Part V U.K. Restriction on Disclosure of Information

Modifications etc. (not altering text)

C1 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

84 Obstruction of investigations. U.K.

(1) Section 82 above does not preclude the disclosure by the Bank of information to any person specified in the first column of the following Table if the Bank 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
[1.]The Secretary of State.	Functions under the M1 Insurance Companies Act 1982, Part XIV of the M2 Companies Act 1985, Part XIII of the M3 Insolvency Act 1986 [F1 , the Financial Services Act 1986 or Part II, III or VII of the Companies Act 1989].
[2.][F2 The Treasury]	[F2 Functions under the Financial Services Act 1986 or under Part III or Part VII of the Companies Act 1989 .]
[3.][F3 An inspector appointed under Part XIV of the Companies Act 1985 or section 94 or 177 of the Financial Services Act 1986.]	[F3 Functions under that Part or that section.]
[4.][F4 A person authorised to exercise powers under section 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.]	[F4 Functions under that section.]
[5.]The Chief Registrar of friendly societies, F5 . . . and the Assistant Registrar of Friendly Societies for Scotland.	Functions under the enactments relating to friendly societies F5 . . ..
[F6 The Friendly Societies Commission.]	[F6 Functions under the enactments relating to friendly societies or under the Financial Services Act 1986.]
[6.]The Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland.	Functions under the enactments relating to industrial assurance.
[7.]The Building Societies Commission.	Functions under the M4 Building Societies Act 1986 and protecting the interests of the shareholders and depositors of building societies.
[8.]The Director General of Fair Trading.	Functions under the M5 Consumer Credit Act 1974.
[9.][F7 A designated agency (within the meaning of the Financial Services Act 1986.]	[F7 Functions under the Financial Services Act 1986 or Part VII of the Companies Act 1989.]
[10.][F7 A transferee body or the competent authority (within the meaning of the Financial Services Act 1986).]	[F7 Functions under the Financial Services Act 1986.]
[11.]A recognised self-regulating organisation, recognised professional body, recognised investment exchange, recognised clearing house 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, exchange or clearing house recognised under the Financial Services Act 1986.
. . . F8	. . . F8
[12.]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.
[13.]The Department of Economic Development in Northern Ireland.	Functions under Part XV of the Companies (Northern Ireland) Order M6 1986 [F9 or Part XII of the Insolvency (Northern Ireland) Order 1989][F10 or Part III of the Companies (Northern Ireland) Order 1990 or Part II or V of the Companies (No. 2) (Northern Ireland) Order 1990].
[14.][F11 An inspector appointed under Part XV of the Companies (Northern Ireland) Order 1986 F12 . . .]	[F11 Functions under that Part F12 . . ..]
[15.][F11 A person authorised to exercise powers under Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989.]	[F11 Functions under that Article or section.]
[16.]The Official Receiver or, in Northern Ireland, the Official [F13 Receiver 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, [F13 or bankruptcy order]has been made.
[17.][F14 Panel on Take-overs and Mergers]	[F14 All its functions]
[18.][F15 A person included in the list maintained by the Bank for the purposes of section 171 of the Companies Act 1989.]	[F15 Functions under settlement arrangements to which regulations under that section relate.]
[19.][F16 A recognised professional body (within the meaning of Article 350 of the Insolvency (Northern Ireland) Order 1989).]	[F16 Functions in its capacity as such a body under the Insolvency (Northern Ireland) Order 1989.]
[F17 21. The Operator within the meaning of the Uncertificated Securities Regulations 1992.]	[F17 Functions 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 Bank 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 Bank 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 Bank 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 Bank shall take account of such representations made by him as to the desirability of or the necessity for the disclosure.

[F18 (5) Section 82 above does not preclude the disclosure by the Bank of information to the Treasury if disclosure appears to the Bank to be—

(a) desirable or expedient in the interests of depositors; or

(b) in the public interest,

and (in either case) in accordance with article 12(7) of the First Council Directive F19 .

(5A) Section 82 above does not preclude the disclosure by the Bank 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 Bank to be necessary in the interests of depositors or in the public interest; or

(b) in any other case, disclosure appears to the Bank to be necessary in the interests of depositors;

and (in either case) disclosure appears to the Bank to be in accordance with article 12(7) of the First Council Directive.]

(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) the Bank under this Act [F20 or the Banking Coordination (Second Council Directive) Regulations 1992];

(ii) the Secretary of State [F21 or the Treasury]under the M7 Insurance Companies Act 1982, Part XIII of the M8 Insolvency Act 1986 or the M9 Financial Services Act 1986; or

(iii) the competent authority under Part IV of the Financial Services Act 1986;

(b) functions in connection with rules of law corresponding to any of the provisions of [F22 Part V of the Criminal Justice Act 1993 (insider dealing)] or Part VII of the M10 Financial Services Act 1986; or

(c) supervisory functions in respect of bodies carrying on business corresponding to that of building societies.

[F23 (7) 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 Bank 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) 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; or

(b) persons carrying on the business of banking or insurance, Consumer Credit Act businesses or the business of providing other financial services;

and in this subsection ’Consumer Credit Act business’ has the same meaning as in the Banking Coordination (Second Council Directive) Regulations 1992.]

Textual Amendments

F1 Words in s. 84(1) Table substituted by Companies Act 1989 (c. 40, SIF 27), s. 81(2) (the substitution being in force, 21.2.1990 to the extent mentioned in S.I. 1990/142 art. 4(b) and 25.4.1991 otherwise as referred to in S.I. 1991/878, art. 2, Sch.)

F2 Entry in s. 84(1) Table inserted (7.6.1992) by S.I. 1992/1315, art. 10(1), Sch. 4, para. 11(1).

F3 Entry substituted by Companies Act 1989 (c. 40, SIF 27), s. 81(3)

F4 Entry substituted by Companies Act 1989 (c. 40, SIF 27), s. 81(4)

F5 Words in Table in s. 84(1) repealed (1.1.1994) by Friendly Societies Act 1992 (c. 40), s. 120(2), Sch. 22 (with ss. 7(5), 93(4)); S.I. 1993/2213, art. 2(1), Sch. 6 appendix.

F6 Entry in Table in s. 84(1) inserted (1.2.1993) by Friendly Societies Act 1992 (c. 40), s. 120(1), Sch. 21, Pt. I para. 9 (with ss. 7(5), 93(4)); S.I. 1993/16, art. 2, Sch. 3.

F7 Entries in s. 84(1) Table beginning 'A designated agency (within the meaning of the Financial Services Act 1986)' and 'A transferee body' substituted for entry beginning “designated agency or transferee body” by Companies Act 1989 (c. 40, SIF 27), s. 81(5) (the substitution being in force, 21.2.1990 to the extent mentioned in S.I. 1990/142, art. 4(b) and 25.4.1991 otherwise as referred to in S.I. 1991/878, art. 2, Sch.)

F8 Entry repealed by Companies Act 1989 (c. 40, SIF 27), s. 212, Sch. 24

F9 Words in s. 84(1) Table inserted (01.10.1991) by S.I. 1989/2405, (N.I. 19), art. 381(2), Sch. 9 para. 54(a); S.R. 1991/411, art. 2

F10 Words in s. 84(1) Table added (11.03.1991) save the words "or V" which came into force on 01.10.1991) by S.I. 1990/1504 (N.I. 10), art. 25(2); S.R. 1991/26, art. 2(2)(b); S.R. 1991/438, art. 2(a)

F11 Entry in s. 84(1) substituted (11.03.1991) by S.I. 1990/1504 (N.I. 10), art. 25(3); S.R. 1991/26, art. 2(2)

F12 Words in Table in s. 84(1) repealed (1.3.1994) by 1993 c. 36, s. 79(14), Sch. 6Pt. I; S.I. 1994/242, art. 2, Sch.

F13 Words in s. 84(1) Table substituted (1.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 para. 54(b)(i)(ii); S.R. 1991/411, art. 2

F14 The body known as the Panel on Take-overs and Mergers is added to the Table in s. 84 in relation to all its functions by S.I. 1987/1292, reg. 2

F15 Entries in s. 84(1) Table added (25.9.1991 for specified purposes and otherwiseprosp.) by Companies Act 1989 (c. 40, SIF 27), ss. 171(7), 215(2); S.I. 1991/488, art. 2(2)

F16 Entries in s. 84(1) inserted (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 para. 54(c); S.R. 1991/411, art. 2

F17 Entry in Table in s. 84(1) added (29.3.1993) by S.I. 1993/491, art. 2

F18 S. 84(5)(5A) substituted (1.1.1993) for s. 84(5) by S.I. 1992/3218, reg. 39(2) (with savings in reg. 46(b)).

F19 Council Directive 77/780/EEC (OJ No. L322, 17.12.77, p.30); article 12 was substituted by article 16 of Council Directive 89/646/EEC (OJ No. L386, 30.12.89, p.1).

F20 Words in s. 84(6)(a)(i) inserted (1.1.1993) by S.I. 1992/3218, reg. 39(3) (with savings in reg. 46(b)).

F21 Words in s. 84(6)(a)(ii) inserted (7.6.1992) by S.I. 1992/1315, art. 10(1), Sch. 4 para. 11(2).

F22 Words in s. 84(6)(b) substituted (1.3.1994) by 1993 c. 36, s. 79(13), Sch. 5 Pt. I, para.13; S.I. 1994/242, art. 2, Sch.

F23 S. 84(7)-(10) inserted (1.1.1993) by S.I. 1992/3218, reg. 39(4) (with savings in reg. 46(b)).

Modifications etc. (not altering text)

C2 S. 84 modified by Companies Act 1989 (c. 40, SIF 27), s. 88(3)(b)

C3 S. 84 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 24.

C4 For the purpose of facilitating references to them, the entries in the Table in s. 84(1), were numbered 1-19 (1.1.1993) by S.I. 1992/3218, reg. 39(1).

Marginal Citations

M1 1982 c. 50.

M2 1985 c. 6.

M3 1986 c. 45.

M4 1986 c. 53.

M5 1974 c. 39.

M6 S.I 1986/1032 (N.I. 6).

M7 1982 c. 50.

M8 1986 c. 45.

M9 1986 c. 60.

M10 1986 c. 60.