The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010

Regulation 13

SCHEDULE 2 U.K.

PART 1 U.K.

The valuer U.K.

1.  The valuer is to hold and vacate office in accordance with the terms of his or her appointment.

2.  The Treasury may remove the valuer only on the ground of incapacity or serious misbehaviour. U.K.

3.  In the event of the death of the valuer, or if the valuer is removed from office or resigns, the Treasury (or a panel appointed by the Treasury) shall appoint a new valuer as soon as possible. U.K.

4.  The valuer shall be— U.K.

(a) paid such remuneration, and

(b) reimbursed such expenses,

as the Treasury may determine.

5.  The Treasury may appoint a person to verify the remuneration and expenses of the valuer. U.K.

6.  The valuer may appoint staff. U.K.

7.  The valuer shall determine the remuneration and other conditions of service of persons appointed under paragraph 6. U.K.

8.  Any determination under paragraph 7 shall require the approval of the Treasury. U.K.

9.  Valuers (and their staff) are neither servants nor agents of the Crown (and in particular are not civil servants). U.K.

10.  Records of a valuer in relation to his or her functions in connection with an appointment under these Regulations are public records for the purposes of the Public Records Act 1958 M1 . U.K.

Marginal Citations

M1 1958 c.51.

PART 2 U.K.

Application to the court for information U.K.

11.—(1) The court may, on an application by the valuer, make an order requiring a person to provide information that is reasonably required for the purpose of making the determinations in section 214D(3).

(2) A person required to provide information pursuant to an order under sub-paragraph (1) shall not be required to provide information—

(a) in respect of which a claim to legal professional privilege (in Scotland, to confidentiality of communications) could be maintained in legal proceedings;

(b) if such provision by the person holding it would be prohibited by or under any enactment; or

(c) if it is held by a government department and provision of such information would be contrary to the public interest.

(3) In relation to information recorded otherwise than in legible form, the power to require it to be provided includes power to require it to be provided in a form from which it can be readily produced in visible and legible form.

12.  A person who provides information to the valuer for the purpose set out in paragraph 11(1) is not, by reason only of the provision of such information, liable in any proceedings relating to a breach of confidence. U.K.

13.  Specified information shall not be disclosed by the valuer (or any person to whom the valuer has disclosed such information in accordance with paragraph 14(2)) without the consent of the person from whom the valuer obtained the specified information and, if different, the person to whom it relates. U.K.

14.—(1) The prohibition in paragraph 13 of the disclosure of specified information is subject to the following exceptions. U.K.

(2) The valuer may, for the purpose of making the determinations under section 214D(3), disclose specified information to any staff appointed by the valuer or to any person providing advice or assistance to the valuer.

(3) The valuer may disclose specified information if and to the extent that the valuer considers it necessary to do so for the purposes of exercising the functions of the office.

(4) The valuer must, before disclosing any specified information in accordance with sub-paragraph (3), have regard to the need to exclude from disclosure (so far as practicable)—

(a) commercial information the disclosure of which might significantly harm the legitimate business interests of the person to whom it relates;

(b) information relating to the private affairs of an individual, the disclosure of which might significantly harm the individual's interests; or

(c) any information the disclosure of which would be contrary to the public interest.

(5) The valuer may disclose specified information in accordance with this paragraph subject to such conditions as the valuer thinks appropriate.

15.  In this Part, “ specified information” means any information obtained by the valuer for the purpose of making determinations under section 214D(3) of the Act. U.K.