Part XI Information Gathering and Investigations

Powers to gather information

F1165BSafeguards etc in relation to exercise of power under section 165A

(1)

If the F2PRA proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the F2PRA is proposing to impose the requirement.

(2)

The notice under subsection (1) must—

(a)

give the F3PRA's reasons for proposing to impose the requirement; and

(b)

specify a reasonable period within which the person may make representations to the F2PRA.

(3)

The F2PRA must then decide, within a reasonable period, whether to impose the requirement.

(4)

Subsections (1) to (3) do not apply in any case where the F2PRA is satisfied that it is necessary for the information or documents to be provided or produced without delay.

(5)

If the F2PRA imposes a requirement on a person under section 165A, the notice under that section must give the F3PRA's reasons for imposing the requirement.

(6)

The F2PRA must prepare a statement of its policy with respect to the exercise of the power conferred by section 165A.

(7)

The statement requires the approval of the Treasury.

(8)

If the Treasury approve the statement, the F2PRA must publish it.

(9)

The power conferred by section 165A may not be exercised before the statement has been published.