The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

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

(2) In regulation 2 (interpretation)(2)—

(a) omit the definition of “Authority worker”;

(b) in the definition of “markets in financial instruments directive information”, for “Authority” substitute “FCA or the PRA”;

(c) after the definition of “prescribed disciplinary proceedings” insert—

““regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;

“regulator worker” means—

(a)

a person who is or has been employed by one of the regulators; or

(b)

an auditor or expert instructed by one of the regulators;”;

(d) in the definition of “short selling regulation information”, for “Authority” substitute “FCA”;

(e) in the definition of “single market information”, for “Authority” substitute “FCA or the PRA”.

(3) In regulation 3 (disclosure by and to the Authority, the Secretary of State and the Treasury etc.)(3)—

(a) in the heading, for “Authority” substitute “regulators”;

(b) in paragraph (1)—

(i) for sub-paragraph (a) substitute—

“(a) by one of the regulators or a regulator worker for the purposes of enabling or assisting the person making the disclosure to discharge any public functions of that regulator or (if different) the regulator worker;”;

(ii) after sub-paragraph (c) insert—

“(d) by one of the regulators or a regulator worker to one of the other regulators or a regulator worker employed or instructed by one of the other regulators for the purpose of enabling or assisting the recipient to discharge any public functions of the regulator or (if different) the regulator worker.”;

(c) in paragraph (2)—

(i) for “the Authority” in the first place those words appear, substitute “one of the regulators”;

(ii) for “the Authority” in the second place those words appear, substitute “that regulator”.

(4) In regulation 5 (disclosure for the purposes of certain other proceedings)—

(a) in paragraph (2), for “the Authority” substitute “one of the regulators”;

(b) in paragraph (3)(a), for “the Authority” substitute “the regulators”;

(c) in paragraph (6)(c), for “the Authority” substitute “one of the regulators”.

(5) In regulation 7 (restrictions on use of confidential information), for “the Authority” substitute “the FCA, the PRA,”.

(6) In regulation 9 (disclosure by the Authority or Authority workers to certain other persons)(4)—

(a) in the heading, for “the Authority or Authority workers” substitute “regulators or regulator workers”;

(b) in paragraph (1), for “the Authority or an Authority worker” substitute “any of the regulators or a regulator worker”;

(c) in paragraph (4), for “in the course of discharging the Authority’s functions” substitute “by the FCA or the PRA in the course of discharging its functions”.

(7) In regulation 12B (electronic commerce)(5), for “The Authority” substitute “The FCA or the PRA”.

(8) In regulation 13 (interpretation of Part 5), after “In this Part—” insert—

““the Authority” means the Financial Services Authority;”.

(9) In Schedule 1 (disclosure of confidential information whether or not subject to single market restrictions)(6)—

(a) in Part 1—

(i) in the entry beginning “The Bank of England”, after “payment systems” insert “and clearing and settlement systems”;

(ii) after that entry insert, in the first column “The FCA” and in the second column “The functions conferred on it by or under the Act”;

(iii) after the entry for “the FCA” (inserted by paragraph (ii)), in the first column insert “The PRA” and in the second column “The functions conferred on it by or under the Act”;

(iv) in the entry for “a person appointed to make a report under section 166 of the Act”, in the first column after “section 166” insert “or 166A”;

(v) in the entry beginning “The investigator appointed by the Authority”, in the first column for “The investigator appointed by the Authority in accordance with paragraph 7 of Schedule 1 to the Act” substitute “The investigator appointed under section 84 of the Financial Services Act 2012”;

(vi) in the entry beginning “A person appointed by the Treasury to hold an inquiry into matters relating to financial services”, in the first column for “section 15 of the Act” substitute “section 68 of the Financial Services Act 2012”;

(b) in Part 4, in the entry for “a person included on the list maintained by the Authority for the purposes of section 301 of the Act”, in the first column for “the Authority” substitute “the Bank of England”.

(10) In Schedule 3 (prescribed disciplinary proceedings) for “the Authority” substitute “any of the regulators”.

(1)

S.I. 2001/2188.

(2)

Amended by S.I. 2003/693, S.I. 2003/2066, S.I. 2004/1862, S.I. 2004/3379, S.I. 2006/3413, S.I. 2010/2628, and S.I. 2012/916, S.I. 2012/917 and S.I. 2012/2554.

(3)

Amended by S.I. 2012/916.

(4)

Amended by S.I. 2003/693, S.I. 2004/3379, S.I. 2006/3221, S.I. 2006/3413 and S.I. 2010/2628.

(5)

Inserted by S.I. 2002/1775.

(6)

Amended by S.I. 2001/3437 and 2012/916.