PART IU.K. INFORMATION RELATING TO UK, EC AND NON-EC COMPANIES
Modifications etc. (not altering text)
Restriction on disclosureU.K.
1(1)Subject to the following provisions of this Part of this Schedule, information which—
(a)is restricted information for the purposes of this paragraph; and
(b)relates to the business or other affairs of a relevant person,
shall not be disclosed without the consent of the person from whom the information was obtained and, if different, the person to whom it relates.
(2)Subject to sub-paragraph (3) below, information is restricted information for the purposes of this paragraph if it was obtained by [the Treasury or] the Secretary of State for the purposes of, or in the discharge of, functions under this Act or any rules or regulations made under this Act (whether or not by virtue of any requirement to supply it made under those provisions).
(3)Information is not restricted information for the purposes of this paragraph if—
(a)it has been made available to the public from other sources, or
(b)it is information in the form of a summary or is information so framed as not to enable information relating to any particular person to be ascertained from it.
(4)The following are relevant persons for the purposes of this paragraph, namely—
(a)any UK, EC or non-EC company [or any member of Lloyd’s]; and
(b)any controller, manager, chief executive, general representative, agent or employee of such a company.
(5)Any person who discloses information in contravention of this paragraph shall be guilty ofan offence and liable—
(a)on conviction or indictment, to imprisonment for a term not exceeding two years or to a fine or to both;
(b)on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding the statutory maximum or to both.
Disclosure for facilitating discharge of functions by Secretary of StateU.K.
2Paragraph 1 above does not preclude the disclosure of information in any case in which disclosure is for the purpose of enabling or assisting [the Treasury or] the Secretary of State to discharge . . . functions under this Act or any rules or regulations made under this Act (whether or not by virtue of any requirement to supply it made under those provisions).
Disclosure for facilitating discharge of functions by other regulatory authoritiesU.K.
3(1)Paragraph 1 above does not preclude the disclosure by [the Treasury or] the Secretary of State to any person specified in the first column of the following Table if [the Treasury or, as the case may be,] the Secretary of State considers that the disclosure would enable or assist that person to discharge the functions specified in relation to him in the second column of that Table.
TABLE
Person | Functions |
---|
1The Secretary of State.
| Functions under the Companies Act, the Company Securities (Insider Dealing) Act 1985 , the Insolvency Act 1986 , the Company Directors Disqualification Act 1986 , the Financial Services Act 1986 , or Part II, III or VII of the Companies Act 1989 . |
2The Treasury.
| Functions under the Financial Services Act 1986 or under Part III or VII of the Companies Act 1989. |
3An inspector appointed under Part XIV of the Companies Act or section 94 or 177 of the Financial Services Act 1986.
| Functions under that Part or that section. |
4A person authorised to exercise powers under section 43A or 44 above, section 447 of the Companies Act, section 106 of the Financial Services Act 1986 or section 84 of the Companies Act 1989.
| Functions under that section. |
5The Friendly Societies Commission, the Registrar of Friendly Societies for Northern Ireland and the Assistant Registrar of Friendly Societies for Scotland.
| Functions under the enactments relating to friendly societies or under the Financial Services Act 1986. |
6The Industrial Assurance Commissioner or the Industrial Assurance Commissioner for Northern Ireland.
| Functions under the enactments relating to industrial assurance. |
7The Building Societies Commission.
| Functions under the Building Societies Act 1986 and protecting the interests of the shareholders and depositors of building societies. |
[The Occupational Pensions Regulatory Authority. | Functions under the Pension Schemes Act 1993 or the Pensions Act 1995, or any enactment in force in Northern Ireland corresponding to either of them.] |
8The Director General of Fair Trading.
| Functions under the Fair Trading Act 1973 except Part II, the Consumer Credit Act 1974 , the Restrictive Trade Practices Act 1976 , the Estate Agents Act 1979 , the Competition Act 1980 or the Control of Misleading Advertisements Regulations 1988 . |
9A designated agency (within the meaning of the Financial Services Act 1986).
| Functions under that Act or Part VII of the Companies Act 1989. |
10A transferee body (within the meaning of the Financial Services Act 1986) or the competent authority (within the meaning of that Act).
| Functions under that Act. |
11Any of the following (within the meaning of the Financial Services Act 1986), namely, a recognised self-regulating organisation, a recognised investment exchange, a recognised professional body and a recognised clearing house.
| Functions in its capacity as a recognised self-regulating organisation, recognised investment exchange, recognised professional body or a recognised clearing house. |
12The Department of Economic Development in Northern Ireland.
| Functions under enactments relating to companies or insolvency. |
13An inspector appointed by the Department of Economic Development in Northern Ireland under enactments relating to companies or insolvency.
| Functions under those enactments. |
14A person authorised to exercise powers under Article 440 of the Companies (Northern Ireland) Order 1986 . . ..
| Functions under that Article . . .. |
15An official receiver.
| Functions under enactments relating to insolvency. |
16The Panel on Take-overs and Mergers.
| All functions. |
17The Bank of England.
| All functions. |
18A body administering a scheme under section 54 of the Financial Services Act 1986.
| Functions under the scheme. |
19A body established by order under section 46 of the Companies Act 1989.
| Functions under Part II of that Act. |
20A supervisory body (as defined in section 30 of the Companies Act 1989) or a qualifying body (as defined in section 32 of that Act).
| Functions under that Act. |
. . ..
| . . .. |
22The Council of Lloyd’s, the Committee of Lloyd’s or the Disciplinary Committee or Appeal Tribunal established under the Lloyd’s Act 1982 .
| Functions under the Lloyd’s Acts 1871 to 1982 and functions under bye-laws made under those Acts. |
23The Tribunal under the Prevention of Fraud (Investments) Act 1958 .
| Functions under that Act. |
24The Monopolies and Mergers Commission.
| Functions under the Fair Trading Act 1973 and the Competition Act 1980. |
[25An auditor appointed under section 21 above, section 384 of the Companies Act 1985 or section 107 of the Financial Services Act 1986 or a person approved under section 108 of the Financial Services Act 1986.
| All functions. |
26A recognised supervisory body (within the meaning of Part II of the Companies Act 1989 or Part III of the Companies (Northern Ireland) Order 1990).
| Functions in its capacity as such a body under that Part, or functions in relation to disciplinary proceedings against auditors. |
27A recognised professional body (within the meaning of section 391 of the Insolvency Act 1986 or Article 350 of the Insolvency (Northern Ireland) Order 1989).
| Functions in its capacity as such a body under that Act or that Order, or functions in relation to disciplinary proceedings against insolvency practitioners (within the meaning of that Act or that Order). |
28An actuary exercising functions under this Act.
| Those functions. |
29The Institute of Actuaries or the Faculty of Actuaries.
| Supervisory functions in relation to an actuary exercising functions under this Act.] |
(2)Paragraph 1 above does not preclude the disclosure by any person specified in the first column of the Table in sub-paragraph (1) above of information obtained by him by virtue of that sub-paragraph if he makes the disclosure—
(a)with the consent of [the Treasury or] the Secretary of State; and
(b)for the purpose of enabling or assisting him to discharge any functions specified in relation to him in the second column of that Table;
and before deciding whether to give consent to such a disclosure by any person [the Treasury or, as the case may be,] the Secretary of State shall take account of any representations made by that person as to the desirability of or the necessity for the disclosure.
(3)Paragraph 1 above does not preclude—
(a)the disclosure of information to the Treasury; or
(b)the disclosure of information to the Secretary of State for purposes other than those specified in relation to him in sub-paragraph (1) above,
if (in either case) disclosure is in accordance with Article 16(6) of the third general insurance Directive, or Article 15(6) of the third long term insurance Directive.
(4)Paragraph 1 above does not preclude the disclosure of information for the purpose of enabling or assisting any public or other authority not specified in the first column of the Table in sub-paragraph (1) above to discharge any functions if disclosure is in accordance with Article 16 of the third general insurance Directive, or Article 15 of the third long term insurance Directive.
(5)Paragraph 1 above does not preclude the disclosure of information for the purpose of enabling or assisting an authority in a country or territory outside the United Kingdom to exercise functions corresponding to those of—
(a)the Bank of England;
(b)the Secretary of State under this Act or the Financial Services Act 1986;
[(ba)the Treasury under this Act or, by virtue of article 2 of the Transfer of Functions (Insurance) Order 1997, under the Financial Services Act 1986;]
(c)the designated agency under that Act or rules or regulations made under that Act; or
(d)the competent authority under Part IV of that Act.
(6)Sub-paragraph (5) above does not apply in relation to disclosure to an authority which is not an authority in another member State unless [the Treasury are or] the Secretary of State is satisfied that the authority is subject to restrictions on further disclosures at least equivalent to those imposed by this Part of this Schedule.
(7)Information which is disclosed to a person in pursuance of sub-paragraph (1) or (2) above shall not be used otherwise than for the purpose mentioned in that sub-paragraph.
(8)Any person who uses information in contravention of sub-paragraph (7) above shall be liable on summary conviction to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale or to both.
(9)[Subject to sub-paragraph (10) below,] Any reference in this paragraph to enabling or assisting any person to discharge or exercise any functions is a reference to enabling or assisting that person to discharge or exercise those functions in relation to—
(a)a financial market; . . .
(b)persons carrying on the business of banking or insurance, Consumer Credit Act businesses or the business of providing other financial services; [or
(c)persons involved in the operation of occupational pension schemes (within the meaning of the Pension Schemes Act 1993 or, in Northern Ireland, the Pension Schemes (Northern Ireland) Act 1993)]
and in this sub-paragraph “Consumer Credit Act business" has the same meaning as in the Banking Coordination (Second Council Directive) Regulations 1992 .
[(10)Sub-paragraph (9) above shall not apply in relation to references to enabling or assisting the discharge or exercise of the following functions, namely—
(a)functions of the Secretary of State under Part XIV of the Companies Act 1985, Part XIII of the Insolvency Act 1986 or Part II of the Companies Act 1989 or, so far as relating to the breach of any law relating to companies, under section 83 of the Companies Act 1989;
(b)functions of an inspector under Part XIV of the Companies Act 1985 or, so far as relating to offences involving securities of a company, under section 177 of the Financial Services Act 1986;
(b)functions of a person authorised to exercise powers under section 84 of the Companies Act 1989, so far as relating to the breach of any law relating to companies;
(d)functions of the Department of Economic Development in Northern Ireland under Part XV of the Companies (Northern Ireland) Order 1986, Part XII of the Insolvency (Northern Ireland) Order 1989 or Part III of the Companies (Northern Ireland) Order 1990;
(e)functions of an inspector under Part XV of the Companies (Northern Ireland) Order 1986;
(f)functions of a recognised professional body (within the meaning of section 391 of the Insolvency Act 1986 or Article 350 of the Insolvency (Northern Ireland) Order 1989);
(g)functions of a recognised supervisory body (within the meaning of Part II of the Companies Act 1989 or Part III of the Companies (Northern Ireland) Order 1990).]
Other permitted disclosuresU.K.
4(1)Paragraph 1 above does not preclude the disclosure of information—
(a)for the purpose of enabling or assisting the Deposit Protection Board to discharge its functions under the Banking Act 1987 ;
(b)with a view to the institution of, or otherwise for the purposes of, any criminal proceedings, whether under this Act or otherwise;
(c)for the purpose of enabling or assisting the Council of the Stock Exchange to discharge its functions in relation to insurance companies;
(d)with a view to the institution of, or otherwise for the purposes of, proceedings under section 6, 7 or 8 of the Company Directors Disqualification Act 1986 in respect of a director or former director of an insurance company;
(e)with a view to the institution of, or otherwise for the purposes of, any civil proceedings arising under or by virtue of the Financial Services Act 1986 or proceedings before the Financial Services Tribunal, if those proceedings relate to an insurance company;
(f)with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise by an auditor or actuary of his professional duties;
(g)in pursuance of a Community obligation.
(2)Paragraph 1 above does not preclude the disclosure by [the Treasury or] the Secretary of State to the Director of Public Prosecutions, the Director of Public Prosecutions for Northern Ireland, the Lord Advocate, a procurator fiscal or a constable of—
(a)information obtained by virtue of section 43A, 44 or 44A above; or
(b)information in the possession of [the Treasury or] the Secretary of State as to any suspected contravention in relation to which the powers conferred by those sections are exercisable.
Information supplied by a supervisory authorityU.K.
5(1)Paragraph 1 above applies also to information which—
(a)has been supplied to [the Treasury or] the Secretary of State for the purposes of any relevant functions by a supervisory authority in a member State other than the United Kingdom; or
(b)has been obtained for those purposes by [the Treasury or] the Secretary of State, or by a person acting on [their behalf], in another member State.
(2)Subject to sub-paragraphs (3) and (4) below, information supplied or obtained as mentionedin sub-paragraph (1)(a) or (b) above shall not be disclosed except as provided by paragraph 1 above or—
(a)for the purpose of enabling or assisting [the Treasury or] the Secretary of State to discharge any relevant functions; or
(b)with a view to the institution of, or otherwise for the purposes of, criminal proceedings, whether under this Act or otherwise.
(3)Information supplied as mentioned in sub-paragraph (1)(a) above may be disclosed—
(a)to a relevant recipient, if the supervisory authority which supplied the information consents to its disclosure and the case is one in which information to which paragraph 1 above applies could be so disclosed by virtue of paragraph 3(1) above; or
(b)to the Treasury or the Secretary of State, if that authority consents to its disclosure and the case is one in which information to which paragraph 1 above applies could be so disclosed by virtue of paragraph 3(3) above.
(4)Information obtained as mentioned in sub-paragraph (1)(b) above may be disclosed—
(a)to a relevant recipient, if the supervisory authority in the member State concerned consents to its disclosure and the case is one in which information to which paragraph 1 above applies could be so disclosed by virtue of paragraph 3(1) above; or
(b)to the Treasury or the Secretary of State, if that authority consents to its disclosure and the case is one in which information to which paragraph 1 above applies could be so disclosed by virtue of paragraph 3(3) above.
[(4A)Before [the Treasury or] the Secretary of State discloses information to any person under sub-paragraph (3) above, [they] shall notify the supervisory authority which supplied the information of the name and responsibilities of that person.]
(5)In this paragraph—
“relevant functions”,
[(a)in relation to the Treasury means their functions under this Act, and
(b) in relation to the Secretary of State, means his functions under this Act]
“relevant recipient” means a person specified in any of entries 1 to 7, 12, 13 and 17 in the Table in paragraph 3(1) above.