C1Part V Restriction on Disclosure of Information
C2C382 Restricted information.
1
Except as provided by the subsequent provisions of this Part of this Act—
a
no person who under or for the purposes of this Act receives information relating to the business or other affairs of any person; and
b
no person who obtains any such information directly or indirectly from a person who has received it as aforesaid,
shall disclose the information without the consent of the person to whom it relates and (if different) the person from whom it was received as aforesaid.
2
This section does not apply to information which at the time of the disclosure is or has already been made available to the public from other sources or to information in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.
3
Any person who discloses information in contravention of this section shall be guilty of an offence and liable—
a
on conviction on 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.
C4C583 Disclosure for facilitating discharge of functions by the Bank.
1
Section 82 above does not preclude the disclosure of information in any case in which disclosure is for the purpose of enabling or assisting the F2Authority to discharge.
F3a
its function as a monetary authority; or
F4aa
its functions in its capacity as a designated agency within the meaning of the M1Financial Services Act 1986; or
F5b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
its functions as a supervisor of money market F6. . . institutions
2
Without prejudice to the generality of subsection (1) above, that section does not preclude the disclosure of information by the F8Authority to the auditor of an authorised institution or former authorised institution if it appears to the F8Authority that disclosing the information would enable or assist the F8Authority to discharge the functions mentioned in that subsection or would otherwise be in the interests of depositors.
3
If, in order to enable or assist the F8Authority properly to discharge any of its functions under this Act, the F8Authority considers it necessary to seek advice from any qualified person on any matter of law, accountancy, valuation or other matter requiring the exercise of professional skill, section 82 above does not preclude the disclosure by the F8Authority to that person of such information as appears to the F8Authority to be necessary to ensure that he isproperly informed with respect to the matters on which his advice is sought.
C7C884 Obstruction of investigations. C6
1
Section 82 above does not preclude the disclosure by the F9Authority of information to any person specified in the first column of the following Table if the F9Authority 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.
Person | Functions |
|---|---|
C91.The Secretary of State. | Functions under the M2Insurance Companies Act 1982, Part XIV of the M3Companies Act 1985, Part XIII of the M4Insolvency Act 1986 F10, the Financial Services Act 1986 or Part II, III or VII of the Companies Act 1989. |
F11 Functions F12under the Insurance Companies Act 1982, under the Financial Services Act 1986 or under Part III or Part VII of the Companies Act 1989 . | |
C93.F13An inspector appointed under Part XIV of the Companies Act 1985 or section 94 or 177 of the Financial Services Act 1986. | F13Functions under that Part or that section. |
C94.F14F15A person authorised to exercise powers under section 43A or 44 of the Insurance Companies Act 1982, section 447 of the Companies Act 1985, section 106 of the Financial Services Act 1986 or section 84 of the Companies Act 1989. | F14Functions under that section. |
F164A The Bank of England. | Functions in its capacity as a monetary authority or supervisor of systems for the transfer of funds between credit institutions and their customers. |
C95.The Chief Registrar of friendly societies, F17. . . and the Assistant Registrar of Friendly Societies for Scotland. | Functions under the enactments relating to friendly societies F17. . .. |
F19Functions under the enactments relating to friendly societies or under the Financial Services Act 1986. | |
C96.The Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland. | Functions under the enactments relating to industrial assurance. |
C97.The Building Societies Commission. | Functions under the M5Building Societies Act 1986 and protecting the interests of the shareholders and depositors of building societies. |
C98.The Director General of Fair Trading. | Functions under the M6Consumer Credit Act 1974. |
C99.F20A designated agency (within the meaning of the Financial Services Act 1986. | F20Functions under the Financial Services Act 1986 or Part VII of the Companies Act 1989. |
C910.F20A transferee body or the competent authority (within the meaning of the Financial Services Act 1986). | F20Functions under the Financial Services Act 1986. |
C911.A recognised self-regulating organisation, recognised professional body, recognised investment exchange, F21. . . or recognised self-regulating organisation for friendly societies (within the meaning of the Financial Services Act 1986). | Functions in its capacity as an organisation, body, F22or exchange recognised under the Financial Services Act 1986. |
F2311AA recognised clearing house (within the meaning of the Financial Services Act 1986). | Functions in its capacity as a clearing house under the Financial Services Act 1986 so far as they are exercisable in relation to defaults or potential defaults by market participants. |
F2311BA person approved under the F24Uncertificated Securities Regulations 2001 as an operator of a relevant system (within the meaning of those Regulations). | Functions as a person so approved so far as they are exercisable in relation to defaults or potential defaults by market participants. |
F2311CA recognised supervisory body (within the meaning of Part II of the Companies Act 1989). | Functions in its capacity as such a body under that Part or functions in relation to disciplinary proceedings against auditors. |
. . . F25 | . . . F25 |
C912.A recognised professional body (within the meaning of section 391 of the Insolvency Act 1986). | Functions in its capacity as such a body under the Insolvency Act 1986 F26or functions in relation to disciplinary proceedings against insolvency practitioners (within the meaning of that Act). |
C913.The Department of Economic Development in Northern Ireland. | Functions under Part XV of the Companies (Northern Ireland) Order M71986 F27or Part XII of the Insolvency (Northern Ireland) Order 1989F28or Part III of the Companies (Northern Ireland) Order 1990 or Part II or V of the Companies (No. 2) (Northern Ireland) Order 1990. |
C914.F29An inspector appointed under Part XV of the Companies (Northern Ireland) Order 1986 F30. . . | |
C915.F29A person authorised to exercise powers under Article 440 of the Companies (Northern Ireland) Order 1986 F31. . .. | |
C916.The Official Receiver or, in Northern Ireland, the Official F32Receiver for Northern Ireland | Investigating the cause of the failure of an authorised institution or former authorised institution in respect of which a winding-up order, F32or bankruptcy orderhas been made. |
F33All its functions | |
C918.F34A person included in the list maintained by the F35Authority for the purposes of section 171 of the Companies Act 1989. | F34Functions under settlement arrangements to which regulations under that section relate. |
C919.F36A recognised professional body (within the meaning of Article 350 of the Insolvency (Northern Ireland) Order 1989). | F36Functions in its capacity as such a body under the Insolvency (Northern Ireland) Order 1989 F37or functions in relation to disciplinary proceedings against insolvency practitioners (within the meaning of that Order). |
F3820A recognised supervisory body (within the meaning of 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. |
F3920. 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. |
[F4021. The Operator within the meaning of the Uncertificated Securities Regulations 1992.] | [F40Functions of the Treasury under Parts IX, X, XII and XIV of the Uncertificated Securities Regulations 1992 which are for the time being delegated to the Operator. ] |
2
The Treasury may after consultation with the F41Authority by order amend the Table in subsection (1) above by—
a
adding any person exercising regulatory functions and specifying functions in relation to that person;
b
moving any person for the time being specified in the Table; or
c
altering the functions for the time being specified in the Table in relation to any person;
and the Treasury may also after consultation with the F41Authority by order restrict the circumstances in which, or impose conditions subject to which, disclosure is permitted in the case of any person for the time being specified in the Table.
3
An order under subsection (2) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.
4
Section 82 above does not preclude the disclosure by any person specified in the first column of the Table in subsection (1) above of information obtained by him by virtue of that subsection if he makes the disclosure with the consent of the F41Authority and 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 its consent to such a disclosure by any person the F41Authority shall take account of such representations made by him as to the desirability of or the necessity for the disclosure.
F425
Section 82 above does not preclude the disclosure by the F41Authority of information to the Treasury if disclosure appears to the F41Authority to be—
a
desirable or expedient in the interests of depositors; or
b
in the public interest,
and (in either case) in accordance with F43article 30(9) of the Banking Consolidation Directive.
5A
Section 82 above does not preclude the disclosure by the F41Authority of information to the Secretary of State for purposes other than those specified in relation to him in subsection (1) above if the disclosure is made with the consent of the Treasury and—
a
the information relates to an authorised institution or former authorised institution and does not enable the financial affairs of any other identifiable person to be ascertained and disclosure appears to the F41Authority to be necessary in the interests of depositors or in the public interest; or
b
in any other case, disclosure appears to the F41Authority to be necessary in the interests of depositors;
6
Section 82 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—
a
functions corresponding to those of—
i
ii
iii
the competent authority under Part IV of the Financial Services Act 1986;
b
c
supervisory functions in respect of bodies carrying on business corresponding to that of building societies.
F48or
- d
in the case of a supervisory authority in another EEA State, its functions as a supervisor of systems for the transfer of funds between credit institutions and their customers.
F497
Subsection (6) above does not apply in relation to disclosures to an authority which is not a supervisory authority in another member State unless the F41Authority is satisfied that the authority is subject to restrictions on further disclosures at least equivalent to those imposed by this Part of this Act.
8
Information which is disclosed to a person in pursuance of subsection (1), (4) or (6) above shall not be used otherwise than for the purpose mentioned in that subsection.
9
Any person who uses information in contravention of subsection (8) above shall be liable on summary conviction to imprisonment for a term not exceeding three months or to a fine not exceeding the fifth level on the standard scale or to both.
10
F50Subject to subsection (11) below,Any reference in this section 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; F51. . .
b
persons carrying on the business of banking or insurance, Consumer Credit Act businesses or the business of providing other financial services; F52or
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 subsection ’Consumer Credit Act business’ has the same meaning as in the Banking Coordination (Second Council Directive) Regulations 1992.
F5311
Subsection (10) 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 a recognised clearing house (within the meaning of the Financial Services Act 1986);
e
functions of a person approved under the F54Uncertificated Securities Regulations 2001 as an operator of a relevant system (within the meaning of those Regulations);
f
functions of a recognised supervisory body (within the meaning of Part II of the Companies Act 1989);
g
functions of a recognised professional body (within the meaning of section 391 of the Insolvency Act 1986);
h
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;
i
functions of an inspector under Part XV of the Companies (Northern Ireland) Order 1986;
j
functions of a recognised professional body (within the meaning of Article 350 of the Insolvency (Northern Ireland) Order 1989);
k
functions of a recognised supervisory body (within the meaning of Part III of the Companies (Northern Ireland) Order 1990);
l
functions of a supervisory authority in another EEA State in its capacity as a supervisor of systems for the transfer of funds between credit institutions and their customers.
12
In this section ’another EEA State’ means a State other than the United Kingdom which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2nd May 1992 as adjusted by the Protocol signed at Brussels on 17th March 1993.
C1085 Objection by direction of the Treasury.
1
Section 82 above does not preclude the disclosure of information—
a
for the purpose of enabling or assisting the Board of Banking Supervision or the Deposit Protection Board or any other person to discharge its or his functions under this Act;
b
for the purpose of enabling or assisting a person to do anything which he is required to do in pursuance of a requirement imposed under section 39(1)(b) above;
c
with a view to the institution of, or otherwise for the purposes of, any criminal proceedings, whether under this Act or otherwise;
d
in connection with any other proceedings arising out of this Act;
e
with a view to the institution of, or otherwise for the purposes of, proceedings under section 7 or 8 of the M12Company Directors Disqualification Act 1986 F55or Article 10 or 11 of the Companies (Northern Ireland) Order 1989 in respect of a director or former director of an authorised institution or former authorised institution;
f
in connection with any proceedings in respect of an authorised institution or former authorised institution under the M13Bankruptcy (Scotland) Act 1985 or Parts I to VII or IX to XI of the M14Insolvency Act 1986 F56or Parts II to VII or IX and X of the Insolvency (Northern Ireland) Order 1989 which the F57Authority has instituted or in which it has a right to be heard;
F58g
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
h
in pursuance of a Community obligation.
F591A
The disclosures permitted by subsection (1)(f) above do not include the disclosure of information relating to a person who (not being a director, controller or manager of the institution) is or has been, to the knowledge of the person making the disclosure, involved in an attempt to secure the survival of the institution as a going concern.
2
Section 82 above does not preclude the disclosure by the F57Authority to the Director of Public Prosecutions, the Director of Public Prosecutions for Northern Ireland, the Lord Advocate, a procurator fiscal or a constable of information obtained by virtue of section 41, 42 or 43 above or of information in the possession of the F57Authority as to any suspected contravention in relation to which the powers conferred by those sections are exercisable.
3
Section 82 above does not preclude the disclosure of information by the Deposit Protection Board to any person or body responsible for a scheme for protecting depositors or investors (whether in the United Kingdom or elsewhere) similar to that for which provision is made by Part II of this Act if it appears to the Board that disclosing the information would enable or assist the recipient of the information or the Board to discharge his or its functions.
C11C1286F60 Information supplied to Bank by relevant overseas authority etc.
1
Section 82 above applies also to information which—
a
has been supplied to the F61Authority for the purposes of any relevant functions by the relevant supervisory authority in a country or territory outside the United Kingdom; or
b
has been obtained for those purposes by the F61Authority, or by a person acting on its behalf, in another member State.
2
Subject to subsections (3) and (4) below, information supplied or obtained as mentioned in subsection (1)(a) or (b) above shall not be disclosed except as provided by section 82 above or—
a
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 to the F61Authority for the purposes of any relevant functions by the relevant supervisory authority in another member State may be disclosed—
a
to a relevant recipient, if the authority consents to its disclosure and the case is one in which information to which section 82 above applies could be so disclosed by virtue of section 84(1) or (2) above; or
b
to the Treasury or the Secretary of State, if the authority consents to its disclosure and the case is one in which information to which section 82 above applies could be so disclosed by virtue of section 84(5) or (5A) above.
4
Information obtained as mentioned in subsection (1)(b) above may be disclosed—
a
to a relevant recipient, if the relevant supervisory authority in the member State concerned consents to its disclosure and the case is one in which information to which section 82 above applies could be so disclosed by virtue of section 84(1) or (2) 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 section 82 above applies could be so disclosed by virtue of section 84(5) or (5A) above.
F634A
Before the F61Authority discloses information to any person under subsection (3) above, it shall notify the relevant supervisory authority which supplied the information of the name and responsibilities of that person.
C135
In this section—F64“relevant functions”, in relation to the Authority, means its functions under this Act and its functions as a supervisor of money market institutions;
’relevant recipient’ means a person specified in any of entries 1 to 8, 13 to 15 and 17 in the Table in section 84(1) above.
C1487 Notification of acquisition of significant shareholding.
1
After section 174(3) of the Consumer Credit Act 1974 there shall be inserted—
3A
Subsections (1) and (2) do not apply to any disclosure of information by the Director to the Bank of England for the purpose of enabling or assisting the Bank to discharge its functions under the Banking Act 1987 or the Director to discharge his functions under this Act.
C152
Information disclosed to the F65Authority under subsection (1) of section 449 of the M16Companies Act 1985 for the purpose of enabling or assisting it to discharge its functions under this Act or in its capacity as a competent authority under F65subsection (3)(ha) of that section may be disclosed—
a
with the consent of the Secretary of State, in any case in which information to which section 82 applies could be disclosed by virtue of section 84(1) or (2) above; and
b
in any case in which information to which section 82 above applies could be disclosed by virtue of any of the other provisions of this Part of this Act.
C153
Information disclosed to the F66Authority under paragraph (1) of Article 442 of the M17Companies (Northern Ireland) Order 1986 for the purpose of enabling or assisting it to discharge its functions under this Act or in its capacity as a competent authority under F66paragraph (3)(ha) of that Article may be disclosed—
a
with the consent of the F67Department of Economic Development in Northern Ireland, in any case in which information to which section 82 above applies could be disclosed by virtue of section 84(1) or (2) above; and
b
in any case in which information to which section 82 above applies could be disclosed by virtue of any of the other provisions of this Part of this Act.
F68C153A
Information disclosed by the Building Societies Commission to the F69Authority for the purpose of enabling or assisting it to discharge any relevant functions may be disclosed—
a
to a relevant recipient, if the Commission consents to its disclosure and the case is one in which information to which section 82 above applies could be so disclosed by virtue of section 84(1) or (2) above; or
b
to the Treasury or the Secretary of State, if the Commission consents to its disclosure and the case is one in which information to which section 82 above applies could be so disclosed by virtue of section 84(5)(a) or (5A) above;
and in this subsection “relevant functions” has the same meaning as in section 86 above and “relevant recipient” means a person specified in any of entries 1 to 8, 13 to 15 and 17 in the Table in section 84(1) above.
4
Any information which has been lawfully disclosed to the F69Authority may be disclosed by it to the Board of Banking Supervision so far as necessary for enabling or assisting the Board to discharge its functions under this Act.
Pt. V (ss. 82-87) modified (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. IV Ch. I para. 57(2)(3)(4); S.I. 1998/1120, art. 2
Pt. V (ss. 82-87) modified (1.6.1998) by 1998 c. 11, ss. 23, 36(4), Sch. 5 Pt. IV Chapter I para. 57; S.I. 1998/1120, art. 2