Regulation 13 Reports by skilled persons

(1)

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

(2)

This paragraph applies to—

(a)

any regulated person (“RP”);

(b)

any other member of RP's group;

(c)

a partnership of which RP is a member; or

(d)

a person who has at any relevant time been a person falling within sub-paragraph (a), (b) or (c),

who is, or was at the relevant time, carrying on a business.

(3)

In paragraph (2), “group” has the same meaning as in section 421 of the Financial Services and Markets Act 2000 (reading references in that section to A as references to RP).

(4)

The Authority may either—

(a)

by notice in writing given to the person concerned, require the person concerned to provide the Authority with a report on the matter concerned, or

(b)

itself appoint a person to provide the Authority with a report on the matter concerned.

(5)

When acting under paragraph (4)(a), the Authority may require the report to be in such form as may be specified in the notice.

(6)

The Authority must give notice of an appointment under paragraph (4)(b) to the person concerned.

(7)

The person appointed to make a report—

(a)

must be a person appearing to the Authority to have the skills necessary to make a report on the matter concerned, and

(b)

where the appointment is to be made by the person concerned, must be a person nominated or approved by the Authority.

(8)

It is the duty of—

(a)

the person concerned, and

(b)

any person who is providing (or who has at any time provided) services to the person concerned in relation to the matter concerned,

to give the person appointed to prepare a report all such assistance as the appointed person may reasonably require.

(9)

The obligation imposed by paragraph (8) is enforceable, on the application of the Authority, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988 M1.

Annotations

Marginal citations

M1: 1988 c. 36.