The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Provision for security of information obtained

22.—(1) Section 449 of the 1985 Act (provision for security of information obtained under section 447 of that Act)(1) is amended as follows.

(2) In subsection (1), the following are repealed—

(a) in paragraph (c), the words “, or under section 94 or 177 of the Financial Services Act 1986,”;

(b) in paragraph (d), the words “the Insurance Companies Act 1982,”;

(c) paragraphs (de) and (df); and

(d) paragraph (i).

(3) In subsection (1)(cc), for the words from “or appointed” to “Financial Services Act 1986” substitute “section 447 of this Act”.

(4) After subsection (1)(cc) insert—

“(cd) for the purposes of enabling or assisting a person appointed under—

(i) section 167 of the Financial Services and Markets Act 2000 (general investigations),

(ii) section 168 of that Act (investigations in particular cases),

(iii) section 169(1)(b) of that Act (investigation in support of overseas regulator),

(iv) section 284 of that Act (investigations into affairs of certain collective investment schemes), or

(v) regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),

to conduct an investigation to discharge his functions;”.

(5) In subsection (1)(d), for words from “the Financial Services Act 1986” to the end substitute “, Part 2, 3 or 7 of the Companies Act 1989 or the Financial Services and Markets Act 2000;”.

(6) For paragraphs (fa) to (h) of subsection (1) substitute—

“(fa) for the purposes of enabling or assisting the Financial Services Authority to discharge its functions under the legislation relating to friendly societies or to industrial and provident societies, under the Building Societies Act 1986, under Part 7 of the Companies Act 1989 or under the Financial Services and Markets Act 2000;

(fb) for the purposes of enabling or assisting the competent authority for the purposes of Part 6 of the Financial Services and Markets Act 2000 to discharge its functions under that Part;

(g) for the purposes of enabling or assisting a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager) to discharge its functions;

(h) for the purposes of any proceedings before the Financial Services Tribunal by virtue of the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001;

(ha) with a view to the institution of, or otherwise for the purposes of, proceedings before the Financial Services and Markets Tribunal;

(hb) for the purpose of enabling or assisting a recognised investment exchange or a recognised clearing house to discharge its functions as such;

(hc) for the purpose of enabling or assisting a body designated under section 326(1) of the Financial Services and Markets Act 2000 (designated professional bodies) to discharge its functions in its capacity as a body designated under that section;”.

(7) In subsection (1A), before paragraph (a) insert—

“(aa) in paragraph (hb) “recognised investment exchange” and “recognised clearing house” has the same meaning as in section 285 of the Financial Services and Markets Act 2000;”.

(8) Subsection (1D) is repealed.

(9) In subsection (3)(b)(2), the words “or under section 94 or 177 of the Financial Services Act 1986” are repealed.

(10) After subsection (3)(b) insert—

“(ba) a person appointed under—

(i) section 167 of the Financial Services and Markets Act 2000 (general investigations),

(ii) section 168 of that Act (investigations in particular cases),

(iii) section 169(1)(b) of that Act (investigation in support of overseas regulator),

(iv) section 284 of that Act (investigations into affairs of certain collective investment schemes), or

(v) regulations made as a result of section 262(2)(k) of that Act (investigations into open-ended investment companies),

to conduct an investigation;”.

(11) In subsection (3), in paragraph (c), for the words from “under” to “Financial Services Act 1986” substitute “under section 447 of this Act”.

(12) In subsection (3), for paragraphs (ha) to (k)(3) substitute—

“(ha) the Financial Services Authority;”.

(1)

Amended by the Financial Services Act 1986 (c. 60), Schedule 13, paragraph 9 and Schedule 17; the Companies Act 1989 (c. 60), section 65 and Schedule 24; the Friendly Societies Act 1992 (c. 40), Schedule 21, paragraph 7 and Schedule 22; the Bank of England Act 1998 (c. 11), Schedule 5, paragraph 62; S.I. 1992/1315, Schedule 4, paragraph 1; S.I. 1994/1696, Schedule 13, paragraph 9; and S.I. 1995/710, regulation 5.

(2)

Subsection (3) was substituted by the Financial Services Act 1986, and further substituted by the Companies Act 1989, section 65.

(3)

Paragraph (ha) was inserted by the Bank of England Act 1998 (c. 11), section 23(1), Schedule 5, paragraph 62(1),(3), and paragraph (jj) was inserted by the Friendly Societies Act 1992 (c. 40), section 120(2), Schedule 22.