Inquiries
Section 68: Cases in which Treasury may arrange independent inquiries
527.Section 68 enables the Treasury to appoint a person to carry out an inquiry. The power is exercisable where events have occurred which give rise to concern and which relate to collective investment schemes, the carrying out of regulated activities, the issue of listed securities, recognised clearing houses or recognised inter-bank payment systems, and these events may not have occurred but for a serious failure in the legislative regime for regulation or its operation.
Section 69: Power to appoint person to hold an inquiry
528.Where this section applies (see section 68), the Treasury may appoint a person to hold an inquiry. The Treasury may, under subsection (2), give a direction to that person on a range of matters including the postponement or suspension of the inquiry.
Section 70: Powers of appointed person and procedure
529.Section 70 makes provision for the procedure to be followed on an inquiry and for the person holding the inquiry to be able to obtain information and documents and require the attendance of witnesses which are relevant to the inquiry.
Section 71: Conclusion of inquiry
530.Subsection (1) requires the person holding the inquiry to provide to the Treasury a written report at the end of the inquiry. The duty of the Treasury to publish the report is dealt with in section 82 (see below).
Section 72: Obstruction and contempt
531.Section 72 makes provision about those persons who have obstructed an inquiry such as by failing to comply with a request by the person holding the inquiry (for example, a request to provide information or documents). If the person’s behaviour would have amounted to contempt of court (if the inquiry had been court proceedings), a court may deal with the person as if in contempt.
