[F1Part 8AU.K.Short selling

Textual Amendments

F1Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)

Power to require informationU.K.

131FPower to require information: supplementaryU.K.

F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)If a document is produced in response to a requirement imposed under section 131E, the [F3FCA] 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 [F3FCA] 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—

[F4(a)the [F3FCA] suspects that P or a member of P’s group has contravened any provision of the short selling regulation;]

[F4(b)the [F3FCA] suspects that the person to whom the obligation of confidence is owed or a member of that person’s group has contravened any provision of the short selling regulation; 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.]

Textual Amendments