Part XV The Financial Services Compensation Scheme

Miscellaneous

224 Scheme manager’s power to inspect documents held by Official Receiver etc.

(1)

If, as a result of the insolvency or bankruptcy of a relevant person F1or relevant exchange, F2or a successor falling within section 213(1)(b), any documents have come into the possession of a person to whom this section applies, he must permit any person authorised by the scheme manager to inspect the documents for the purpose of establishing—

(a)

the identity of persons to whom the scheme manager may be liable to make a payment in accordance with the compensation scheme; or

(b)

the amount of any payment which the scheme manager may be liable to make.

(2)

A person inspecting a document under this section may take copies or extracts from the document.

(3)

In this section “relevant person” means a person who was—

(a)

an authorised person at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place; or

(b)

an appointed representative at that time.

F3(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(4ZA)

But a person is not to be regarded as a relevant person in relation to a regulated activity if, at that time, the person—

(a)

was a Gibraltar-based person with a Schedule 2A permission to carry on the activity, and

(b)

fell within a prescribed category, either generally or in relation to the activity.

(4ZB)

Regulations prescribing a category of person for the purposes of subsection (4ZA) may, among other things, make provision by reference to—

(a)

whether the activity is carried on through a branch in the United Kingdom;

(b)

the level of protection provided by the compensation scheme and by any comparable scheme operating in Gibraltar.

F5(4A)

In this section “relevant exchange” means a body corporate or unincorporated association carrying on a regulated activity relating to a trading facility at the time the act or omission which may give rise to the liability mentioned in subsection (1)(a) took place.

(5)

This section applies to—

(a)

the Official Receiver;

(b)

the Official Receiver for Northern Ireland; and

(c)

the Accountant in Bankruptcy.