Part III Investigations and Powers to Obtain Information
Powers exercisable to assist overseas regulatory authorities
C1I187 Exceptions from restrictions on disclosure.
1
Information to which section 86 applies may be disclosed—
a
to any person with a view to the institution of, or otherwise for the purposes of, relevant proceedings,
C2b
for the purpose of enabling or assisting a relevant authority to discharge any relevant function (including functions in relation to proceedings),
c
to the Treasury, if the disclosure is made in the interests of investors or in the public interest,
d
if the information is or has been available to the public from other sources,
e
in a summary or collection of information framed in such a way as not to enable the identity of any person to whom the information relates to be ascertained, or
f
in pursuance of any F25EU obligation.
2
The relevant proceedings referred to in subsection (1)(a) are—
a
any criminal proceedings,
F24b
civil proceedings arising under or by virtue of the Financial Services and Markets Act 2000 and proceedings before the Upper Tribunal in respect of—
F27i
a decision of the FCA;
ia
a decision of the PRA;
ii
a decision of the Bank of England; or
iii
a decision of a person relating to the assessment of any compensation or consideration under the Banking (Special Provisions) Act 2008 F33, the Banking Act 2009 or Schedule 11 to the Financial Services and Markets Act 2023,
c
disciplinary proceedings relating to—
i
the exercise by a F22relevant lawyer, auditor, accountant, valuer or actuary of his professional duties, or
ii
the discharge by a public servant of his duties.
F212A
In subsection (2)(c)(i) “relevant lawyer” means—
a
a person who, for the purposes of the Legal Services Act 2007, is an authorised person in relation to an activity which constitutes a reserved legal activity (within the meaning of that Act),
b
a solicitor or barrister in Northern Ireland, or
c
a solicitor or advocate in Scotland.
3
In subsection (2)(c)(ii) “public servant” means an officer or servant of the Crown or of any public or other authority for the time being designated for the purposes of that provision by order of the Secretary of State.
4
The relevant authorities referred to in subsection (1)(b), and the relevant functions in relation to each such authority, are as follows—
Authority | Functions |
|---|---|
F2The Secretary of State | Functions under— (a)the enactments relating to companies or insolvency; (b)Part 2, this Part or Part 7 of this Act; (c)the Financial Services and Markets Act 2000. |
F3The Treasury. | Functions under— (a)this Part or Part 7 of this Act; (b)the Financial Services and Markets Act 2000. |
F4An inspector appointed under Part 14 of the Companies Act 1985. | Functions under that Part. |
F5A person authorised to exercise powers under section 447 of the Companies Act 1985 or section 84 of this Act. | Functions under that section. |
F5A person appointed under— (a)section 167 of the Financial Services and Markets Act 2000 (general investigations), (b)section 168 of that Act (investigations in particular cases), (c)section 169(1)(b) of that Act (investigation in support of overseas regulator), (d)section 284 of that Act (investigations into affairs of certain collective investment schemes), or (e)regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),to conduct an investigation. | Functions in relation to the investigation. |
An overseas regulatory authority. | Its regulatory functions (within the meaning of section 82 of this Act). |
The Department of Economic Development in Northern Ireland or a person appointed or authorised by that Department. | Functions conferred on it or him by the enactments relating to companies or insolvency. |
F6. . . | F6. . . |
F6. . . | F6. . . |
F6. . . | F6. . . |
F6. . . | F6. . . |
F6. . . | F6. . . |
F6. . . | F6. . . |
The Bank of England. | F7Any of its functions |
Functions under the enactments relating to friendly societies, under the Building Societies Act 1986 and under the Financial Services and Markets Act 2000. | |
F9A body corporate established in accordance with section 212(1) of that Act. | Functions under the Financial Services Compensation Scheme, established in accordance with section 213 of that Act. |
A recognised investment exchangeF31, recognised clearing house or recognised CSD (as defined by section 285 of that Act). | Functions in its capacity as an exchange F32clearing house or central securities depository recognised under that Act. |
A body designated under section 326(1) of the Financial Services and Markets Act 2000. | Functions in its capacity as a body designated under that section. |
F6. . . | F6. . . |
F10A body designated by order under section 1252 of the Companies Act 2006. | F10Functions under Part 42 of the Companies Act 2006. |
F11A recognised supervisory or qualifying body within the meaning of Part 42 of the Companies Act 2006. | F11Functions as such a body. |
F6. . . | F6. . . |
F12. . . | F12. . . |
The Official Receiver or, in Northern Ireland, the Official Assignee for company liquidations or for bankruptcy. | Functions under the enactments relating to insolvency. |
A recognised professional body (within the meaning of section 391 of the Insolvency Act 1986). | Functions in its capacity as such a body under the M1Insolvency Act 1986. |
F6. . . | F6. . . |
F13The Pensions Regulator | Functions conferred by or by virtue of—
or any enactment in force in Northern Ireland corresponding to an enactment mentioned in paragraphs (a) to (d) above. |
The Board of the Pension Protection Fund | Functions conferred by or by virtue of Part 2 of the Pensions Act 2004 or any enactment in force in Northern Ireland corresponding to that Part. |
F30The Competition and Markets Authority | Functions under the F14Financial Services and Markets Act 2000. |
F15A person authorised by the Secretary of State under sections 245C of the Companies Act 1985. | F15Functions relating to the securing of compliance by companies with the accounting requirements of that Act). |
F28. . . | F28. . . |
F16The Comptroller and Auditor General. | Functions under Part 2 of the National Audit Act 1983. |
F17The Scottish Ministers | Functions under the enactments relating to insolvency |
The Accountant in Bankruptcy | Functions he has under the enactments relating to insolvency. |
F18 The Regulator of Community Interest Companies. | Functions under the Companies (Audit, Investigations and Community Enterprise) Act 2004. |
F19The Gambling Commission | F29Functions under— |
F20Note: Article 3(4) of the Companies (Disclosure of Information) (Designated Authorities) (No. 2) Order 2002 restricts the circumstances in which disclosure for the purpose of enabling or assisting the Comptroller and Auditor General to discharge his relevant functions is permitted.
5
The Secretary of State may by order amend the Table in subsection (4) so as to—
a
add any public or other authority to the Table and specify the relevant functions of that authority,
b
remove any authority from the Table, or
c
add functions to, or remove functions from, those which are relevant functions in relation to an authority specified in the Table;
and the order may impose conditions subject to which, or otherwise restrict the circumstances in which, disclosure is permitted.
6
An order under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.