The Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014

Citation and commencement U.K.

1.  These Regulations may be cited as the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014 and come into force on 28th April 2014.

Interpretation U.K.

2.  In these Regulations—

“the Act” means the Financial Services (Banking Reform) Act 2013;

“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;

“Payment Systems Regulator” means the body established under section 40(1) of the Act as the Payment Systems Regulator);

“regulators” means the Payment Systems Regulator, the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;

“regulator worker” means—

(a)

a person who is or has been employed by, or engaged to provide services to, one of the regulators;

(b)

an auditor or expert instructed by one of the regulators;

(c)

a person appointed under section 82(1)(b) of the Act (reports by skilled persons) to make a report; or

(d)

a person appointed under section 83 of the Act (appointment of persons to conduct investigations);

[F1 “retained EU law restrictions” has the meaning given in regulation 2 of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001];

“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.

Textual Amendments

F1 Words 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), 8(2); 2020 c. 1, Sch. 5 para. 1(1)

Disclosure by and to a Schedule person U.K.

3.—(1) 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 person specified in the first column in the Schedule for the purpose of enabling or assisting that person to discharge any function listed beside that person in the second column in the Schedule.

(2) A person specified in the first column in the Schedule is permitted to disclose confidential information to any person for the purpose of enabling or assisting the person making the disclosure to discharge any function listed beside that person in the second column in the Schedule.

(3) Paragraphs (1) and (2) do not permit disclosure in contravention of any of the [F2 retained EU law restrictions].

Textual Amendments

F2 Words in reg. 3(3) 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), 8(3); 2020 c. 1, Sch. 5 para. 1(1)

Disclosure for the purposes of criminal proceedings and investigations U.K.

4.  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 any person—

(a) for the purposes of any criminal investigation which is being or may be carried out, whether in the United Kingdom or elsewhere;

(b) for the purposes of any criminal proceedings which have been or may be initiated, whether in the United Kingdom or elsewhere;

(c) for the purposes of any proceedings under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 M1 which have been, or may be initiated; or

(d) for the purpose of initiating or bringing to an end any such investigation or proceedings, or of facilitating a determination of whether it or they should be initiated or brought to an end.

Marginal Citations

M1 2002 c. 29.

Disclosure for the purposes of certain other proceedings U.K.

5.—(1) 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 regulator or the Secretary of State, 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, 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 regulator or the Secretary of State (or a person who is employed by one of the regulators or the Secretary of State) is permitted to disclose confidential information to any person for a purpose mentioned in paragraph (1)(a).

(3) The proceedings to which this regulation applies are—

(a) proceedings arising under or by virtue of Part 5 of the Act (regulation of payment systems);

(b) proceedings before the Competition Appeals Tribunal;

(c) proceedings before the Competition and Markets Authority;

(d) proceedings before the Upper Tribunal;

(e) any other civil proceedings to which one of the regulators is, or is proposed to be, a party;

(f) proceedings under section 7 or 8 of the Company Directors Disqualification Act 1986 M2 or article 10 or 11 of the Company Directors Disqualification (Northern Ireland) Order 2002 M3 in respect of a director or former director of a participant in a payment system or a former participant in a payment system; or

(g) proceedings under Parts 1 to 6 or 9 or 10 of the Insolvency Act 1986 M4 , the Bankruptcy (Scotland) Act 1985 M5 or Parts 2 to 7 or 9 or 10 of the Insolvency (Northern Ireland) Order 1989 M6 in respect of a participant in a payment system or a former participant in a payment system.

(4) Paragraphs (1) and (2) do not permit disclosure in contravention of any of the [F3 retained EU law restrictions].

Textual Amendments

F3 Words in reg. 5(4) 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), 8(4); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M2 1986 c. 46. Section 7 was amended by section 6 of, and paragraph 6 of Schedule 4 to, the Insolvency Act 2000 (c. 39) and by paragraph 42 of Schedule 17 to the Enterprise Act 2002 (c. 40). Section 8 was amended by section 6 of the Insolvency Act 2000 (c. 39), paragraph 28 of Schedule 2 to the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) and section 1039 of the Companies Act 2006 (c. 46), and by S.I. 2001/3649 and 2009/1941.

M3 S.I. 2002/3150 (N.I. 4). Article 10 was amended by S.I. 2005/1455 (N.I. 10). Article 11 was amended by S.I. 2009/1941.

M4 1986 c. 45.

M5 1985 c. 66.

M6 S.I. 1989/2405 (N.I. 19).

Disclosure in pursuance of an EU obligation U.K.

F4 6.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4 Reg. 6 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), 8(5); 2020 c. 1, Sch. 5 para. 1(1)

Restriction on use of confidential information U.K.

7.  Where confidential information is disclosed under these Regulations to a person other than a regulator, the Secretary of State or the Treasury, and the disclosure is made subject to any conditions as to the use to which the information may be put, the person to whom the information has been disclosed may not use the information in breach of any such condition, without the consent of the person who disclosed it.

Anne Milton

Mark Lancaster

Two of the Lords Commissioners of Her Majesty's Treasury