(1) Where a person refuses to produce information or give access to it, pursuant to a requirement under these Regulations, on the grounds that the information contains privileged legal material, the Bank may, at any time not later than 6 months (or such longer period as the court may allow) of the date of such refusal, apply to the court for a determination as to whether the information, or any part of the information, is privileged legal material where in relation to the information concerned -

(a) the Bank has reasonable grounds for believing that it is not privileged legal material, or

(b) due to the manner or extent to which such information is presented together with any other information, it is impossible or impractical to extract only such information.

(2) A person who refuses to produce information or give access to it, pursuant to a requirement under these Regulations, on the grounds that the information contains privileged legal material shall preserve the information and keep it in a safe and secure place and manner pending the determination of an application under paragraph (1) and shall, if the information is so determined not to be privileged legal material, produce it in accordance with such order as the court considers appropriate.