Financial Services and Markets Bill - continued        House of Commons

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Annual report
Annual report.     192. - (1) At least once a year, the scheme manager must make a report to the Authority on the discharge of its functions.
      (2) The report must-
    (a) include a statement setting out the value of each of the funds established by the compensation scheme; and
    (b) comply with any requirements specified in rules made by the Authority.
      (3) The scheme manager must publish each report in the way it considers appropriate.
Information and documents
Scheme manager's power to require information.     193. - (1) The scheme manager may, by notice in writing given to the relevant person in respect of whom a claim is made under the scheme or to a person otherwise involved, require that person-
    (a) to provide specified information or information of a specified description; or
    (b) to produce specified documents or documents of a specified description.
      (2) The information or documents must be provided or produced-
    (a) before the end of such reasonable period as may be specified; and
    (b) in the case of information, in such manner or form as may be specified.
      (3) This section applies only to information and documents the provision or production of which the scheme manager considers-
    (a) to be necessary for the fair determination of the claim; or
    (b) to be necessary (or likely to be necessary) for the fair determination of other claims made (or which it expects may be made) in respect of the relevant person concerned.
      (4) If a document is produced in response to a requirement imposed under this section, the scheme manager may-
    (a) take copies or extracts from the document; or
    (b) require the person producing the document to provide an explanation of the document.
      (5) If a person who is required under this section to produce a document fails to do so, the scheme manager may require the person to state, to the best of his knowledge and belief, where the document is.
      (6) No person may be required under this section to produce or disclose a privileged communication.
      (7) If the relevant person is insolvent, no requirement may be imposed under this section on a person to whom section 194 or 199 applies.
      (8) If a person claims a lien on a document, its production under this Part does not affect the lien.
      (9) "Relevant person" has the same meaning as in section 199.
      (10) "Specified" means specified in the notice given under subsection (1).
      (11) A person is involved in a claim made under the scheme if he was knowingly involved in the act or omission giving rise to the claim.
Scheme manager's power to inspect information held by liquidator etc.     194. - (1) For the purpose of assisting the scheme manager to discharge its functions in relation to a claim made in respect of an insolvent relevant person, a person to whom this section applies must permit a person authorised by the scheme manager to inspect relevant documents.
      (2) A person inspecting a document under this section may take copies of, or extracts from, the document.
      (3) This section applies to-
    (a) the administrative receiver, administrator, liquidator or trustee in bankruptcy of an insolvent relevant person;
    (b) the permanent trustee, within the meaning of the Bankruptcy (Scotland) Act 1985, on the estate of an insolvent relevant person .
      (4) No person may be required under this section to permit another person to inspect a privileged communication.
      (5) This section does not apply to a liquidator, administrator or trustee in bankruptcy who is-
    (a) the Official Receiver;
    (b) the Official Receiver for Northern Ireland; or
    (c) the Accountant in Bankruptcy.
      (6) "Relevant person" has the same meaning as in section 199.
Powers of court where information required.     195. - (1) If a person ("the defaulter")-
    (a) fails to comply with a requirement imposed under section 193, or
    (b) fails to permit documents to be inspected under section 194,
  the scheme manager may certify that fact in writing to the court and the court may enquire into the case.
      (2) If the court is satisfied that the defaulter failed without reasonable excuse to comply with the requirement (or to permit the documents to be inspected), it may punish the defaulter (and, in the case of a body corporate, any director or officer) as if he had been guilty of contempt of court.
      (3) "Court" means-
    (a) the High Court;
    (b) in Scotland, the Court of Session.
Statutory immunity.     196. - (1) Neither the scheme manager nor any person who is, or is acting as, its board member, officer or member of staff is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the scheme manager's functions.
      (2) Subsection (1) does not apply-
    (a) if the act or omission is shown to have been in bad faith; or
    (b) so as to prevent an award of damages made in respect of an act or omission on the ground that the act or omission was unlawful as a result of section 6(1) of the Human Rights Act 1998.
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Prepared 14 December 1999