(1) The Bank of England may require a recognised person who performs a relevant function in relation to a wholesale cash distribution activity to appoint an expert to report on the performance of the function.
(2) The Bank may impose a requirement only if it thinks -
(a) the person is not having sufficient regard to principles published by the Bank under section 206K,
(b) the person is failing to comply with a code of practice under section 206L, or
(c) the report is likely for any other reason to assist the Bank in the performance of its functions under this Part.
(3) The Bank may impose requirements about -
(a) the nature of the expert to be appointed;
(b) the content of the report;
(c) treatment of the report (including disclosure and publication);
(d) timing.