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

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 the Authority 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) the Authority;

(b) the Secretary of State; and

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

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

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

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

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

(5) This regulation does not permit disclosure in contravention of any of the [F1 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 M1 , the Friendly Societies Act 1974 M2 , the Insurance Companies Act 1982 M3 , the Financial Services Act 1986 M4 , the Building Societies Act 1986 M5 , the Banking Act 1987 M6 , the Friendly Societies Act 1992 M7 or the Investment Services Regulations 1995 M8 ;

(b) proceedings before the Tribunal;

(c) any other civil proceedings to which the Authority is, or is proposed to be, a party;

(d) proceedings under section 7 or 8 of the Company Directors Disqualification Act 1986 M9 or article 10 or 11 of the Companies (Northern Ireland) Order 1989 M10 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 M11 , the Bankruptcy (Scotland) Act 1985 M12 or Parts II to VII or IX or X of the Insolvency (Northern Ireland) Order 1989 M13 in respect of an authorised person, former authorised person or former regulated person.

Textual Amendments

F1 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)

Modifications etc. (not altering text)

C1 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)

C2 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)

C3 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)

C4 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

M1 1979 c. 37.

M2 1974 c. 46.

M3 1982 c. 50.

M4 1986 c. 60.

M5 1986 c. 53.

M6 1987 c. 22.

M7 1992 c. 40.

M8 S.I. 1995/3275.

M9 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.

M10 S.I. 1989/2402 (N.I. 18).

M11 1986 c. 45.

M12 1985 c. 66.

M13 S.I. 1989/2405 (N.I. 19).