Regulation 11A Reports by skilled personsF1

(1)

This regulation applies where the Bank of England has required or could require an Operator to provide information or produce documents under regulation 10.

(2)

The Bank of England may—

(a)

by notice in writing given to the Operator, require the Operator to provide it with a report on any matter relating to such information or documents, or

(b)

itself appoint a person to provide it with a report on any matter relating to such information or documents.

(3)

When acting under paragraph (2)(a), the Bank of England may require the report to be in such form as may be specified in the notice.

(4)

The Bank of England must give notice of an appointment under paragraph (2)(b) to the Operator.

(5)

The person appointed to make a report—

(a)

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

(b)

where the appointment is to be made by the Operator, must be a person nominated or approved by the Bank of England.

(6)

It is the duty of—

(a)

the Operator, and

(b)

any person who is providing (or who has at any time provided) services to the Operator 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.

(7)

The obligation imposed by paragraph (6) is enforceable, on the application of the Bank of England, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(8)

The Bank of England may make rules providing for the expenses incurred by it in relation to an appointment under sub-paragraph (2)(b) to be payable as a fee by the Operator concerned.

(9)

Any fee which is owed to the Bank of England under rules made pursuant to paragraph (8) may be recovered as a debt due to the Bank of England.

Annotations

Textual amendments

F1: Regs. 11A, 11B substituted for reg. 11 (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(10) (with reg. 3)