F1Part 8AShort selling
Power to require information
131FPower to require information: supplementary
(1)
If the Authority has power under section 131E to require a person to produce a document but 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 section 131E, the Authority 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 Authority 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—
(a)
P 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; 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.