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

PART III U.K. DISCLOSURE OF [F1 SPECIFIED CONFIDENTIAL EU LAW INFORMATION] F2 ...

Textual Amendments

F1 Words in Pt. 3 heading substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(6); 2020 c. 1, Sch. 5 para. 1(1)

F2 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)

[F3 Application of this Part U.K.

8.   This Part applies to—

(a) [F4 specified confidential EU law information]; F5 ...

(b) markets in financial instruments F6 ... information, where that information has been received [F7 from a third country regulatory authority under a cooperation agreement; and]

F8 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F9 (d) recovery and resolution F10 ... information]F11 ...F12

F13 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F3 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

F4 Words in reg. 8(a) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(7)(a); 2020 c. 1, Sch. 5 para. 1(1)

F5 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)

F6 Word in reg. 8(b) omitted (31.12.2020) 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(3), 4(7)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in reg. 8(b) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(7)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F8 Reg. 8(c) omitted (31.12.2020) 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(3), 4(7)(c); 2020 c. 1, Sch. 5 para. 1(1)

F9 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)

F10 Word in reg. 8(d) omitted (31.12.2020) 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(3), 4(7)(d)(i); 2020 c. 1, Sch. 5 para. 1(1)

F11 Word in reg. 8(d) omitted (31.12.2020) 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(3), 4(7)(d)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F12 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)

F13 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)

F14 Reg. 8(f) omitted (31.12.2020) 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(3), 4(7)(e); 2020 c. 1, Sch. 5 para. 1(1)

Modifications etc. (not altering text)

C1 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)

C2 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 [F15 regulators or regulator workers] to certain other persons U.K.

9.—(1) Subject to paragraphs (2) F16 ...[F17 , (3A) [F18 , (3C)] F16 ... F16 ... F16 ... [F19 , F20 ...] [F21 (4) and (5)]], [F22 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.

[F23 (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 F24 ....]

(2) Paragraph (1) does not permit disclosure to a person specified in the first column in Part 3 of Schedule 1 unless [F25 the conditions in paragraphs (2ZA), (2B) [F26 or (2C)] are met].

[F27 (2ZA) The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a) [F28 article 88] of the markets in financial instruments directive;

[F29 (b) article 55 of the capital requirements directive;]

[F30 (c) article 66 of the Solvency 2 Directive;]

F31 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e) article 102.3 of the UCITS directive; F32 ...

F31 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F33 reading the relevant provisions in those directives as if—

(i) requirements imposed on a Member State or an EU entity are to be read as if they are requirements imposed on the United Kingdom or, where relevant, a primary recipient;

(ii) a restriction on the disclosure of confidential information to a person in a third country applies to any disclosure of confidential information to any person in a country or territory outside the United Kingdom;

(iii) a requirement to seek the consent of an EU entity only applies where an equivalent requirement applies in relation to an equivalent entity in a third country; and

(iv) for the purposes of sub-paragraph (ii) a reference to a person in a third country, which is a third country regulatory authority, is to be read as including an ESA and the ESRB.]

F34 (2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F35 (2B) The conditions in this paragraph are that—

[F36 (a) the disclosure is made in accordance with Chapter V of the [F37 UK GDPR];] [F38 and]

(b) the regulator or regulator worker is satisfied that the disclosure is necessary for the purpose of complying with

[F39 (i) requirements imposed on the regulator in the exercise of its functions under the Act which correspond to the functions under the Alternative Investment Fund Managers Regulations 2013;

(ii) EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under the alternative investment fund managers directive which forms part of retained EU law; and

(iii) rules made by the FCA under the Act that were in force immediately before IP completion day to implement the alternative investment fund managers directive.]

F40 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F41 (2C) The condition in this paragraph is that—

(a) the disclosure is of recovery and resolution information;

(b) the disclosure is to a third country resolution authority;

(c) the third country resolution authority is subject to restrictions on the disclosure of confidential information at least equivalent, in the opinion of the Bank of England, to the restrictions on the Bank of England in relation to its functions under Part 1 of the Banking Act 2009 [F42 , the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023]; and

(c) the information—

(i) is necessary for the performance by the third country resolution authority of its functions in relation to a third country resolution action (within the meaning of section 89H of the Banking Act 2009 [F43 or within the meaning of paragraph 145 of Schedule 11 to the Financial Services and Markets Act 2023, as appropriate]) including planning for such action, corresponding to one or more of the functions exercisable by the Bank of England pursuant to Part 1 of the Banking Act 2009 [F44 , the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023]; and

(ii) is not used for any other purpose.]

F45 (2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F46 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F47 (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—

[F48 (a) was obtained from a third country regulatory authority under a cooperation agreement; 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,

F49 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the central bank of any country or territory outside the United Kingdom, F50 ...

(d) a body (other than a central bank) F51 ... outside the United Kingdom having—

(i) functions as a monetary authority; or

(ii) responsibility for overseeing payment systems],

F52 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F53 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F54 (3C) Paragraph (1) does not permit disclosure of UCITS F55 ... 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 [F56 a third country regulatory authority] under a cooperation agreement referred to in Article 102 of [F57 the UCITS directive, reading the provisions in Article 102 of that directive as if the requirements imposed on a Member State were requirements imposed on the regulator], 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) [F58 a central bank] 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;

F59 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

F60 (3E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F61 (3EA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F62 (3F) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F63 (3G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F64 (4) Paragraph (1) does not permit disclosure 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 reading those provisions in that directive as follows—

(a) the requirements imposed on a Member State or an EU entity are to be read as if they are requirements imposed on the United Kingdom or, where relevant, a primary recipient;

(b) a restriction on the disclosure of confidential information to a person in a third country applies to any disclosure of confidential information to any person in a country or territory outside the United Kingdom;

(c) a requirement to seek the consent of an EU entity applies only where an equivalent requirement applies in relation to an equivalent entity in a third country; and

(d) for the purposes of sub-paragraph (b) a reference to a person in a third country, which is a third country regulatory authority, is to be read as including an ESA and the ESRB.]

[F65 (4A) Paragraph (4) does not apply where regulation 10C applies to the disclosure of confidential information.]

[F66 (5) Paragraph (1) does not permit the disclosure of recovery and resolution F67 ... information to any person unless the assessment required in regulation 10B has been carried out.]

[F68 (6) In this regulation, “the UK GDPR” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(10) and (14) of that Act).]

Textual Amendments

F15 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)

F16 Words in reg. 9(1) omitted (31.12.2020) 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(3), 4(8)(a); 2020 c. 1, Sch. 5 para. 1(1)

F17 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)

F18 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)

F19 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)

F20 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)

F21 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)

F22 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)

F23 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)

F24 Words in reg. 9(1A) omitted (31.12.2020) 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(3), 4(8)(b); 2020 c. 1, Sch. 5 para. 1(1)

F25 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)

F26 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)

F27 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)

F28 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)

F29 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)

F30 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)

F31 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)

F32 Word in reg. 9(2ZA)(e) omitted (31.12.2020) 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(3), 4(8)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

F33 Words in reg. 9(2ZA) inserted (31.12.2020) 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(3), 4(8)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F34 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)

F35 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)

F36 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)

F37 Words in reg. 9(2B)(a) substituted (31.12.2020) by The Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019 (S.I. 2019/419), reg. 1(2), Sch. 3 para. 37(2) (with Sch. 3 para. 112); 2020 c. 1, Sch. 5 para. 1(1)

F38 Word in reg. 9(2B)(a) inserted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(d)(i); 2020 c. 1, Sch. 5 para. 1(1)

F39 Words in reg. 9(2B)(b) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(d)(i) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 41(b)); 2020 c. 1, Sch. 5 para. 1(1)

F40 Reg. 9(2B)(c) omitted (31.12.2020) 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(3), 4(8)(d)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F41 Reg. 9(2C) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(e); 2020 c. 1, Sch. 5 para. 1(1)

F42 Words in reg. 9(2C)(c) substituted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(3)(a)

F43 Words in reg. 9(2C)(d)(i) inserted (31.12.2023) by virtue of The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(3)(b)(i)

F44 Words in reg. 9(2C)(d)(i) substituted (31.12.2023) by virtue of The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(3)(b)(ii)

F45 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)

F46 Reg. 9(3) omitted (31.12.2020) 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(3), 4(8)(f); 2020 c. 1, Sch. 5 para. 1(1)

F47 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)

F48 Reg. 9(3A)(a) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(g); 2020 c. 1, Sch. 5 para. 1(1)

F49 Reg. 9(3B)(b) omitted (31.12.2020) 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(3), 4(8)(h)(i); 2020 c. 1, Sch. 5 para. 1(1)

F50 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)

F51 Words in reg. 9(3B)(d) omitted (31.12.2020) 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(3), 4(8)(h)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F52 Reg. 9(3B)(e) omitted (31.12.2020) 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(3), 4(8)(h)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F53 Reg. 9(3B)(f) omitted (31.12.2020) 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(3), 4(8)(h)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F54 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)

F55 Word in reg. 9(3C) omitted (31.12.2020) 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(3), 4(8)(i)(i); 2020 c. 1, Sch. 5 para. 1(1)

F56 Words in reg. 9(3C)(a) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(i)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F57 Words in reg. 9(3C)(a) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(i)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F58 Words in reg. 9(3D)(b) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(j)(i); 2020 c. 1, Sch. 5 para. 1(1)

F59 Reg. 9(3D)(e) omitted (31.12.2020) 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(3), 4(8)(j)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F60 Reg. 9(3E) omitted (31.12.2020) 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(3), 4(8)(k); 2020 c. 1, Sch. 5 para. 1(1)

F61 Reg. 9(3EA) omitted (31.12.2020) 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(3), 4(8)(k); 2020 c. 1, Sch. 5 para. 1(1)

F62 Reg. 9(3F) omitted (31.12.2020) 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(3), 4(8)(k); 2020 c. 1, Sch. 5 para. 1(1)

F63 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)

F64 Reg. 9(4) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(8)(l); 2020 c. 1, Sch. 5 para. 1(1)

F65 Reg. 9(4A) inserted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 6(3)

F66 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)

F67 Word in reg. 9(5) omitted (31.12.2020) 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(3), 4(8)(m); 2020 c. 1, Sch. 5 para. 1(1)

F68 Reg. 9(6) substituted (31.12.2020) by The Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019 (S.I. 2019/419), reg. 1(2), Sch. 3 para. 37(3) (with Sch. 3 para. 112); 2020 c. 1, Sch. 5 para. 1(1)

Modifications etc. (not altering text)

C3 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))

C4 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.

[F69 Disclosure of recovery and resolution F70 ... information U.K.

10A.— (1) The Bank of England may disclose recovery and resolution F71 ... 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, F72 ...

(b) the Investment Bank Special Administration Regulations 2011, [F73 or]

[F74 (c) Schedule 11 to the Financial Services and Markets Act 2023,]

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 F75 ... information to a regulator.]

Textual Amendments

F69 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)

F70 Word in reg. 10A heading omitted (31.12.2020) 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(3), 4(9); 2020 c. 1, Sch. 5 para. 1(1)

F71 Word in reg. 10A(1) omitted (31.12.2020) 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(3), 4(10)(a); 2020 c. 1, Sch. 5 para. 1(1)

F72 Word in reg. 10A(1)(a) omitted (31.12.2023) by virtue of The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(4)(a)

F73 Word in reg. 10A(1)(b) inserted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(4)(b)

F74 Reg. 10A(1)(c) inserted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(4)(c)

F75 Word in reg. 10A(3) omitted (31.12.2020) 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(3), 4(10)(b); 2020 c. 1, Sch. 5 para. 1(1)

[F69 Assessment of effects of disclosure U.K.

10B.— (1) Before any disclosure is made of recovery and resolution F76 ... 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—

[F77 “recovery plan” means a recovery plan or a group recovery plan as those terms are defined in the Bank Recovery and Resolution (No.2) Order 2014 [F78 (“the 2014 Order”) or in paragraph 2 of Schedule 11 to the Financial Services and Markets Act 2023]; and]

[F77 “resolution plan” means a resolution plan or a group resolution plan as those terms are defined in [F79 the 2014 Order, or as defined in paragraph 4 of Schedule 11 to the Financial Services and Markets Act 2023].]]

Textual Amendments

F69 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)

F76 Word in reg. 10B(1) omitted (31.12.2020) 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(3), 4(11)(a); 2020 c. 1, Sch. 5 para. 1(1)

F77 Words in reg. 10B(2) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 4(11)(b); 2020 c. 1, Sch. 5 para. 1(1)

F78 Words in reg. 10B(2) inserted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(5)(a)

F79 Words in reg. 10B(2) substituted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 15(5)(b)

[F80 Disclosure of capital requirements directive information to International Financial Institutions U.K.

10C.— (1) Subject to the conditions in paragraph (2), the PRA or a PRA worker is permitted to disclose capital requirements directive information to an organisation specified in the first column of Part 6 of Schedule 1 for the purpose of enabling or assisting that organisation to discharge any of the functions listed beside it in the second column of Part 6 of Schedule 1.

(2) The conditions are as follows—

(a) the organisation must make an explicit request for the confidential information;

(b) the request is precise as to the nature, scope and format of the confidential information and the means of its disclosure or transmission;

(c) the confidential information requested is necessary for the performance of the specific tasks of the organisation making the request and does not go beyond the functions conferred on that organisation;

(d) the organisation making the request justifies it by reference to its tasks; and

(e) to the extent that the disclosure of confidential information involves processing of personal data, any processing of personal data by the organisation making the request complies with the UK GDPR.

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

Textual Amendments

F80 Reg. 10C inserted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 6(4)