The Companies (Audit, Investigations and Community Enterprise) (Northern Ireland) Order 2005

Article 13

SCHEDULE 1 NEW SCHEDULE 7B TO THE COMPANIES (NORTHERN IRELAND) ORDER 1986

In the 1986 Order, after Schedule 7A insert—

“SCHEDULE 7B SPECIFIED PERSONS, DESCRIPTIONS OF DISCLOSURES ETC. FOR THE PURPOSES OF ARTICLE 253G

PART I SPECIFIED PERSONS

1.   The Secretary of State.

2.   The Department.

3.   The Treasury.

4.   The Bank of England.

5.   The Financial Services Authority.

6.   The Commissioners of Her Majesty’s Revenue and Customs.

PART II SPECIFIED DESCRIPTIONS OF DISCLOSURES

7.   A disclosure for the purpose of assisting a body designated by an order under Article 48 of the Companies (Northern Ireland) Order 1990 (NI 5) (delegation of functions of Department) to exercise its functions under Part III of that Order.

8.   A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an accountant or auditor of his professional duties.

9.   A disclosure for the purpose of enabling or assisting the Department or the Treasury to exercise any of its functions under any of the following—

(a) this Order;

(b) the insider dealing legislation;

(c) the Insolvency (Northern Ireland) Order 1989 (NI 19);

(d) the Company Directors Disqualification (Northern Ireland) Order 2002 (NI 4);

(e) the Financial Services and Markets Act 2000 (c. 8).

10.   A disclosure for the purpose of enabling or assisting the Secretary of State to exercise any powers conferred on him by the statutory provisions relating to companies or insolvency.

11.   A disclosure for the purpose of enabling or assisting the Bank of England to exercise its functions.

12.   A disclosure for the purpose of enabling or assisting the Commissioners of Her Majesty’s Revenue and Customs to exercise their functions.

13.   A disclosure for the purpose of enabling or assisting the Financial Services Authority to exercise its functions under any of the following—

(a) the legislation relating to friendly societies or to industrial and provident societies;

(b) the Building Societies Act 1986 (c. 53);

(c) Part V of the Companies (No. 2) (Northern Ireland) Order 1990 (NI 10);

(d) the Financial Services and Markets Act 2000 (c. 8).

14.   A disclosure in pursuance of any Community obligation.

PART III OVERSEAS REGULATORY BODIES

15.   A disclosure is made in accordance with this Part if—

(a) it is made to a body within paragraph 16, and

(b) it is made for the purpose of enabling or assisting that body to exercise the functions mentioned in that paragraph.

16.   A body is within this paragraph if it exercises functions of a public nature under legislation in any country or territory outside the United Kingdom which appear to the authorised person to be similar to his functions under Article 253B.

17.   In determining whether to disclose information to a body in accordance with this Part, the authorised person must have regard to the following considerations—

(a) whether the use which the body is likely to make of the information is sufficiently important to justify making the disclosure; and

(b) whether the body has adequate arrangements to prevent the information from being used or further disclosed other than for the purposes of carrying out the functions mentioned in paragraph 16 or any other purposes substantially similar to those for which information disclosed to the authorised person could be used or further disclosed.”.