The Financial Services (Omnibus 1 Directive) Regulations 2012

Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 U.K.

3.—(1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001(1) are amended as follows.

(2) In regulation 2 (interpretation)—

(a) before the definition of “the Act” insert—

“ACER” means the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No. 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators(2)”;

(b) omit the definition of “directive restrictions”;

(c) after the definition of “EEA regulatory authority” insert—

““ESRB” means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board(3);

“ESAs” means the European Supervisory Authorities established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority)(4) and Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority);”;

(d) for the definition of “single market directive information” substitute—

““single market information” means confidential information received by the Authority in the course of discharging its functions as the competent authority under any of the single market directives except for the market in financial instruments directive or the conglomerates directive and as the competent authority under Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority) and Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and article 8 of Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board;”;

(e) after the definition of “single market information” insert—

““single market restrictions” means the restrictions imposed on the disclosure of information by—

(a)

articles 54 and 58 of the markets in financial instruments directive;

(b)

section 2 of Chapter 1 of Title 5 of the banking consolidation directive;

(c)

articles 16 and 17 of Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance as amended by the conglomerates directive;

(d)

article 16 of the third non-life directive;

(e)

articles 24 to 30 of the reinsurance directive;

(f)

article 102 of the UCITS directive;

(g)

article 9 of the insurance mediation directive;

(h)

article 70 of Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority);

(i)

article 70 of Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority);

(j)

article 70 of Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority); and

(k)

article 8 of Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board;”.

(3) In regulation 3 (disclosure by and to the Authority, the Secretary of State and the Treasury etc.) in paragraph (3) for “directive restrictions” substitute “single market restrictions”.

(4) In regulation 5 (disclosure for the purposes of certain other proceedings) in paragraph (5) for “directive restrictions” substitute “single market restrictions”.

(5) In the heading of Part 3 for “SINGLE MARKET DIRECTIVE INFORMATION” substitute “SINGLE MARKET INFORMATION”.

(6) In regulation 8 (application of Part 3) in paragraph (a) for “single market directive information” substitute “single market information”.

(7) In regulation 9 (disclosure by the Authority or Authority workers to certain other persons) in paragraph (3B)—

(a) In sub-paragraph (c) omit “or”; and

(b) after sub-paragraph (d) insert—

“(e) ESMA, or

(f) the ESRB,”.

(8) In the heading of Part 4 for “DIRECTIVE RESTRICTIONS” substitute “SINGLE MARKET RESTRICTIONS”.

(9) In regulation 11 (application of Part 4) in paragraph (a) for “single market directive information” substitute “single market information”.

(10) In regulation 14 (disclosure of pre-commencement information) in paragraph (2)(b) for “directive restrictions” substitute “single market restrictions”.

(11) In regulation 15 (disclosure of transitional information)—

(a) in paragraph (4)—

(i) for “directive restrictions imposed by the single market directives” substitute “single market restrictions”; and

(ii) for “single market directive information” substitute “single market information”; and

(b) in paragraph (5) for “directive restrictions” substitute “single market restrictions”.

(12) In the heading of Schedule 1 for “DIRECTIVE RESTRICTIONS” substitute “SINGLE MARKET RESTRICTIONS”.

(13) At the end of the table in Part 1 of Schedule 1 (disclosure of confidential information whether or not subject to single market restrictions) insert—

“ACER	Its functions under Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency(5)
ESAs	Their functions under Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority) and Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority)
ESRB	Its functions under Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board”.

(14) In the heading of Schedule 2 for “DIRECTIVE RESTRICTIONS” substitute “SINGLE MARKET RESTRICTIONS”.

(15) In Schedule 2 omit the entry relating to a person specified in the first column as “The Gas and Electricity Markets Authority”.

Commencement Information

I1 Reg. 3 in force at 16.4.2012, see reg. 1

(1)

S.I. 2001/2188, amended by S.I. 2001/3624, S.I. 2003/1473, S.I. 2003/2066, S.I. 2004/1862, S.I. 2004/3379, S.I. 2006/3413, S.I. 2006/3221, S.I. 2006/3413, S.I. 2007/3255 and S.I. 2011/1613; there are other amending instruments but none is relevant.

(2)

O.J. No. L211, 14.08.2009 p.1

(3)

O.J. No. L331, 15.12.2010 p.1

(4)

O.J. No. L331, 15.12.2010 p.48

(5)

O.J. No. L326, 08.12.2011 p.1