Disclosure of transitional information
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(1);
(ii)was a primary recipient of the information for the purposes of section 179 of the Financial Services Act 1986(2);
(iii)received it as mentioned in section 82(1)(a) of the Banking Act 1987(3); or
(iv)received it as mentioned in regulation 48(1) of the Investment Services Regulations 1995(4);
(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 directive restrictions imposed by the single market directives or the UCITS directive is to be treated for the purposes of these Regulations as single market directive information or UCITS directive information respectively.
(5) Part IV of these Regulations does not apply to transitional information which is subject to directive restrictions imposed by article 25.3 of the listing particulars directive.
Paragraphs 1(2) and 5(1)(a) were modified by S.I. 1997/2781, art. 8, Sch. paras. 53 and 57(a)(i).
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.
Section 82 was modified by S.I. 1992/3218, Sch. 8, para 22.