(1) Where a person refuses to comply with a requirement under Regulation 5A or 7, as the case may be, on the grounds that information contains privileged legal material, the Bank may, at any time not later than 6 months (or such longer period as the High Court may allow) from the date of such refusal, apply to the High 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 comply with a requirement under Regulation 5A or 7, as the case may be, on the grounds that information contains privileged legal material shall preserve the information and keep it in a safe and secure place and m
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