C1Part V Restriction on Disclosure of Information
C384 Obstruction of investigations. C2
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.
Person | Functions |
|---|---|
C41.The Secretary of State. | Functions under the M1Insurance Companies Act 1982, Part XIV of the M2Companies Act 1985, Part XIII of the M3Insolvency Act 1986 F1, the Financial Services Act 1986 or Part II, III or VII of the Companies Act 1989. |
F2 Functions under the Financial Services Act 1986 or under Part III or Part VII of the Companies Act 1989 . | |
C43.F3An inspector appointed under Part XIV of the Companies Act 1985 or section 94 or 177 of the Financial Services Act 1986. | F3Functions under that Part or that section. |
C44.F4F5A 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. | F4Functions under that section. |
C45.The Chief Registrar of friendly societies, F6. . . and the Assistant Registrar of Friendly Societies for Scotland. | Functions under the enactments relating to friendly societies F6. . .. |
F7The Friendly Societies Commission. | F7Functions under the enactments relating to friendly societies or under the Financial Services Act 1986. |
C46.The Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland. | Functions under the enactments relating to industrial assurance. |
C47.The Building Societies Commission. | Functions under the M4Building Societies Act 1986 and protecting the interests of the shareholders and depositors of building societies. |
C48.The Director General of Fair Trading. | Functions under the M5Consumer Credit Act 1974. |
C49.F8A designated agency (within the meaning of the Financial Services Act 1986. | F8Functions under the Financial Services Act 1986 or Part VII of the Companies Act 1989. |
C410.F8A transferee body or the competent authority (within the meaning of the Financial Services Act 1986). | F8Functions under the Financial Services Act 1986. |
C411.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. |
. . . F9 | . . . F9 |
C412.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. |
C413.The Department of Economic Development in Northern Ireland. | Functions under Part XV of the Companies (Northern Ireland) Order M61986 F10or Part XII of the Insolvency (Northern Ireland) Order 1989F11or Part III of the Companies (Northern Ireland) Order 1990 or Part II or V of the Companies (No. 2) (Northern Ireland) Order 1990. |
C414.F12An inspector appointed under Part XV of the Companies (Northern Ireland) Order 1986 F13. . . | |
C415.F12A person authorised to exercise powers under Article 440 of the Companies (Northern Ireland) Order 1986 or section 84 of the Companies Act 1989. | F12Functions under that Article or section. |
C416.The Official Receiver or, in Northern Ireland, the Official F14Receiver 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, F14or bankruptcy orderhas been made. |
F15All its functions | |
C418.F16A person included in the list maintained by the Bank for the purposes of section 171 of the Companies Act 1989. | F16Functions under settlement arrangements to which regulations under that section relate. |
C419.F17A recognised professional body (within the meaning of Article 350 of the Insolvency (Northern Ireland) Order 1989). | F17Functions in its capacity as such a body under the Insolvency (Northern Ireland) Order 1989. |
[F1821. The Operator within the meaning of the Uncertificated Securities Regulations 1992.] | [F18Functions 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.
F195
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 F20.
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 F21or the Banking Coordination (Second Council Directive) Regulations 1992;
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.
F247
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.
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