33ANJ.— (1) As soon as practicable after a decision is made by the Bank to investigate—

(a) whether a person is committing or has committed one or more prescribed contraventions, or

(b) whether a person is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of one or more prescribed contraventions,

the responsible authorised officer shall give the person notice in writing of the investigation.

(2) The responsible authorised officer shall give the person to whom an investigation relates an amended notice in writing of the investigation as soon as practicable after any of the following events:

(a) there is a change in the investigation of the commission of or participation in a prescribed contravention such that a statement included under subsection (3)(a) is no longer accurate;

(b) the investigation is extended to include investigation of the commission of or participation in another prescribed contravention;

(c) investigation of the commission of or participation in a prescribed contravention is discontinued, while continuing in relation to another prescribed contravention.

(3) A notice under subsection (1) or (2) shall include—

(a) a statement identifying each prescribed contravention, and the conduct of the person concerned, to which the investigation for the time being relates,

(b) a copy of such material relating to the matters referred to in paragraph (a) as the responsible authorised officer considers appropriate, and

(c) a statement that a response to the contents of the notice will be taken into account if made by the person in writing within the period stated in the notice or such longer period as the responsible authorised officer may allow.

(4) The responsible authorised officer shall take such steps as he or she considers reasonable to keep the person to whom an investigation relates informed as to the progress of the investigation.

(5) If an investigation is discontinued in respect of all prescribed contraventions, the responsible authorised officer shall as soon as practicable give the person to whom the investigation relates notice in writing which—

(a) states that the investigation has been discontinued, and

(b) gives one or more of the following reasons for the discontinuance:

(i) that the Bank no longer has reasonable grounds to suspect the person’s commission of or participation in a prescribed contravention, so far as included in the investigation immediately before the discontinuance;

(ii) that the matters included in the investigation immediately before the discontinuance have been resolved;

(iii) that the investigation has been discontinued for reasons of resources;

(iv) that the investigation has been discontinued for policy reasons;

(v) that the investigation has been discontinued for reasons of any other description stated in the notice.

(6) If investigation of the commission of or participation in a prescribed contravention is discontinued while continuing in relation to another prescribed contravention, the responsible authorised officer and the Bank are not required to give a reason for the discontinuance.]