Financial Services and Markets Act 2023

Information and documents: supplemental provision U.K.

128 (1) If the Bank has power under this Schedule to require a person to produce a document but if 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 this Schedule, the person to whom it is produced may—

(a) take copies 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) A document so produced may be retained for so long as the person to whom it is produced considers that it is necessary to retain it (rather than copies of it) for the purposes for which the document was requested.

(4) If the person to whom a document is so produced has reasonable grounds for believing—

(a) that the document may have to be produced for the purposes of any legal proceedings, and

(b) that it might otherwise be unavailable for those purposes,

it may be retained until the proceedings are concluded.

(5) If a person who is required under this Schedule to produce a document fails to do so, the Bank or an investigator may require that person to state, to the best of that person’s knowledge and belief, where the document is.

(6) A lawyer may be required under this Schedule to furnish the name and address of the lawyer’s client.

(7) No person may be required under this Schedule to disclose information or produce a document in respect of which the person (“A”) owes an obligation of confidence unless—

(a) A 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,

(c) the person to whom the obligation of confidence is owed consents to the disclosure or production, or

(d) the imposing on A of a requirement with respect to such information or document has been specifically authorised by the Bank.

(8) If a person claims a lien on a document, its production under this Schedule does not affect the lien.

(9) In this paragraph—

• “controller” has the meaning given by section 422 of FSMA 2000;

• “investigator” means a person appointed under paragraph 121 or 122;

• “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.

Commencement Information

I1 Sch. 11 para. 128 not in force at Royal Assent, see s. 86(3)

I2 Sch. 11 para. 128 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)