169Investigations etc. in support of overseas regulator
(1)At the request of an overseas regulator, the Authority may—
(a)exercise the power conferred by section 165; or
(b)appoint one or more competent persons to investigate any matter.
(2)An investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (1) of that section).
(3)If the request has been made by a competent authority in pursuance of any Community obligation the Authority must, in deciding whether or not to exercise its investigative power, consider whether its exercise is necessary to comply with any such obligation.
(4)In deciding whether or not to exercise its investigative power, the Authority may take into account in particular—
(a)whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;
(b)whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;
(c)the seriousness of the case and its importance to persons in the United Kingdom;
(d)whether it is otherwise appropriate in the public interest to give the assistance sought.
(5)The Authority may decide that it will not exercise its investigative power unless the overseas regulator undertakes to make such contribution towards the cost of its exercise as the Authority considers appropriate.
(6)Subsections (4) and (5) do not apply if the Authority considers that the exercise of its investigative power is necessary to comply with a Community obligation.
(7)If the Authority has appointed an investigator in response to a request from an overseas regulator, it may direct the investigator to permit a representative of that regulator to attend, and take part in, any interview conducted for the purposes of the investigation.
(8)A direction under subsection (7) is not to be given unless the Authority is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to safeguards equivalent to those contained in Part XXIII.
(9)The Authority must prepare a statement of its policy with respect to the conduct of interviews in relation to which a direction under subsection (7) has been given.
(10)The statement requires the approval of the Treasury.
(11)If the Treasury approve the statement, the Authority must publish it.
(12)No direction may be given under subsection (7) before the statement has been published.
(13)“Overseas regulator” has the same meaning as in section 195.
(14)“Investigative power” means one of the powers mentioned in subsection (1).
(15)“Investigator” means a person appointed under subsection (1)(b).