Source: http://www.legislation.gov.uk/ukpga/2012/21/part/5/crossheading/inquiries
Timestamp: 2018-06-20 08:27:17
Document Index: 708428437

Matched Legal Cases: ['art 18', 'art 5', 'art 5', 'art. 2', 'art. 2', 'art. 1', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3']

Financial Services Act 2012, Cross Heading: Inquiries is up to date with all changes known to be in force on or before 20 June 2018. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
68Cases in which Treasury may arrange independent inquiriesE+W+S+N.I.
(1)This section applies in [F1three] cases.
(a)events have occurred in relation to a recognised clearing house or [F2, a recognised payment system or a recognised CSD] which—
(i)the system established by Part 18 of FSMA 2000, or by any previous statutory provision, for the regulation of clearing houses [F3or central securities depositories] ,
(ii)the system established by Part 5 of the Banking Act 2009 for the regulation of F4... payment systems, or
[F5(3A)The third case is where it appears to the Treasury that—
(a)events have occurred in relation to a regulated payment system which caused or risked causing significant damage to business or other interests throughout the United Kingdom, and
(ii)the operation of that system.]
“recognised F6... payment system” means [F7a] payment system, as defined by section 182 of the Banking Act 2009, that is a recognised system for the purposes of Part 5 of that Act.
F1Word in s. 68(1) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 105(2), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F2Words in s. 68(3)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 17(2)(a) (with regs. 7(4), 9(1))
F3Words in s. 68(3)(b)(i) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 17(2)(b) (with regs. 7(4), 9(1))
F4Word in s. 68(3)(b)(ii) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 32(2)
F5S. 68(3A) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 105(3), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F6Word in s. 68(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 32(3)(a)
F7Word in s. 68(5) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 32(3)(b)
C1S. 68 modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6)65(3)(d)
I1S. 68 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
69Power to appoint person to hold an inquiryE+W+S+N.I.
(c)the conduct of the inquiry;
(c)require the appointed person to postpone the start of, or suspend, an inquiry until a specified time or until a further direction;
(d)require the appointed person to discontinue the inquiry or to take only such steps as are specified in the direction;
(e)require the appointed person to make such interim reports as are so specified.
I2S. 69 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
70Powers of appointed person and procedureE+W+S+N.I.
(1)The person appointed to hold an inquiry under section 69 (“A”) may—
(a)obtain such information from such persons and in such manner as A thinks fit,
(b)make such inquiries as A thinks fit, and
(2)A may require any person who, in A's opinion, is able to provide any information, or produce any document, which is relevant to the inquiry to provide any such information or produce any such document.
(3)For the purposes of an inquiry, A has the same powers as the court in respect of the attendance and examination of witnesses (including the examination of witnesses abroad) and in respect of the production of documents.
I3S. 70 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
71Conclusion of inquiryE+W+S+N.I.
(1)On completion of an inquiry under section 69, the person holding the inquiry must make a written report to the Treasury—
(a)setting out the result of the inquiry, and
(2)Any expenses reasonably incurred in holding an inquiry under section 69 are to be met by the Treasury out of money provided by Parliament.
I4S. 71 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
72Obstruction and contemptE+W+S+N.I.
I5S. 72 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.