If it appears to an investigating authority that there is good reason for doing so, the investigating authority may appoint one or more competent persons to conduct an investigation on its behalf into—
This subsection applies to the following persons—
If a person appointed under subsection (1) thinks it necessary for the purposes of his investigation, he may also investigate the business of a person who is or has at any relevant time been—
If a person appointed under subsection (1) decides to investigate the business of any person under subsection (2) he must give that person written notice of his decision.
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The power conferred by this section may be exercised in relation to a person who has at any time been an authorised person or a person described in subsection (1A)(c) , (d) or (e) but only in relation to—
The power conferred by this section may be exercised in relation to a person who has at any time been an appointed representative but only in relation to business carried on at any time when the person was an appointed representative.
"Business" includes any part of a business even if it does not consist of carrying on regulated activities.
"Investigating authority" means—
References in subsection (1) to a recognised investment exchange do not include references to an overseas investment exchange (as defined by section 313(1)).