(1) This section applies where -
(a) the Treasury consider that it is in the public interest that a regulator should undertake an investigation into any relevant events, and
(b) it does not appear to the Treasury that the regulator has undertaken or is undertaking an investigation (under this Part or otherwise) into those events.
(2) The Treasury must give the regulator a direction specifying the relevant events and requiring the regulator to undertake an investigation into those events and the circumstances surrounding them and to report to the Treasury on the result of the investigation.
(3) "Relevant events" means events that have occurred in relation to -
(a) a collective investment scheme,
(b) a person who is, or was at the time of the events, carrying on a regulated activity (whether or not as an authorised person),
(c) listed securities or an issuer of listed securities, or
(d) a regulated payment system.
(4) "Relevant events" do not include any events occurring before 1 Decembe
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