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

PART I U.K. PRELIMINARY

Citation and Commencement U.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.

Interpretation U.K.

2.  In these Regulations—

• [F1 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]

• “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 [F5 as 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 ... [F9 , the SFT regulation [F10 , the CSD regulation or the PRIIPs regulation]]] F11 ... F12 ...;

• “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;

• [F13 “EEA resolution authority” means an authority designated by another EEA state in accordance with Article 3 of the recovery and resolution directive;]

• [F14 EMIR 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;]

• [F14 “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;]

• [F15 “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;]

• [F15 “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);]

• [F16 “EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014;]

• [F16 “EU Benchmarks Regulation 2016 information” means information received by the FCA in the course of discharging its functions as a competent authority under the EU Benchmarks Regulation 2016;]

• [F13 “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 ;

• F17 ...

• [F18 “markets in financial instruments directive [F19 and the markets in financial instruments regulation] information” means confidential information received by the [F20 FCA or the PRA] in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive [F21 or its functions in relation to the supervision of investment firms under [F22 the capital requirements directive];]

• [F23 “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;]

• F12 ...

• “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; F24 ...

  (b)

  an overseas investment exchange [F25 , overseas clearing house, EEA central counterparty (within the meaning of section 285(1)(c) of the Act) [F26 , third country central counterparty (within the meaning of section 285(1)(d) of the Act), EEA CSD (within the meaning of section 285(1)(f) of the Act) or third country CSD (within the meaning of section 285(1)(g) of the Act)]];[F27 or

  (c)

  an authority in a country or territory outside the United Kingdom which exercises any functions of a kind corresponding to a function of the Bank of England;]

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

• [F13 “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;]

• [F13 “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;]

• [F28 “regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;]

• [F28 “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;

• [F29 “SFTR information” means confidential information received by a regulator in the course of discharging its functions as a competent authority under the SFT regulation;]

• [F30 “short selling regulation information” means confidential information received by the [F31 FCA] in the course of discharging its functions as a competent authority under the short selling regulation;]

• [F32 “single market information” means confidential information received by the [F33 FCA 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 [F34 , the markets in financial instruments regulation] 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;]

• [F35 “single market restrictions” means the restrictions imposed on the disclosure of information by—

  (a)

  articles [F36 76 and 81] of the markets in financial instruments directive;

  (b)

  [F37 section 2 of Chapter 1 of Title 7 of the capital requirements directive]

  (c)

  [F38 articles 64, 65, 66, 67, 68, 69, and 70 of the Solvency 2 Directive;]

  (f)

  article 102 [F39 and [F40 104.1]] of the UCITS directive;

  (g)

  [F41 article 13 of the insurance distribution directive];

  (ga)

  [F42 articles 47.2, 47.3, 51, 52 and 53.2 of the alternative investment fund managers directive;]

  (gb)

  [F43 Articles 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); F44 ...

  (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] [F45 ; F46 ...

  (l)

  article 83 of the EMIR regulation;]

  (m)

  [F47 articles 84 and 98 of the recovery and resolution directive] [F48 ; F49 ... [F50 and]

  (n)

  F51 ...]

  (o)

  [F52 article 18 of the SFT regulation;]

• F53 ...

• [F54 UCITS 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.]

• F55 ...

• F55 ...]

Textual Amendments

F1 Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(a)

F2 Words in reg. 2 omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(a)

F3 Words in reg. 2 inserted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(2)(a)

F4 Words in reg. 2 inserted (10.8.2004) by The Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862), regs. 1(1), 11(a)

F5 Words in reg. 2 inserted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 13

F6 Words in reg. 2 omitted (16.4.2012) by virtue of The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(b)

F7 Words in reg. 2 substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(2)(b)

F8 Words in reg. 2 omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(a) (with reg. 7)

F9 Words in reg. 2 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 25(2)(a) (with regs. 7(4), 9(1))

F10 Words in reg. 2 substituted (1.1.2018) by virtue of The Packaged Retail and Insurance-based Investment Products Regulations 2017 (S.I. 2017/1127), reg. 1, Sch. 2 para. 4

F11 Words in reg. 2 omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(a)(i)

F12 Words in reg. 2 omitted (20.1.2007) by virtue of The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(a), 3(c)

F13 Words in reg. 2 inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(2)(b)

F14 Words in reg. 2 inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(a) (with regs. 52-58)

F15 Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(c)

F16 Words in reg. 2 inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 56(2)

F17 Words in reg. 2 omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(b) (with reg. 7)

F18 Words in reg. 2 inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 3(d)

F19 Words in reg. 2 inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(c) (with reg. 7)

F20 Words in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(b)

F21 Words in reg. 2 inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), reg. 1, Sch. 2 para. 3(2)

F22 Words in reg. 2 substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(2)(a)

F23 Words 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)

F24 Word in reg. 2 omitted (27.3.2019) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(2)(a)(i)

F25 Words in reg. 2 substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(c) (with regs. 52-58)

F26 Words in reg. 2 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 25(2)(b) (with regs. 7(4), 9(1))

F27 Words in reg. 2 inserted (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(2)(a)(ii)

F28 Words in reg. 2 inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(c)

F29 Words in reg. 2 inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(2)(c)

F30 Words in reg. 2 inserted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 3(2)

F31 Word in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(d)

F32 Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(d)

F33 Words in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(e)

F34 Words in reg. 2 inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(d) (with reg. 7)

F35 Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(e)

F36 Words in reg. 2 substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(e)(i) (with reg. 7)

F37 Words in reg. 2 substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(2)(b)

F38 Words in reg. 2 substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(2)(b)

F39 Words in reg. 2 inserted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 4(2)

F40 Word in reg. 2 substituted (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(2)(b)

F41 Words in reg. 2 substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (revoked) 2018 (S.I. 2018/546), arts. 1(2), 21

F42 Words in reg. 2 inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 12(2)

F43 Words 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)

F44 Word in reg. 2 omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(d)(i) (with regs. 52-58)

F45 Words in reg. 2 inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(d)(ii) (with regs. 52-58)

F46 Word in reg. 2 omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(2)(c)(i)

F47 Words in reg. 2 added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(2)(a)

F48 Words in reg. 2 inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(2)(c)(ii)

F49 Word in reg. 2 omitted (13.7.2016) by virtue of The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(2)(b)(i)

F50 Word in reg. 2 inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(e)(ii) (with reg. 7)

F51 Words in reg. 2 omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(e)(iii) (with reg. 7)

F52 Words in reg. 2 inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(2)(b)(iii)

F53 Words in reg. 2 omitted (27.3.2019) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(2)(c)

F54 Words in reg. 2 inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(2)(b)

F55 Words in reg. 2 omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(a)(ii)

Modifications etc. (not altering text)

C1 Reg. 2 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(a) (as amended (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 17(3))

C2 Reg. 2 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(a)

C3 Reg. 2 applied (10.6.2019) by The Proxy Advisors (Shareholders' Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 29(1)(a)

Marginal Citations

M1 1986 c. 60.

M2 1987 c. 22.

M3 1982 c. 50.

M4 1992 c. 40.

M5 Modified by S.I. 1992/3218 and S.I. 1995/3275.

M6 S.I. 1992/3218; relevant amendments were made by S.I. 1999/2094.

M7 S.I. 1995/3275; to which there are amendments not relevant to these Regulations.

M8 Inserted by S.I. 1994/1696 and amended by S.I. 1997/2781.

M9 1986 c. 53.

PART II U.K. DISCLOSURE OF CONFIDENTIAL INFORMATION GENERALLY

Modifications etc. (not altering text)

C4 Pt. 2 applied (10.6.2019) by The Proxy Advisors (Shareholders' Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 29(1)(b)

Disclosure by and to the [F56 regulators], 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—

[F57 (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;

[F58 (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 [F59 one of the regulators], the Secretary of State or the Treasury for the purpose of enabling or assisting [F60 that 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 [F61 single market restrictions].

Textual Amendments

F56 Word in reg. 3 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(3)(a)

F57 Reg. 3(1)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(3)(b)(i)

F58 Reg. 3(1)(d) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(3)(b)(ii)

F59 Words in reg. 3(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(3)(c)(i)

F60 Words in reg. 3(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(3)(c)(ii)

F61 Words in reg. 3(3) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(3)

Disclosure for the purposes of criminal proceedings and investigations U.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

[F62 (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

F62 Reg. 4(ba) inserted (23.8.2003) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2003 (S.I. 2003/2174), regs. 1, 4(a)

Disclosure for the purposes of certain other proceedings U.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 [F63 one 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) [F64 the regulators];

(b) the Secretary of State; and

(c) [F65 the Department for the Economy 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 [F66 single 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 [F67 one 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

F63 Words in reg. 5(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(4)(a)

F64 Words in reg. 5(3)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(4)(b)

F65 Words in reg. 5(3)(c) substituted (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(3)

F66 Words in reg. 5(5) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(4)

F67 Words in reg. 5(6)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(4)(c)

Modifications etc. (not altering text)

C5 Reg. 5(4)(a) applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(b)

C6 Reg. 5(4)(a) 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(b)

C7 Reg. 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)

C8 Reg. 5(6)(e) applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(c)

Marginal Citations

M10 1979 c. 37.

M11 1974 c. 46.

M12 1982 c. 50.

M13 1986 c. 60.

M14 1986 c. 53.

M15 1987 c. 22.

M16 1992 c. 40.

M17 S.I. 1995/3275.

M18 1986 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.

M19 S.I. 1989/2402 (N.I. 18).

M20 1986 c. 45.

M21 1985 c. 66.

M22 S.I. 1989/2405 (N.I. 19).

Disclosure in pursuance of [F68 an EU] obligation U.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 [F68 an EU] obligation.

Textual Amendments

F68 Words in Regulations substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6

Restrictions on use of confidential information U.K.

7.  Where confidential information is disclosed under these Regulations to a person other than [F69 the 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

F69 Words in reg. 7 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(5)

PART III U.K. F70 DISCLOSURE OF [F71 SINGLE MARKET INFORMATION] ...

Textual Amendments

F70 Words in Pt. 3 heading omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(b)

F71 Words in Pt. 3 heading substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(5)

[F72 Application of this Part U.K.

8.   This Part applies to—

(a) [F73 single market information]; F74 ...

(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 [F75 article 88] of the markets in financial instruments directive; or

(ii) an EEA competent authority under [F76 article 81.1] of the markets in financial instruments directive][F77 ; F78 ...

(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] [F79 ; F80 ...

(d) recovery and resolution directive information][F81 ; F82 ... [F83 and]

F84 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F85 (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

F72 Reg. 8 substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 4

F73 Words in reg. 8(a) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(6)

F74 Word in reg. 8(a) omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(3)(a) (with regs. 52-58)

F75 Words in reg. 8(b)(i) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(3)(a)(i) (with reg. 7)

F76 Words in reg. 8(b)(ii) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(3)(a)(ii) (with reg. 7)

F77 Reg. 8(c) and word inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(3)(b) (with regs. 52-58)

F78 Word in reg. 8(b) omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(3)(a)

F79 Reg. 8(d) and word inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(3)(b)

F80 Word in reg. 8(c) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(3)(a)

F81 Reg. 8(e) and word inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(3)(b)

F82 Word in reg. 8(d) omitted (13.7.2016) by virtue of The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(3)(a)

F83 Word in reg. 8(d) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(3)(b) (with reg. 7)

F84 Reg. 8(e) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(3)(c) (with reg. 7)

F85 Reg. 8(f) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(3)(c)

Modifications etc. (not altering text)

C9 Reg. 8 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(d)

C10 Reg. 8 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(d)

Disclosure by [F86 regulators or regulator workers] to certain other persons U.K.

9.—(1) Subject to paragraphs (2) [F87 (3), (3A) [F88 , (3C)] [F89 , (3E)] [F90 , (3EA)] [F91 , (3F)] [F92 , F93 ...] [F94 (4) and (5)]], [F95 any 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.

[F96 (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 [F97 the conditions in paragraphs (2ZA), (2B) [F98 or (2C)] are met].

[F99 (2ZA) The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a) [F100 article 88] of the markets in financial instruments directive;

[F101 (b) article 55 of the capital requirements directive;]

[F102 (c) article 66 of the Solvency 2 Directive;]

F103 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e) article 102.3 of the UCITS directive; or

F103 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

F104 (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F105 (2B) The conditions in this paragraph are that—

[F106 (a) the disclosure is made in accordance with Chapter V of the GDPR;]

(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.]

[F107 (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.]

F108 (2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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—

F109 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F110 (ii) articles 52 and 159 of the capital requirements directive;]

[F111 (vi) Article 33 of the Solvency 2 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.

[F112 (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 [F113 article 81.1] of the markets in financial instruments directive (“the directive”) or an overseas regulatory authority under a cooperation agreement referred to in [F114 Article 88] 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, F115 ...

(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],

[F116 (e) ESMA, or

(f) the ESRB].

[F117 (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.]

[F118 (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.]

[F119 (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.]

[F120 (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.]

F121 (3G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F122 (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.]

[F123 (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.]

[F124 (6) In this article, “the GDPR” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(10), (11) and (14) of that Act).]

Textual Amendments

F86 Words in reg. 9 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(6)(a)

F87 Words in reg. 9(1) substituted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), reg. 1, Sch. 2 para. 3(3)(a)

F88 Word in reg. 9(1) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(3)(a)

F89 Word in reg. 9(1) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(4)(a) (with regs. 52-58)

F90 Word in reg. 9(1) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(4)(a)

F91 Word 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)

F92 Word in reg. 9(1) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(4)(a)

F93 Word in reg. 9(1) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(4)(a) (with reg. 7)

F94 Words in reg. 9(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(4)(a)

F95 Words in reg. 9(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(6)(b)

F96 Reg. 9(1A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(a)

F97 Words in reg. 9(2) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(4)(b)

F98 Words in reg. 9(2) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(4)(b) (with reg. 7)

F99 Reg. 9(2ZA) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 12(3)(b)

F100 Words in reg. 9(2ZA) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(4)(c) (with reg. 7)

F101 Reg. 9(2ZA)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(b)

F102 Reg. 9(2ZA)(c) substituted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(3)(a)

F103 Reg. 9(2ZA)(d)(f) omitted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(3)(b)

F104 Reg. 9(2A) omitted (27.3.2019) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(4)(a)

F105 Reg. 9(2B) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 12(3)(c)

F106 Reg. 9(2B)(a) substituted (25.5.2018) by Data Protection Act 2018 (c. 12), s. 212(1), Sch. 19 para. 278(2) (with ss. 117, 209, 210); S.I. 2018/625, reg. 2(1)(g)

F107 Reg. 9(2C) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(4)(c)

F108 Reg. 9(2D) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(4)(d) (with reg. 7)

F109 Reg. 9(3)(b)(i) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 5(c)

F110 Reg. 9(3)(b)(ii) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(c)

F111 Reg. 9(3)(b)(vi) substituted for reg. 9(3)(b)(iii)-(v) (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(4)(b)

F112 Reg. 9(3A)(3B) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 5(d)

F113 Words in reg. 9(3A)(a) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(4)(e) (with reg. 7)

F114 Words in reg. 9(3A)(a) substituted (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(4)(c)

F115 Word in reg. 9(3B)(c) omitted (16.4.2012) by virtue of The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(7)(a)

F116 Reg. 9(3B)(e)(f) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(7)(b)

F117 Reg. 9(3C)(3D) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(3)(c)

F118 Reg. 9(3E) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(4)(b) (with regs. 52-58)

F119 Reg. 9(3EA) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(4)(b)

F120 Reg. 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)

F121 Reg. 9(3G) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(4)(f) (with reg. 7)

F122 Reg. 9(4) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(d)

F123 Reg. 9(5) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(4)(d)

F124 Reg. 9(6) inserted (25.5.2018) by Data Protection Act 2018 (c. 12), s. 212(1), Sch. 19 para. 278(3) (with ss. 117, 209, 210); S.I. 2018/625, reg. 2(1)(g)

Modifications etc. (not altering text)

C11 Reg. 9 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(e) (as amended (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 17(3))

C12 Reg. 9 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(e)

Disclosure by Schedule 1 person U.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.

[F125 Disclosure of recovery and resolution directive information U.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

F125 Regs. 10A, 10B inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(5)

[F125 Assessment of effects of disclosure U.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

F125 Regs. 10A, 10B inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(5)

PART IV U.K. DISCLOSURE OF CONFIDENTIAL INFORMATION NOT SUBJECT TO [F126 SINGLE MARKET RESTRICTIONS]

Textual Amendments

F126 Words in Pt. 4 heading substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(8)

Modifications etc. (not altering text)

C13 Pt. 4 applied (10.6.2019) by The Proxy Advisors (Shareholders' Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 29(1)(c)

Application of this Part U.K.

11.  This Part applies to confidential information other than—

(a) [F127 single market information];

F128 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F129 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F130 (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 [F131 article 88] of the markets in financial instruments directive; or

(ii) an EEA competent [F132 authority] under [F133 article 81.1] of the markets in financial instruments directive,

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

[F134 (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];

[F135 (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];

[F136 (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;]

[F137 (g) recovery and resolution directive information];

F138 (h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F127 Words in reg. 11(a) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(9)

F128 Reg. 11(b) omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(d)

F129 Reg. 11(c) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 6(a)

F130 Reg. 11(d) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 6(b)

F131 Words in reg. 11(d)(i) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(5)(a)(i) (with reg. 7)

F132 Word in reg. 11(d)(ii) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(4)(a)

F133 Words in reg. 11(d)(ii) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(5)(a)(ii) (with reg. 7)

F134 Reg. 11(e) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(4)(b)

F135 Reg. 11(f) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(5) (with regs. 52-58)

F136 Reg. 11(fa) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(5)

F137 Reg. 11(g) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(6)

F138 Reg. 11(h) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(5)(b) (with reg. 7)

Modifications etc. (not altering text)

C14 Reg. 11 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(f)

C15 Reg. 11 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(f)

Disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority U.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).

[F139 (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.]

[F140 (5) This regulation does not permit the disclosure of information if—

(a) the information is 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; and

(b) the disclosure of the information contravenes the market abuse regulation.]

[F141 (6) This regulation does not permit disclosure of the EU Benchmarks Regulation 2016 information which has been received from another competent authority unless the disclosure is in accordance with Article 38 of the EU Benchmarks Regulation 2016.]

Textual Amendments

F139 Reg. 12(4) inserted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 3(3)

F140 Reg. 12(5) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(6) (with reg. 7)

F141 Reg. 12(6) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 56(3)

[F142 The Gambling Commission] U.K.

[F143 12A.   The [F144 Gambling] Commission may disclose information to which this Part applies to [F145 the 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

F142 Reg. 12A heading inserted (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(5)

F143 Reg. 12A inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2001 (S.I. 2001/3624), regs. 1, 2(4)

F144 Word in reg. 12A substituted (1.10.2013) by The Public Bodies (Merger of the Gambling Commission and the National Lottery Commission) Order 2013 (S.I. 2013/2329), art. 1(2), Sch. para. 34(a) (with art. 8, Sch. para. 43)

F145 Words in reg. 12A substituted (1.4.2012) by The Budget Responsibility and National Audit Act 2011 (Consequential Amendments) Order 2012 (S.I. 2012/725), arts. 1(2), 2(6)

[F146 Electronic commerce U.K.

12B.   [F147 The 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

F146 Reg. 12B inserted (21.8.2002) by The Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775), regs. 1(b), 16

F147 Words in reg. 12B substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(7)

[F148 Proceedings under the Proceeds of Crime Act 2002] U.K.

[F149 12C.   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

F148 Reg. 12C heading inserted (27.3.2019) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(2), 13(6)

F149 Reg. 12C inserted (23.8.2003) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2003 (S.I. 2003/2174), regs. 1, 4(c)

PART V U.K. TRANSITIONAL PROVISIONS

Interpretation U.K.

13.  In this Part—

• [F150 “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

F150 Words in reg. 13 inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(8)

Marginal Citations

M23 1982 c. 50.

M24 1986 c. 60.

M25 1987 c. 22.

M26 S.I. 1995/3275. Regulation 48 was amended by Regulation 11 of S.I. 1996/1669.

Disclosure of pre-commencement information U.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 [F151 single market restrictions].

Textual Amendments

F151 Words in reg. 14(2)(b) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(10)

Disclosure of transitional information U.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 ;

[F152 (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 [F153 single market restrictions] F154 ... is to be treated for the purposes of these Regulations as [F155 single market information] F154 ....

(5) Part IV of these Regulations does not apply to transitional information which is subject to [F156 single market restrictions] imposed by [F157 article 107.3] of the listing particulars directive.

Textual Amendments

F152 Reg. 15(3)(a)(iia) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2001 (S.I. 2001/3624), regs. 1, 2(5)(a)

F153 Words in reg. 15(4) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(11)(a)(i)

F154 Words in reg. 15(4) omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(e)

F155 Words in reg. 15(4) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(11)(a)(ii)

F156 Words in reg. 15(5) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(11)(b)

F157 Words in reg. 15(5) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2001 (S.I. 2001/3624), regs. 1, 2(5)(b)

Marginal Citations

M27 Paragraphs 1(2) and 5(1)(a) were modified by S.I. 1997/2781, art. 8, Sch. paras. 53 and 57(a)(i).

M28 Section 179 was amended by the Companies Act 1989 (c. 40), Sch. 24; the Friendly Societies Act 1992 (c. 40), Sch. 18, para. 4; the Bank of England Act 1998 (c. 11), Sch. 5, para. 65(1) and Sch. 9; and S.I. 1992/1315 art. 10(1), Sch. 4, para. 4; and modified by S.I. 1992/3218, Sch. 9, para. 40; S.I. 1995/3275, reg. 48; and S.I. 1996/1669, reg. 12.

M29 Section 82 was modified by S.I. 1992/3218, Sch. 8, para 22.

M30 S.I. 1995/3275. Regulation 48 was amended by Regulation 11 of S.I. 1996/1669.

Disclosure by recognised self-regulating organisations U.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.

[F158 Investment services directive information: transitional provision U.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

F158 Reg. 17 inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 7

Gordon Brown

David Jamieson

Two of the Lords Commissioners of Her Majesty’s Treasury

15th June 2001