Building Societies Act 1986

54 Information disclosed to Commission from other sources. U.K.

(1) If and in so far as it appears to the Secretary of State that the disclosure of any information will enable the Commission better to discharge its functions under this Act (but not otherwise),—

(a) information obtained by the Secretary of State under section 447 or 448 of the M1 Companies Act 1985 (inspection of companies’ books and papers) may be disclosed to the Commission or further disclosed, notwithstanding the provision as to security of information contained in section 449 or that Act; and

(b) where the information is contained in a report made by inspectors appointed under section 431, 432, 442 or 446 of the Companies Act 1985 (investigation of affairs or ownership of companies and certain other bodies corporate) the Secretary of State may furnish a copy of the report to the Commission.

(2) If and in so far as it appears to the Department of Economic Development that the disclosure of any information will enable the Commission better to discharge its functions under this Act (but not otherwise),—

(a) information obtained by the Department under Article 440 or 441 or the M2 Companies (Northern Ireland) Order 1986 (inspection of companies’ books and papers) may be disclosed or further disclosed to the Commission, notwithstanding the provision as to security of information contained in Article 442 of that Order; and

(b) where the information is contained in a report made by inspectors under Article 424, 425, 435 or 439 of the M3 Companies (Northern Ireland) Order 1986 (investigation of affairs or ownership of companies and certain other bodies corporate) the Department may furnish a copy of the report to the Commission.

(3) Subsection (1) of section 53 does not apply to information which has been disclosed to the Commission by virtue of subsection (1) or (2) above, but—

(a) except as provided by paragraph (b) below, nothing in this Act authorises any further disclosure of that information in contravention of section 449 of the M4 Companies Act 1985 or, as the case may require, Article 442 of the Companies (Northern Ireland) Order 1986; and

(b) with respect to that information the references in subsections (3), (4), (5), (6), (8) and (11) of section 53 to subsection (1) of that section shall be construed as including a reference to the said section 449 or, as the case may require, Article 422, but, in the case of subsections (5), (6) and (8), so far only as they relate to the discharge of the Commission’s functions or the interests of shareholders and depositors.

[F1 (3A) If information is disclosed by the [F2 Financial Services Authority, other than in its capacity as a designated agency within the meaning of the M5 Financial Services Act 1986,]] to the Commission for the purpose of enabling [F3 or assisting]it better to discharge its functions under this Act—

(a) subsection (1) of section 53 applies to that information as it applies to information obtained or furnished under or for the purposes of this Act; but

(b) the references in subsections (2) to (11) of that section to the disclosure of information do not extend to the disclosure of that information unless—

(i) the [F4 Financial Services Authority] consents to the disclosure; and

(ii) the disclosure is for the purpose of enabling [F3 or assisting]the Commission better to discharge its functions under this Act.

(3B) If information is disclosed to the Commission by the relevant supervisory authority in another member State, or is obtained by the Commission, or by a person acting on its behalf, in another member State—

(a) subsection (1) of section 53 applies to that information as it applies to information obtained or furnished under or for the purposes of this Act; but

(b) the references in subsections (2) to (11) of that section to the disclosure of information do not extend to the disclosure of that information unless—

(i) in the case of information disclosed to the Commission by the relevant supervisory authority in another member State, that authority consents to its disclosure; or

(ii) in the case of information obtained by the Commission, or by a person acting on its behalf, in another member State, the relevant supervisory authority in that State consents to its disclosure.

[F5 (3C) Before the Commission discloses information to any person under subsection (3B)(b)(i) above, it shall notify the relevant supervisory authority which disclosed the information to the Commission of the name and responsibilities of that person.]

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(6) If information is disclosed to the Commission by an overseas regulatory authority [F7 which is not the relevant supervisory authority in another member State]—

(a) subsection (1) of section 53 applies to that information as it applies to information obtained or furnished under or for the purposes of this Act; but

(b) the references in subsections (4) to (11) of that section to the disclosure of information do not extend to the disclosure of that information.

Textual Amendments

F1 S. 54(3A)(3B) inserted (1. 1. 1993) by S.I. 1992/3218, reg. 77(1)

F2 Words in s. 54(3A) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. IV Ch. II para. 64(4)(a); S.I. 1998/1120, art. 2

F3 Words in s. 54(3A) inserted (9.6.1997) by 1997 c. 32, s. 43, Sch. 7 para. 20; S.I. 1997/1427, art. 2(k)(n)(iii)

F4 Words in s. 54(3A) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. IV Ch. II para. 64(4)(b); S.I. 1998/1120, art. 2

F5 S. 54(3C) inserted (18.7.1996) by S.I. 1996/1669, reg. 7(7)

F6 S. 54(4)(5) repealed by Banking Act 1987 (c. 22, SIF 10), s. 108, Sch. 6 para. 26(5), Sch. 7 Pt. I

F7 Words in s. 54(6) inserted (1.1.1993) by S.I. 1992/3218, reg. 77(2)

Modifications etc. (not altering text)

C1 S.54 modified by Companies Act 1989 (c. 40, SIF 27), s. 88(3)(b)(5)(6)

Marginal Citations

M1 1985 c. 6.

M2 S.I. 1986/1032. (N.I.6)

M3 S.I. 1986/1032 (N.I.6).

M4 1985 c. 6.

M5 1986 c. 60.