(1) In this section -

'Court' means the High Court;

'privileged legal material' means information which, in the opinion of the Court, a person is entitled to refuse to produce on the grounds of legal professional privilege;

'relevant person' means the Bank or an authorised officer.

(2) If a person refuses to produce information or give access to it, pursuant to a requirement imposed by a relevant person under financial services legislation, on the grounds that the information contains privileged legal material, the Bank may, at any time within 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 -

(a) in relation to the information concerned -

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