower to require information: supplementary
1
If the Authority has power under section 131E 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.
2
If a document is produced in response to a requirement imposed under section 131E, the Authority may—
a
take copies of or extracts from the document; or
b
require the person producing the document, or any relevant person, to provide an explanation of the document.
3
In subsection (2)(b) “relevant person”, in relation to a person who is required to produce a document, means a person who—
a
has been or is or is proposed to be a director or controller of that person;
b
has been or is an auditor of that person;
c
has been or is an actuary, accountant or lawyer appointed or instructed by that person; or
d
has been or is an employee of that person.
4
If a person who is required under section 131E to produce a document fails to do so, the Authority may require the person to state, to the best of the person's knowledge and belief, where the document is.
5
A lawyer may be required under section 131E to provide the name and address of the lawyer's client.
6
A person (“P”) may not be required under section 131E to disclose information or produce a document in respect of which P owes an obligation of confidence by virtue of carrying on the business of banking unless—
a
P is the person under investigation or a member of that person's group;
b
the person to whom the obligation of confidence is owed is the person under investigation or a member of that person‘s group; or
c
the person to whom the obligation of confidence is owed consents to the disclosure or production.
7
If a person claims a lien on a document, its production under section 131E does not affect the lien.
Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)