At the request of an overseas regulator, a regulator may—
An investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (1) of that section).
But where the investigator is—
the investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (2) of that section).
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In deciding whether or not to exercise its investigative power, the regulator may take into account in particular—
The regulator may decide that it will not exercise its investigative power unless the overseas regulator undertakes to make such contribution towards the cost of its exercise as the regulator considers appropriate.
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If a regulator has appointed an investigator in response to a request from an overseas regulator, it may direct the investigator to permit a representative of that regulator to attend, and take part in, any interview conducted for the purposes of the investigation.
A direction under subsection (7) is not to be given unless the regulator is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to safeguards equivalent to those contained in Part XXIII.
Each regulator must prepare a statement of its policy with respect to the conduct of interviews in relation to which a direction under subsection (7) has been given.
The statement requires the approval of the Treasury.
If the Treasury approve the statement, the regulator must publish it.
No direction may be given under subsection (7) before the statement has been published.
"Overseas regulator" has the same meaning as in section 195.
"Investigative power" means one of the powers mentioned in subsection (1).
"Investigator" means a person appointed under subsection (1)(b).