ENF 21.4 The FSA's obligations, powers and policy on various further matters related to investigations

The FSA's obligations, powers and policy on various further matters related to investigations under section 97 broadly mirror those described in the following ENF 2 guidance:

1. (1)

   ENF 2.12.1 G to ENF 2.12.3 G, ENF 2.12.6 G and ENF 2.12.7 G - Notification of the person under investigation.

2. (2)

   ENF 2.10 - Provisions of the Act on protected items, banking confidentiality, and admissibility of statements to investigators.

3. (3)

   ENF 2.14 - Interviews and interview procedures.

4. (4)

   ENF 2.15 - Powers to enforce requirements and to co-operate with information gathering and investigation powers.

The FSA will not normally make public that it is or is not investigating a particular matter under section 97, or the outcome of any such investigation. Its policy in this area is broadly the same as that described in ENF 2.13 in the context of investigations by the FSA under other provisions of the Act, subject to the fact that slightly different considerations to those listed at ENF 2.13.4 G will be applied. Specifically, where it is investigating any matter, the FSA will, in exceptional circumstances, make a public announcement that it is doing so if it considers such an announcement is desirable to:

1. (1)

   maintain public confidence in the market; or

2. (2)

   maintain the smooth operation of the marker; or

3. (3)

   protect investors; or

4. (4)

   prevent widespread malpractice; or

5. (5)

   help the investigation itself.

In accordance with section 349 of the Act (Exceptions from section 348), the FSA may also make referrals of information gathered under LR 1.3.1R and in investigations where circumstances indicate that such a referral is appropriate.