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

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PART IU.K. PRELIMINARY

Citation and CommencementU.K.

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 and come into force on 18th June 2001.

InterpretationU.K.

2.  In these Regulations—

  • [F1ACER” 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]

  • “the Act" means the Financial Services and Markets Act 2000;

  • F2...

  • [F3“competent authority” includes a supervisory authority within the meaning of Article 13(10) of the Solvency 2 Directive;]

  • [F4“conglomerates directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC, 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council [F5as last amended by Directive 2011/89/EU of the European Parliament and of the Council];]

  • “criminal investigation" means an investigation of any crime, including an investigation of any alleged or suspected crime and an investigation of whether a crime has been committed;

  • “dependent territory" means the Channel Islands, the Isle of Man and any territory outside the British Islands for whose external relations the United Kingdom is responsible;

  • “dependent territory regulatory authority" means an overseas regulatory authority which exercises its functions in, and in relation to, a dependent territory;

  • F6...

  • “disciplinary proceedings authority" means a person responsible for initiating prescribed disciplinary proceedings or determining the outcome of such proceedings;

  • “EEA competent authority" means a competent authority of an EEA state other than the United Kingdom for the purposes of any of the single market directives [F7, the EMIR regulation [F8, the market abuse regulation or the SFT regulation]] F9... F10...;

  • “EEA regulatory authority" means an EEA competent authority or an overseas regulatory authority which exercises its functions in, and in relation to, an EEA State other than the United Kingdom;

  • [F11“EEA resolution authority” means an authority designated by another EEA state in accordance with Article 3 of the recovery and resolution directive;]

  • [F12EMIR information” means confidential information received by one of the regulators in the course of discharging its functions as a competent authority under the EMIR regulation;]

  • [F12“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;]

  • [F13“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;]

  • [F13“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) 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);]

  • [F11“foreign resolution authority” means an authority in a territory which is not, and does not form part of, an EEA state which exercises functions in relation to third-country resolution action (within the meaning of section 89H of the Banking Act 2009), including planning for such action, corresponding to one or more functions exercisable by an EU resolution authority pursuant to the recovery and resolution directive;]

  • “former regulated activities" means activities carried on before the coming into force of section 19 of the Act and which constitute—

    (a)

    investment business within the meaning of the Financial Services Act 1986 M1;

    (b)

    deposit-taking business within the meaning of the Banking Act 1987 M2;

    (c)

    insurance business within the meaning of the Insurance Companies Act 1982 M3; or

    (d)

    insurance business within the meaning of the Friendly Societies Act 1992 M4;

  • “former regulated person" means a person who, at any time before the coming into force of section 19 of the Act, was—

    (a)

    authorised under section 3 or 4 of the Insurance Companies Act 1982;

    (b)

    an authorised person within the meaning of the Financial Services Act 1986, or an appointed representative within the meaning of section 44 M5 (appointed representatives) of that Act;

    (c)

    an authorised institution within the meaning of the Banking Act 1987;

    (d)

    a European institution within the meaning of the Banking Coordination (Second Council Directive) Regulations 1992 M6;

    (e)

    a European investment firm within the meaning of the Investment Services Regulations 1995 M7;

    (f)

    an EC company within the meaning of the Insurance Companies Act 1982 able to carry on direct insurance business through a branch in the United Kingdom, or provide insurance in the United Kingdom by virtue of paragraph 1 or 8 of Schedule 2F to that Act M8;

    (g)

    a friendly society authorised or treated as authorised for the purposes of Part IV of the Friendly Societies Act 1992, or permitted by virtue of section 31(2) or (3) of that Act to carry on activities without authorisation under that Part; or

    (h)

    a building society authorised or treated as authorised for the purposes of the Building Societies Act 1986 M9;

  • [F14“market abuse regulation information” means confidential information received by the FCA in the course of discharging its functions as a competent authority under the market abuse regulation or any directly applicable EU regulation made under the market abuse regulation;]

  • [F15“markets in financial instruments directive information” means confidential information received by the [F16FCA or the PRA] in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive [F17or its functions in relation to the supervision of investment firms under [F18the capital requirements directive];]

  • [F19“mortgages directive information” means confidential information received by the FCA or the PRA in the course of discharging its functions as a competent authority under the mortgages directive;]

  • F10...

  • “non-EEA regulatory authority" means an overseas regulatory authority other than an EEA regulatory authority or a dependent territory regulatory authority;

  • “overseas regulatory authority" means—

    (a)

    an authority in a country or territory outside the United Kingdom which exercises any function of a kind mentioned in section 195(4) of the Act; or

    (b)

    an overseas investment exchange [F20, overseas clearing house, EEA central counterparty (within the meaning of section 285(1)(c) of the Act) or third country central counterparty (within the meaning of section 285(1)(d) of the Act)];

  • “prescribed disciplinary proceedings" means the disciplinary proceedings prescribed in Schedule 3;

  • [F11“recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms;]

  • [F11“recovery and resolution directive information” means confidential information received by—

    (a)

    the Bank of England in the course of discharging its functions as a resolution authority under the recovery and resolution directive;

    (b)

    the FCA or PRA in the course of discharging their functions as competent authorities under the recovery and resolution directive;

    (c)

    a person appointed by the Bank of England under section 62B (resolution administrator) of the Banking Act 2009 to act as resolution administrator in the course of discharging that person's functions as such;]

  • [F21“regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;]

  • [F21“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;]

  • “Secretary of State worker" means—

    (a)

    a person who is or has been employed by the Secretary of State; or

    (b)

    an auditor or expert instructed by the Secretary of State;

  • [F22“SFTR information” means confidential information received by a regulator in the course of discharging its functions as a competent authority under the SFT regulation;]

  • [F23“short selling regulation information” means confidential information received by the [F24FCA] in the course of discharging its functions as a competent authority under the short selling regulation;]

  • [F25“single market information” means confidential information received by the [F26FCA or the PRA] 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;]

  • [F27“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)

    [F28section 2 of Chapter 1 of Title 7 of the capital requirements directive]

    (c)

    [F29articles 64, 65, 66, 67, 68, 69, and 70 of the Solvency 2 Directive;]

    (f)

    article 102 [F30and 104a.1] of the UCITS directive;

    (g)

    article 9 of the insurance mediation directive;

    (ga)

    [F31articles 47.2, 47.3, 51, 52 and 53.2 of the alternative investment fund managers directive;]

    (gb)

    [F32Articles 5(2) and 36 of the mortgages 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); F33...

    (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] [F34; F35...

    (l)

    article 83 of the EMIR regulation;]

    (m)

    [F36articles 84 and 98 of the recovery and resolution directive] [F37; F38...

    (n)

    article 27 of the market abuse regulation;] [F39and]

    (o)

    [F40article 18 of the SFT regulation;]

  • [F41[F42"the third non-life insurance directive"] has the meaning given to it by paragraph 3 of Schedule 3 to the Act;]

  • [F43UCITS directive information” means confidential information received by the Authority in the course of discharging its functions as an EEA competent authority under the UCITS directive.]

  • F44...

  • F44...]

Textual Amendments

F19Words in reg. 2 inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(2)(a) (with Pt. 4)

F32Words in reg. 2 inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(2)(b) (with Pt. 4)

Modifications etc. (not altering text)

Marginal Citations

M6S.I. 1992/3218; relevant amendments were made by S.I. 1999/2094.

M7S.I. 1995/3275; to which there are amendments not relevant to these Regulations.

M8Inserted by S.I. 1994/1696 and amended by S.I. 1997/2781.

PART IIU.K. DISCLOSURE OF CONFIDENTIAL INFORMATION GENERALLY

Disclosure by and to the [F45regulators], the Secretary of State and the Treasury etc.U.K.

3.—(1) A disclosure of confidential information is permitted when it is made to any person—

[F46(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;]

(b)by the Secretary of State or a Secretary of State worker for the purpose of enabling or assisting the person making the disclosure to discharge any public functions of the Secretary of State or (if different) of the Secretary of State worker;

(c)by the Treasury for the purpose of enabling or assisting the Treasury to discharge any of their public functions;

[F47(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.]

(2) A disclosure of confidential information is permitted when it is made by any primary recipient, or person obtaining the information directly or indirectly from a primary recipient, to [F48one of the regulators], the Secretary of State or the Treasury for the purpose of enabling or assisting [F49that regulator], the Secretary of State or the Treasury (as the case may be) to discharge any of its, his or their public functions.

(3) Paragraphs (1) and (2) do not permit disclosure in contravention of any of the [F50single market restrictions].

Textual Amendments

Disclosure for the purposes of criminal proceedings and investigationsU.K.

4.  A primary recipient of confidential information, or a person obtaining such information directly or indirectly from a primary recipient, is permitted to disclose such information to any person—

(a)for the purposes of any criminal investigation whatever which is being or may be carried out, whether in the United Kingdom or elsewhere;

(b)for the purposes of any criminal proceedings whatever which have been or may be initiated, whether in the United Kingdom or elsewhere; or

[F51(ba)for the purposes of any proceedings under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 which have been, or may be initiated;]

(c)for the purpose of initiating or bringing to an end any such investigation or proceedings, or of facilitating a determination of whether it or they should be initiated or brought to an end.

Textual Amendments

Disclosure for the purposes of certain other proceedingsU.K.

5.—(1) Subject to paragraphs (4) and (5), a primary recipient of confidential information, or a person obtaining such information directly or indirectly from a primary recipient, is permitted to disclose such information to—

(a)a person mentioned in paragraph (3) for the purpose of initiating proceedings to which this regulation applies, or of facilitating a determination of whether they should be initiated; or

(b)any person for the purposes of proceedings to which this regulation applies and which have been initiated, or for the purpose of bringing to an end such proceedings, or of facilitating a determination of whether they should be brought to an end.

(2) A person mentioned in paragraph (3) (or a person who is employed by [F52one of the regulators] or the Secretary of State) is permitted to disclose confidential information to any person for a purpose mentioned in paragraph (1)(a).

(3) The persons referred to in paragraphs (1)(a) and (2) are—

(a)[F53the regulators];

(b)the Secretary of State; and

(c)the Department of Enterprise, Trade and Investment in Northern Ireland.

(4) This regulation does not permit the disclosure of information with a view to the institution of, or in connection with, proceedings of the kind referred to in paragraph (6)(e) to the extent that—

(a)the information relates to an authorised person, former authorised person or former regulated person (“A");

(b)the information also relates to another person (“B") who, to the knowledge of the primary recipient (or person obtaining confidential information directly or indirectly from him), is or has been involved in an attempt to rescue A, or A’s business, from insolvency or impending insolvency; and

(c)B is not a director, controller or manager of A.

(5) This regulation does not permit disclosure in contravention of any of the [F54single market restrictions].

(6) The proceedings to which this regulation applies are—

(a)civil proceedings arising under or by virtue of the Act, an enactment referred to in section 338 of the Act, the Banking Act 1979 M10, the Friendly Societies Act 1974 M11, the Insurance Companies Act 1982 M12, the Financial Services Act 1986 M13, the Building Societies Act 1986 M14, the Banking Act 1987 M15, the Friendly Societies Act 1992 M16 or the Investment Services Regulations 1995 M17;

(b)proceedings before the Tribunal;

(c)any other civil proceedings to which [F55one of the regulators] is, or is proposed to be, a party;

(d)proceedings under section 7 or 8 of the Company Directors Disqualification Act 1986 M18 or article 10 or 11 of the Companies (Northern Ireland) Order 1989 M19 in respect of a director or former director of an authorised person, former authorised person or former regulated person; or

(e)proceedings under Parts I to VI or IX to X of the Insolvency Act 1986 M20, the Bankruptcy (Scotland) Act 1985 M21 or Parts II to VII or IX or X of the Insolvency (Northern Ireland) Order 1989 M22 in respect of an authorised person, former authorised person or former regulated person.

Textual Amendments

Modifications etc. (not altering text)

C5Reg. 5(6)(e) applied (with modifications) (11.2.2010) by The Cross Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 1, Sch. Pt. 3 para. 10(c)

Marginal Citations

M181986 c. 46. Section 7 was amended by the Insolvency Act 2000 (c. 39), Sch. 4, Part I, and s. 6. Section 8 was amended by the Financial Services Act 1986 (c. 60), s. 198; the Criminal Justice (Scotland) Act 1987 (s. 41), s. 55(b); the Criminal Justice Act 1988 (c. 33), s. 145(b); the Criminal Procedure (Consequential Provisions) (Scotland) Act 1995 (c. 40), s. 5, Sch. 4, para 62; the Companies Act 1989 (c. 40), s. 79; and the Insolvency Act 2000, s. 6.

Disclosure in pursuance of [F56 an EU] obligationU.K.

6.  A primary recipient of confidential information, or a person receiving such information directly or indirectly from a primary recipient, is permitted to disclose such information in pursuance of [F56an EU] obligation.

Textual Amendments

Restrictions on use of confidential informationU.K.

7.  Where confidential information is disclosed under these Regulations to a person other than [F57the FCA, the PRA,], the Secretary of State, the Treasury or the Bank of England, and the disclosure is made subject to any conditions as to the use to which the information may be put, the person to whom the information has been disclosed may not use the information in breach of any such condition, without the consent of the person who disclosed it to him.

Textual Amendments

PART IIIU.K.F58 DISCLOSURE OF [F59SINGLE MARKET INFORMATION] ...

Textual Amendments

[F60 Application of this PartU.K.

8.  This Part applies to—

(a)[F61single market information]; F62...

(b)markets in financial instruments directive information, where that information has been received from—

(i)an overseas regulatory authority under a cooperation agreement referred to in article 63 of the markets in financial instruments directive; or

(ii)an EEA competent authority under article 58.1 of the markets in financial instruments directive][F63; F64...

(c)EMIR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the EMIR regulation] [F65; F66...

(d)recovery and resolution directive information][F67; F68...

(e)market abuse regulation information] [F69and]

[F70(f)SFTR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the SFT regulation.]

Textual Amendments

Modifications etc. (not altering text)

Disclosure by [F71regulators or regulator workers] to certain other personsU.K.

9.—(1) Subject to paragraphs (2) [F72(3), (3A) [F73, (3C)] [F74, (3E)] [F75, (3EA)] [F76, (3F)] [F77, (3G)] [F78(4) and (5)]], [F79any of the regulators or a regulator worker] is permitted to disclose information to which this Part applies to a person specified in the first column in Schedule 1 for the purpose of enabling or assisting that person to discharge any of the functions listed beside him in the second column in that Schedule.

[F80(1A) A regulator or a person who is employed by a regulator may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of a credit institution or investment firm in accordance with Article 100 of the capital requirements directive or Article 32 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (European Banking Authority).]

(2) Paragraph (1) does not permit disclosure to a person specified in the first column in Part 3 of Schedule 1 unless [F81the conditions in paragraphs (2ZA), (2B) [F82, (2C) or (2D)] are met].

[F83(2ZA) The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a)article 63 of the markets in financial instruments directive;

[F84(b)article 55 of the capital requirements directive;]

[F85(c)article 66 of the Solvency 2 Directive;]

F86(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)article 102.3 of the UCITS directive; or

F86(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F87(2A) The references in paragraph (2) to the provisions mentioned in sub-paragraphs (a), F88... (d) and (e) are to those provisions as replaced by Directive 2000/64/EC of the European Parliament and of the Council of 7 November 2000].

[F89(2B) The conditions in this paragraph are that—

(a)the conditions in articles 25 or 26 of Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data are met;

(b)the regulator or regulator worker is satisfied that the disclosure is necessary for the purpose of complying with a requirement of the alternative investment fund managers directive; and

(c)in the case of disclosure of information received from an EEA competent authority—

(i)that authority has given its express agreement to the disclosure; and

(ii)if such agreement was given for a particular purpose, the disclosure is solely for that purpose.]

[F90(2C) The condition in this paragraph is that the conditions in Article 98 of the recovery and resolution directive for the exchange of information with authorities in a third country are met.]

[F91(2D) The conditions in this paragraph are that—

(a)the disclosure is provided for by a cooperation agreement of the kind referred to in Article 26 of the market abuse regulation; and

(b)where the disclosure is of personal data, as defined in Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, it is in accordance with Article 29(1) and (2) of the market abuse regulation.]

(3) Paragraph (1) does not permit disclosure to a person specified in the first column in Part 4 of Schedule 1—

(a)of information obtained from an EEA competent authority, unless that authority has given its express consent to the disclosure; or

(b)of information obtained in the course of an on-the-spot verification of the kind referred to in—

F92(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F93(ii)articles 52 and 159 of the capital requirements directive;]

(iii)[F94article 11 of the life assurance consolidation directive], F95...

(iv)article 14 of the first non-life insurance directive [F96, or

(v)article 16 of the reinsurance directive]

unless the EEA competent authority of the state in which the on-the-spot verification was carried out has given its express consent to the disclosure.

[F97(3A) Paragraph (1) does not permit disclosure of markets in financial instruments information to a person specified in the first column of Schedule 1 other than a person listed in paragraph (3B) where that information—

(a)was obtained from an EEA competent authority under article 58.1 of the markets in financial instruments directive (“the directive”) or an overseas regulatory authority under a cooperation agreement referred to in article 63 of the directive, and

(b)that authority indicated at the time of communication that such information must not be disclosed,

unless that authority has given its express consent to the disclosure.

(3B) The persons are—

(a)the Bank of England,

(b)the European Central Bank,

(c)the central bank of any country or territory outside the United Kingdom, F98...

(d)a body (other than a central bank) in a country or territory outside the United Kingdom having—

(i)functions as a monetary authority; or

(ii)responsibility for overseeing payment systems],

[F99(e)ESMA, or

(f)the ESRB].

[F100(3C) Paragraph (1) does not permit disclosure of UCITS directive information to a person specified in the first column of Schedule 1 other than a person listed in paragraph (3D) where that information—

(a)was obtained from an EEA competent authority under Article 101.2 of the UCITS directive or an overseas regulatory authority under a cooperation agreement referred to in Article 102 of that directive, and

(b)that authority indicated at the time of communication that such information must not be disclosed,

unless that authority has given its express consent to the disclosure.

(3D) The persons are—

(a)the Bank of England;

(b)the central bank of any country or territory outside the United Kingdom;

(c)a recognised investment exchange;

(d)an auditor exercising functions conferred by or under the Act in relation to insurance undertakings, credit institutions, investment firms or other financial institutions;

(e)an EEA regulatory authority exercising functions in relation to the supervision of credit institutions, investment firms, insurance undertakings or other financial institutions.]

[F101(3E) Paragraph (1) does not permit disclosure of EMIR information to a person specified in the first column of Schedule 1 in contravention of Article 83 of the EMIR regulation.]

[F102(3EA) Paragraph (1) does not permit disclosure of SFTR information to a person specified in the first column of Schedule 1 in contravention of Article 18 of the SFT regulation.]

[F103(3F) Paragraph (1) does not permit disclosure of mortgages directive information to a person specified in the first column of Schedule 1 in contravention of Articles 5(2) or 36 of the mortgages directive.]

[F104(3G) Paragraph (1) does not permit disclosure of market abuse regulation information to a person specified in the first column of Schedule 1 in contravention of Article 27 of the market abuse regulation.]

[F105(4) Paragraph (1) does not permit disclosure—

(a)in breach of any restriction on the disclosure of confidential information in Section 2 of Chapter 1 of Title 7 of the capital requirements directive; or

(b)to persons specified in the first column in Part 5 of Schedule 1 (except to the extent that they are referred to in other parts of the Schedule) other than where—

(i)it is obtained by the FCA or PRA in the course of discharging its functions under the capital requirements directive or the capital requirements regulation;

(ii)there is an emergency situation, as referred to in Article 114 of the capital requirements directive; and

(iii)such information is relevant for the performance of such persons' functions.]

[F106(5) Paragraph (1) does not permit the disclosure of recovery and resolution directive information to any person unless the assessment required in regulation 10B has been carried out.]

Textual Amendments

F76Word in reg. 9(1) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(3)(a) (with Pt. 4)

F103Reg. 9(3F) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(3)(b) (with Pt. 4)

Modifications etc. (not altering text)

Disclosure by Schedule 1 personU.K.

10.  A person specified in the first column in Schedule 1 is permitted to disclose information to which this Part applies for the purpose of enabling or assisting him to discharge any of the functions listed beside him in that Schedule.

[F107Disclosure of recovery and resolution directive informationU.K.

10A.—(1) The Bank of England may disclose recovery and resolution directive information to any person for the purpose of enabling the Bank to prepare for and carry out the functions given to it under—

(a)Parts 1, 2 and 3 of the Banking Act 2009, or

(b)the Investment Bank Special Administration Regulations 2011,

provided that any such disclosure is made subject to the conditions in paragraph (2), and following the assessment required in regulation 10B.

(2) A disclosure made by the Bank of England under paragraph (1) must be made subject to—

(a)a requirement that the information disclosed is kept confidential and not disclosed to any other person without the consent of the Bank; and

(b)restrictions imposed by the Bank as to the way in which the information may be used.

(3) A resolution administrator appointed under section 62B of the Banking Act 2009 may disclose recovery and resolution directive information to a regulator.]

Textual Amendments

[F107Assessment of effects of disclosureU.K.

10B.—(1) Before any disclosure is made of recovery and resolution directive information the person disclosing that information must—

(a)assess the possible effects of disclosing the information in question on—

(i)the public interest in relation to financial, monetary or economic policy;

(ii)the commercial interests of natural and legal persons;

(iii)the purpose of any investigation, inspection or audit to which the information is relevant; and

(b)where the information in question relates to the recovery plan or resolution plan of any undertaking, assess the effects of the disclosure of any part of that recovery plan or resolution plan.

(2) In this regulation—

“recovery plan” means a recovery plan drawn up and maintained in accordance with Article 5 of the recovery and resolution directive or a group recovery plan drawn up and maintained in accordance with Article 7 of that directive; and

“resolution plan” means a resolution plan drawn up in accordance with Article 10 of the recovery and resolution directive or a group recovery plan drawn up in accordance with Articles 12 and 13 of that directive.]

Textual Amendments

PART IVU.K. DISCLOSURE OF CONFIDENTIAL INFORMATION NOT SUBJECT TO [F108SINGLE MARKET RESTRICTIONS]

Textual Amendments

Application of this PartU.K.

11.  This Part applies to confidential information other than—

(a)[F109single market information];

F110(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F111(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F112(d)markets in financial instruments directive information, where that information has been received from—

(i)an overseas regulatory authority under a cooperation agreement referred to in article 63 of the markets in financial instruments directive; or

(ii)an EEA competent [F113authority] under article 58.1 of the markets in financial instruments directive,

unless that authority has given its express consent for disclosure that is covered by this Part];

[F114(e)UCITS directive information, where that information has been received from—

(i)an overseas regulatory authority under a cooperation agreement referred to in Article 102 of the UCITS directive; or

(ii)an EEA competent authority under Article 101.2 of the UCITS directive,

unless that authority has given its express consent for disclosure that is covered by this Part];

[F115(f)EMIR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the EMIR regulation, unless that authority has given its express consent for disclosure that is covered by this Part];

[F116(fa)SFTR information where that information has been received from the competent authority of an EEA State other than the United Kingdom under the SFT regulation, unless that authority has given its express consent for disclosure that is covered by this Part;]

[F117(g)recovery and resolution directive information];

[F118(h)market abuse regulation information.]

Textual Amendments

Modifications etc. (not altering text)

Disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authorityU.K.

12.—(1) A primary recipient of information to which this Part applies, or a person obtaining such information directly or indirectly from a primary recipient, is permitted to disclose such information to—

(a)a person specified in the first column in Schedule 1 or 2 for the purpose of enabling or assisting that person to discharge any function listed beside him in the second column in Schedule 1 or 2; or

(b)a disciplinary proceedings authority for the purposes of any prescribed disciplinary proceedings which have been or may be initiated, or for the purpose of initiating or bringing to an end any such proceedings, or of facilitating a determination of whether they should be initiated or brought to an end.

(2) A person specified in the first column in Schedule 1 or 2 is permitted to disclose information to which this Part applies to any person for the purpose of enabling or assisting the person making the disclosure to discharge any function listed beside him in the second column in Schedule 1 or 2.

(3) A disciplinary proceedings authority is permitted to disclose information to which this Part applies to any person for any of the purposes mentioned in paragraph (1)(b).

[F119(4) This regulation does not permit disclosure of short selling regulation information to a person specified in the first column in Part 3 of Schedule 1 unless the disclosure is in accordance with article 40 of the short selling regulation or a cooperation arrangement of the kind referred to in article 38 of the short selling regulation.]

Textual Amendments

[F12012A.  The [F121Gambling] Commission may disclose information to which this Part applies to [F122the Comptroller and Auditor General] for the purpose of enabling or assisting the Comptroller and Auditor General to carry out an examination under Part II of the National Audit Act 1983 in relation to the Commission.]

Textual Amendments

[F123Electronic commerceU.K.

12B.  [F124The FCA or the PRA] may disclose information to which this Part applies for the purpose of publishing that information in accordance with regulation 10(8) of the Electronic Commerce Directive (Financial Services and Markets) Regulations 2002.]

Textual Amendments

[F12512C.  A primary recipient of information to which this Part applies, or a person obtaining such information directly or indirectly from a primary recipient is permitted to disclose such information to any person for the purposes of any proceedings under the Proceeds of Crime Act 2002 which have been or may be initiated.]

Textual Amendments

PART VU.K. TRANSITIONAL PROVISIONS

InterpretationU.K.

13.  In this Part—

  • [F126“the Authority” means the Financial Services Authority;]

  • “pre-commencement information" means information which is subject to restrictions (with or without qualifications or exceptions) on disclosure by virtue of a pre-commencement provision;

  • “pre-commencement provision" means—

    (a)

    any provision in—

    (i)

    Schedule 2B to the Insurance Companies Act 1982 M23;

    (ii)

    Part VIII of the Financial Services Act 1986 M24;

    (iii)

    Part V of the Banking Act 1987 M25; or

    (iv)

    SRO rules;

    which imposes restrictions on the disclosure of information, or creates exceptions or qualifications to such restrictions; or

    (b)

    regulation 48 of the Investment Services Regulations 1995 M26;

  • “recognised self-regulating organisation" means a body which immediately before the coming into force of section 348 of the Act was a recognised self-regulating organisation within the meaning of section 8(1) of the Financial Services Act 1986, or a recognised self-regulating organisation for friendly societies within the meaning of Schedule 11 to that Act;

  • “SRO rules" means the rules of a recognised self-regulating organisation;

  • “transitional information" means information which immediately before the coming into force of section 19 of the Act was subject to restrictions on disclosure by virtue of a pre-commencement provision.

Textual Amendments

Marginal Citations

M26S.I. 1995/3275. Regulation 48 was amended by Regulation 11 of S.I. 1996/1669.

Disclosure of pre-commencement informationU.K.

14.—(1) Before the coming into force of section 19 of the Act, each pre-commencement provision is to be treated as permitting the disclosure of pre-commencement information—

(a)in accordance with regulation 3(1) as if it were confidential information;

(b)to the Authority, the Secretary of State or the Treasury for the purpose referred to in regulation 3(2);

(c)to any person for the purposes referred to in regulation 4; and

(d)to—

(i)a person mentioned in regulation 5(3) for the purpose referred to in regulation 5(1)(a); or

(ii)any person for the purposes referred to in regulation 5(1)(b),

but only if the proceedings in question are of the kind referred to in regulation 5(6)(a), (b) or (c).

(2) Paragraph (1) is not to be taken as—

(a)precluding disclosure of pre-commencement information where that is otherwise permitted under the pre-commencement provision in question; or

(b)permitting disclosure in contravention of any of the [F127single market restrictions].

Textual Amendments

Disclosure of transitional informationU.K.

15.—(1) After the coming into force of section 19 of the Act, sections 348, 349 and 352 of the Act apply in relation to transitional information in the same way as they apply in relation to confidential information within the meaning of section 348(2) of the Act.

(2) Paragraph (1) does not apply to transitional information which—

(a)has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by section 348 of the Act or a pre-commencement provision; or

(b)satisfies the criterion set out in section 348(4)(b) of the Act.

(3) For the purposes of sections 348 and 349 of the Act as they apply by virtue of paragraph (1)—

(a)a person who holds transitional information is to be treated as a primary recipient of the information if he—

(i)obtained it as mentioned in paragraph 1(2) or 5(1)(a) of Schedule 2B to the Insurance Companies Act 1982 M27;

(ii)was a primary recipient of the information for the purposes of section 179 of the Financial Services Act 1986 M28;

[F128(iia)obtained or received it as mentioned in subsection (5) of that section;]

(iii)received it as mentioned in section 82(1)(a) of the Banking Act 1987 M29; or

(iv)received it as mentioned in regulation 48(1) of the Investment Services Regulations 1995 M30;

(b)any other person who holds transitional information is to be treated as having obtained the information directly or indirectly from a primary recipient.

(4) Transitional information which is subject to [F129single market restrictions] F130... is to be treated for the purposes of these Regulations as [F131single market information] F130....

(5) Part IV of these Regulations does not apply to transitional information which is subject to [F132single market restrictions] imposed by [F133article 107.3] of the listing particulars directive.

Textual Amendments

Marginal Citations

M27Paragraphs 1(2) and 5(1)(a) were modified by S.I. 1997/2781, art. 8, Sch. paras. 53 and 57(a)(i).

M30S.I. 1995/3275. Regulation 48 was amended by Regulation 11 of S.I. 1996/1669.

Disclosure by recognised self-regulating organisationsU.K.

16.  If a recognised self-regulating organisation discloses any information to the Authority for the purpose of enabling or assisting the Authority to discharge functions corresponding to functions of the organisation, the disclosure is not to be taken as a contravention of any duty to which the organisation is subject.

[F134Investment services directive information: transitional provisionU.K.

17.  In these Regulations confidential information received by the Authority in the course of discharging its functions as an EEA competent authority under Council Directive 93/22/EEC of 10th May 1993 on investment services in the securities field shall be deemed to have been received by the Authority in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive.]

Textual Amendments

Gordon Brown

David Jamieson

Two of the Lords Commissioners of Her Majesty’s Treasury

15th June 2001

Yn ôl i’r brig

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