Financial Services Act 1986 (Repealed)

180 Exceptions from restrictions on disclosure. U.K.

(1) Section 179 above shall not preclude the disclosure of information—

(a) with a view to the institution of or otherwise for the purposes of criminal proceedings;

(b) with a view to the institution of or otherwise for the purposes of any civil proceedings arising under or by virtue of this Act or proceedings before the Tribunal;

[F1 (bb) for the purpose of enabling or assisting the Treasury to exercise any of their powers under this Act or under Part III or VII of the Companies Act 1989;]

(c) for the purpose of enabling or assisting the Secretary of State to exercise any powers conferred on him by this Act or by the enactments relating to companies insurance companies or insolvency [F2 or by Part II, III or VII of the Companies Act 1989] or for the purpose of enabling or assisting any inspector appointed by him under the enactments relating to companies to discharge his functions;

(d) for the purpose of enabling or assisting the Department of Economic Development for Northern Ireland to exercise any powers conferred on it by the enactments relating to companies or insolvency or for the purpose of enabling or assisting any inspector appointed by it under the enactments relating to companies to discharge his functions;

[F3 (e) for the purpose—

(i) of enabling or assisting a designated agency to discharge its functions under this Act or Part VII of the Companies Act 1989,

(ii) of enabling or assisting a transferee body or the competent authority to discharge its functions under this Act, or

(iii) of enabling or assisting the body administering a scheme under section 54 above to discharge its functions under the scheme;]

(f) for the purpose of enabling or assisting the Bank of England to discharge its functions under [F4 the Banking Act 1987] or any other functions;

(g) for the purpose of enabling or assisting the Deposit Protection Board to discharge its functions under that Act;

(h) for the purpose of enabling or assisting the Chief Registrar of friendly societies or the Registrar of Friendly Societies for Northern Ireland to discharge his functions under this Act or under the enactments relating to friendly societies or building societies;

[F5 (hh) for the purpose of enabling or assisting a body established by order under section 46 of the Companies Act 1989 to discharge its functions under Part II of that Act, or of enabling or assisting a recognised supervisory or qualifying body within the meaning of that Part to discharge its functions as such;]

(i) for the purpose of enabling or assisting the Industrial Assurance Commissioner or the Industrial Assurance Commissioner for Northern Ireland to discharge his functions under the enactments relating to industrial assurance;

(j) for the purpose of enabling or assisting the Insurance Brokers Registration Council to discharge its functions under the M1 Insurance Brokers (Registration) Act 1977;

(k) for the purpose of enabling or assisting an official receiver to discharge his functions under the enactments relating to insolvency or for the purpose of enabling or assisting a body which is for the time being a recognised professional body for the purposes of section 391 of the M2 Insolvency Act 1986 to discharge its functions as such;

(l) for the purpose of enabling or assisting the Building Societies Commission to discharge its functions under the M3 Building Societies Act 1986;

(m) for the purpose of enabling or assisting the Director General of Fair Trading to discharge his functions under this Act;

(n) for the purpose of enabling or assisting a recognised self-regulating organisation, recognised investment exchange, recognised professional body, or recognised clearing house to discharge its functions as such;

(o) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise by a solicitor, auditor, accountant, valuer or actuary of his professional duties;

[F6 (oo) with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the discharge by a public servant of his duties;]

(p) for the purpose of enabling or assisting any person appointed or authorised to exercise any powers under [F7 section 44 of the Insurance Companies Act 1982, section 447 of the Companies Act 1985,] section 94, 106 or 177 above [F7 or section 84 of the Companies Act 1989] to discharge his functions;

(q) for the purpose of enabling or assisting an auditor of an authorised person or a person approved under section 108 above to discharge his functions;

[F8 (qq) for the purpose of enabling or assisting an overseas regulatory authority to exercise its regulatory functions;]

(r) if the information is or has been available to the public from other sources;

(s) in a summary or collection of information framed in such a way as not to enable the identity of any person to whom the information relates to be ascertained; or

(t) in pursuance of any Community obligation.

[F9 (1A) In subsection (1)—

(a) in paragraph (oo) “public servant” means an officer or servant of the Crown or of any public or other authority for the time being designated for the purposes of that paragraph by order of the Secretary of State; and

(b) in paragraph (qq) “overseas regulatory authority” and “regulatory functions” have the same meaning as in section 82 of the Companies Act 1989.]

(2) Section 179 above shall not preclude the disclosure of information to the Secretary of State or to the Treasury if the disclosure is made in the interests of investors or in the public interest.

(3) Subject to subsection (4) below, section 179 above shall not preclude the disclosure of information for the purpose of enabling or assisting any public or other authority for the time being [F10 designated for the purposes of this subsection] by an order made by the Secretary of State to discharge any functions which are specified in the order.

(4) An order under subsection (3) above designating an authority for the purposes of that subsection may—

(a) impose conditions subject to which the disclosure of information is permitted by that subsection; and

(b) otherwise restrict the circumstances in which that subsection permits disclosure.

(5) Section 179 above shall not preclude the disclosure—

(a) of any information contained in an unpublished report of the Tribunal which has been made available to any person under this Act, by the person to whom it was made available or by any person obtaining the information directly or indirectly from him;

(b) of any information contained in any notice or copy of a notice served under this Act, notice of the contents of which has not been given to the public, by the person on whom it was served or any person obtaining the information directly or indirectly from him;

(c) of any information contained in the register kept under section 102 above by virtue of subsection (1)(e) of that section, by a person who has inspected the register under section 103(2) or (3) above or any person obtaining the information directly or indirectly from him.

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

(7) Section 179 above shall not preclude the disclosure of information by the Director General of Fair Trading or any officer or servant of his or any person obtaining the information directly or indirectly from the Director or any such officer or servant if the information was obtained by the Director or any such officer or servant for the purposes of or in the discharge of his functions under this Act (whether or not he was the primary recipient of the information within the meaning of section 179 above) and the disclosure is made—

(a) for the purpose of enabling or assisting the Director, the Secretary of State or any other Minister, the Monopolies and Mergers Commission or any Northern Ireland department to discharge any function conferred on him or them by the M4 Fair Trading Act 1973 (other than Part II or III of that Act), the M5 Restrictive Trade Practices Act 1976 or the M6 Competition Act 1980; or

(b) for the purposes of any civil proceedings under any of those provisions;

and information shall not be treated as restricted information for the purposes of section 179 above if it has been made available to the public by virtue of this subsection.

(8) The Secretary of State may by order modify the application of any provision of this section so as—

(a) to prevent the disclosure by virtue of that provision; or

(b) to restrict the extent to which disclosure is permitted by virtue of that provision,

of information received by a person specified in the order pursuant to a Community obligation from a person exercising functions in relation to a collective investment scheme who is also so specified.

(9) An order under [F12 subsection (1A)(a), (3) or (8)] above shall be subject to annulment in pursuance of a resolution of either House of Parliament.

Textual Amendments

F1 S. 180(1)(bb) inserted (7.6.1992) by S.I. 1992/1315, art. 10(1), Sch. 4 para.5.

F2 Words inserted (21.2.1990 except to the extent that s. 75(3) refers to Pt. VII of 1989 c. 40 and 25.4.1991 to the extent that s. 75(3) refers to Pt. VII of 1989 c. 40) by Companies Act 1989 (c. 40, SIF 27), s. 75(2)(3)(a); S.I. 1990/142, art. 4; S.I. 1991/878, art. 2, Sch.

F3 S. 180(1)(e) with sub-paragraphs (i) to (iii) substituted (21.2.1990 except to the extent that s. 75(3) refers to Pt. VII of 1989 c. 40 and 25.4.1991 to the extent that s. 75(3) refers to Pt. VII of 1989 c. 40) for subsection (e) without sub-paragraphs by Companies Act 1989 (c. 40, SIF 27), s. 75(2)(3)(b)(6); S.I. 1990/142, art. 4; S.I. 1991/878, art. 2, Sch.

F4 Words substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 27(3)

F5 S. 180(1)(hh) inserted (21.2.1990 to the extent that s. 75(3)(c) refers to a body established by order under s. 46 of 1989 c. 40 but otherwiseprosp.) by Companies Act 1989 (c. 40, SIF 27), s. 75(2)(3)(c); S.I. 1990/142, art. 4.

F6 S. 180(1)(oo) inserted by Companies Act 1989 (c. 40, SIF 27), s. 75(3)(d)

F7 Words inserted by Companies Act 1989 (c. 40, SIF 27), s. 75(3)(e)

F8 S. 180(1)(qq) inserted by Companies Act 1989 (c. 40, SIF 27), s. 75(3)(f)

F9 S. 180(1A) inserted by Companies Act 1989 (c. 40, SIF 27), s. 75(4) (the insertion being in force by S.I. 1990/98 only in so far as it provides a definition of “public servant" for the purposes of the new s. 180(1)(oo) but being otherwiseprosp.)

F10 Words substituted by Companies Act 1989 (c. 40, SIF 27), s. 75(2)(5)

F11 S. 180(6) repealed by Companies Act 1989 (c. 40, SIF 27), ss. 75(2)(6), 212, Sch. 24

F12 Words substituted as provided by Companies Act 1989 (c. 40, SIF 27), s. 75(2)(7)

Modifications etc. (not altering text)

C1 S. 180 modified by Companies Act 1989 (c. 40, SIF 27), s. 88(3)(b)

S. 180 extended (with modifications) (12.2.1992) by S.I. 1992/225, reg. 113(2)(3)(4).

S. 180: certain functions of the Secretary of State made exercisable concurrently by the Secretary of State and the Treasury (7.6.1992) by S.I. 1992/1315, art. 5, Sch. 3 para. 1.

S. 180 amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para.41.

C2 S. 180(1)(g) amended (1.1.1993) by S.I. 1992/3218, reg. 55, Sch. 9 para. 41(a).

Marginal Citations

M1 1977 c. 46.

M2 1986 c. 45.

M3 1986 c. 53.

M4 1973 c. 41.

M5 1976 c. 34.

M6 1980 c. 21.