The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025

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

3.  The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001(1) are amended as follows—

(a) in regulation 2—

(i) in paragraph (b) of the definition of “capital requirements directive information”(2) for “retained EU” substitute “assimilated”;

(ii) in paragraph (b)(i) of the definition of “market in financial instruments information”(3) for “retained EU” substitute “assimilated”;

(iii) omit the definition of “retained EU law restrictions”(4);

(iv) in paragraph (b) of the definition of “specified confidential EU law information”(5) for “retained EU” substitute “assimilated”;

(v) at the appropriate place insert—

““assimilated 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;”;

(b) in regulation 3(3)(6) for “retained EU” substitute “assimilated”;

(c) in regulation 5(5)(7) for “retained EU” substitute “assimilated”;

(d) in regulation 9(2B)(b)(ii)(8) for “retained EU” substitute “assimilated”;

(e) in the heading to Part IV(9) for “RETAINED EU” substitute “ASSIMILATED”;

(f) in the heading to Schedule 1(10) for “RETAINED EU” substitute “ASSIMILATED”;

(g) in the heading to Schedule 2(11) for “RETAINED EU” substitute “ASSIMILATED”.

(1)

S.I. 2001/2188.

(2)

This definition was inserted by S.I. 2020/1406.

(3)

This definition was substituted by S.I. 2019/681, which was itself amended by S.I. 2020/1385 before it came into force.

(4)

This definition was inserted by S.I. 2019/681, which was itself amended by S.I. 2020/1385 before it came into force.

(5)

This definition was inserted by S.I. 2019/681, which was itself amended by S.I. 2020/1301 before it came into force.

(6)

Regulation 3(3) was amended by S.I. 2019/681.

(7)

Regulation 5(5) was amended by S.I. 2019/681.

(8)

Paragraph (2B) was inserted by S.I. 2013/1773 and amended by paragraph 278(2) of Schedule 19 to the Data Protection Act 2018 (c. 12) and by S.I. 2019/419 and S.I. 2019/681, which was itself amended by S.I. 2020/1301 before it came into force.

(9)

The heading to Part IV was amended by S.I. 2019/681.

(10)

The heading to Schedule 1 was amended by S.I. 2019/681.

(11)

The heading to Schedule 2 was amended by S.I. 2019/681.