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

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InterpretationU.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“capital requirements directive information” means confidential information received by the PRA—
(a)
before IP completion day in the course of discharging its functions as the competent authority under the capital requirements directive;
(b)
after IP completion day in the course of exercising its functions in or under the Act or retained EU law which functions are equivalent to the functions as the competent authority set out in the capital requirements directive;]
[F4“CCP” has the meaning given in paragraph 154 of Schedule 11 to the Financial Services and Markets Act 2023;]
[F5“competent authority” includes a supervisory authority [F6that has the same meaning as in regulation 2(1) of the Solvency 2 Regulations 2015];]
[F7“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 [F8as 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;
F9...
F10...
F11...
“disciplinary proceedings authority" means a person responsible for initiating prescribed disciplinary proceedings or determining the outcome of such proceedings;
F12...
F13...
F14...
[F15EMIR 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;]
[F15“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;]
[F16“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;]
[F16“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);]
[F17“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;]
[F18“EU entity” has the meaning given in section 20(1) of the European Union (Withdrawal) Act 2018;]
[F17“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;]
F19...
“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;
F20...
[F21“market in financial instruments information” means confidential information received by the FCA or the PRA in the course of discharging their functions under—
(a)
the markets in financial instruments regulation;
(b)
EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under—
(i)
the markets in financial instruments directive which forms part of retained EU law; and
(ii)
the markets in financial instruments regulation;
(c)
the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017; or
(d)
the Act, which correspond to functions under the markets in financial instruments directive;]
F22...
F23...
F24...
F25...
[F3“PRA worker” means—
(a)
a person who is or has been employed by the PRA; or
(b)
an auditor or expert instructed by the PRA;]
“prescribed disciplinary proceedings" means the disciplinary proceedings prescribed in Schedule 3;
F26...
[F27“recovery and resolution information” means confidential information received by—
(a)
the Bank of England in the course of discharging its functions under Part 1 of the Banking Act 2009 [F28, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023];
(b)
the FCA or PRA in the course of discharging their functions under Part 1 of the Banking Act 2009 [F29, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023];
(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;]
[F30“regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;]
[F30“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;]
[F31“relevant directives” means, for the purposes of this regulation—
(a)
the alternative investment fund managers directive;
(b)
the capital requirements directive;
(c)
the conglomerates directive;
(d)
the insurance distribution directive;
(e)
the mortgages directive;
(f)
the Solvency 2 directive;
(g)
the UCITS directive;]
[F31“relevant provisions” means, for the purposes of this regulation—
(a)
Articles 76 and 81 of the markets in financial instruments directive;
(b)
section 2 of Chapter 1 of Title 7 of the capital requirements directive;
(c)
Articles 64, 65, 66, 67, 68, 69 and 70 of the Solvency 2 directive;
(d)
Articles 102 and 104.1 of the UCITS directive;
(e)
Article 13 of the insurance distribution directive;
(f)
Articles 47.2, 47.3, 51, 52 and 53.2 of the alternative investment fund managers directive;
(g)
Articles 5(2) and 36 of the mortgages directive;
(h)
Article 83 of the EMIR regulation;
(i)
Article 18 of the SFT regulation;]
[F31“retained EU law restrictions” means the restrictions imposed on the disclosure of confidential information by the relevant provisions, and (excluding those specified at paragraphs (h) and (j) of that definition) as they had effect immediately before IP completion day, and as modified as follows—
(a)
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 only applies 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;]
“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;
[F32“SFTR information” means confidential information received by a regulator in the course of discharging its functions as a competent authority under the SFT regulation;]
[F33“short selling information” means confidential information received by the FCA in the course of discharging its functions as a competent authority under the short selling regulation;]
[F33“specified confidential EU law information” means confidential information received by the FCA or the PRA—
(a)
before IP completion day in the course of discharging its functions as the competent authority under the relevant directives; or
(b)
after IP completion day in the course of exercising its functions in or under the Act or retained EU law which functions are equivalent to the functions as the competent authority set out in the relevant directives;]
F34...
F35...
F36...
F37...
[F25“third country 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;
(b)
a third country investment exchange, a third country clearing house, a third country central counterparty (within the meaning of section 285(1)(d) of the Act) or a third country CSD (within the meaning of section 285(1)(g) of the Act); 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;]
[F19“third country resolution authority” means an authority in a country or territory which is not, and does not form part of, the United Kingdom which exercises functions in relation to third country resolution action (within the meaning of section 89H of the Banking Act 2009 [F38or 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 functions exercisable by the Bank of England pursuant to Part 1 of the Banking Act 2009 [F39, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023];]
[F40“UCITS information” means confidential information received by the FCA in the course of discharging its functions as the United Kingdom authority under the Undertakings for Collective Investment in Transferable Securities Regulations 2011;]
F41...
F41... [F42, and

any reference to an EU regulation, or part of an EU regulation, is to be read as a reference to that EU regulation, or that part of an EU regulation, as amended from time to time.]

Textual Amendments

F1Words 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)

F2Words 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)

F3Words in reg. 2 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(2)

F4Words in reg. 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(2)(a)

F5Words 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)

F6Words in reg. 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(2)(a); 2020 c. 1, Sch. 5 para. 1(1)

F7Words 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)

F8Words 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

F9Words in reg. 2 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(2)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F10Words in reg. 2 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(2)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F11Words 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)