Central Bank Reform Act 2010

35.

Proceedings normally to be in private.

35.— (1) Except as provided by this section, evidence to be given, or a document to be produced, to the Head of Financial Regulation by a person who appears before the Head of Financial Regulation in compliance with an evidentiary notice shall be given or produced in private.

(2) If a person who appears before the Head of Financial Regulation in compliance with an evidentiary notice requests that the matter or any part of it be dealt with in public, the Head of Financial Regulation shall comply with the request unless—

( a) the matter raises issues that, in the opinion of the Head of Financial Regulation, should be dealt with in private, or

( b) the Head of Financial Regulation considers that it is necessary or desirable to deal with the matter or part of it in private in order to avoid the disclosure of information of the kind referred to in section 33AK(1A) of the Act of 1942.

(3) Subject to subsections (1) and (2), if the Head of Financial Regulation is satisfied that it is desirable in the public interest that the evidence to be given should be given, or the document to be produced should be produced, in public, the Head of Financial Regulation may direct accordingly.

(4) If the evidence is to be given, or the document is to be produced, in private, the Head of Financial Regulation may do either or both of the following:

( a) give directions as to the persons (other than the Head of Financial Regulation or an officer or employee of the Bank) who may be present during the proceeding;

( b) give directions preventing or restricting the publication of the whole or any part of the evidence or of matters contained in the document.

(5) If the evidence is to be given, or the document is to be produced, in private, a person (other than the person required to appear before the Head of Financial Regulation, the Head of Financial Regulation or an officer or employee of the Bank) may be present only if entitled to be present because of a direction given under subsection (4)(a).

(6) A person who contravenes a direction of the Head of Financial Regulation under subsection (4)(b) commits an offence.