|‘Dawn raid’ manual under REMIT|
Nord Pool Consulting AS document of 15 August 2017 “REMIT Best Practice, A sector review on how to comply with REMIT related to inside information and market abuse“ (p. 49, 50) contains the following instructions in case of the “dawn raid” involved with REMIT investigations:
1. instructions for reception desk:
2. instructions for primary responsible person:
It is noteworthy that the correspondence with external legal advisors represents legally privileged documentation that should be kept away from the inspectors (until a legal advisor is present and can make an assessment).
Special consideration should be given to the cases where an answer would reveal an illegal action.
Given that no-one is obliged to contribute to his/her own incrimination, the above Nord Pool Consulting AS document of 15 August 2017 suggests in such a case to invoke (after consulting the legal advisor) the principle of self-incrimination and state that:
- the question is self-incriminating, and
- there is no duty to answer.
If the inspectors do not relinquish the question and insist on it, the aforementioned Nord Pool Consulting AS document of 15 August 2017 recommends to made a request that it is noted in the protocol that the answer was submitted under the threat of criminal prosecution (which may influence on the value of such an evidence).
The above Nord Pool Consulting recommendations can be assessed as very useful. Nevertheless multiple further best practice instructions may be considered.
Among them the special importance should be given to the need to copy every document - no matter its form - transmitted to the inspectors on their request.
Such copies should be retained and evidenced.
Such copying may sometimes appear burdensome and require the participation of, for example, IT departments (hard disks etc.), but occurs extremely useful in further procedures.
It needs to be reserved, finally, that different rules may apply in different jurisdictions that may affect the above instructions.
|Last Updated on Sunday, 11 February 2018 21:14|