Financial Services and Markets Act 2000 (c. 8)

Part XXIII U.K. Public Record, Disclosure of Information and Co-operation

[F1 Information received from Bank of England U.K.

Textual Amendments

F1 S. 353A and cross-heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 24 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

353A Information received from Bank of England U.K.

(1) [F2 The FCA] must not disclose to any person specially protected information.

(2) “Specially protected information” is information in relation to which the first and second conditions are met.

(3) The first condition is that [F3 the FCA received the information from the Bank of England.]

(4) The second condition is that the Bank notified the [F4 FCA] that the Bank held the information for the purpose of its functions with respect to any of the following—

(a) monetary policy;

(b) financial operations intended to support financial institutions for the purposes of maintaining stability;

(c) the provision of private banking services and related services.

(5) The notification referred to in subsection (4) must be—

(a) in writing, and

(b) given before, or at the same time as, the Bank discloses the information.

(6) The prohibition in subsection (1) does not apply—

F5 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) where the Bank has consented to disclosure of the information;

(c) to information which has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by this section;

(d) to information which the [F6 FCA] is required to disclose in pursuance of any EU obligation.

(7) In this section references to disclosure by or to [F7 the FCA] or by the Bank include references to disclosure by or to—

(a) persons who are, or are acting as,—

(i) officers of, or members of the staff of, the [F8 FCA], or

(ii) officers, employees or agents of the Bank, or

(b) auditors, experts, contractors or investigators appointed by the [F9 FCA] or the Bank under powers conferred by this Act or otherwise.

(8) References to disclosure by [F10 the FCA] do not include references to disclosure between persons who fall within any paragraph of subsection (7)(a) or (b) in relation to [F11 the FCA].

(9) [F12 The FCA] must take such steps as are reasonable in the circumstances to prevent the disclosure of specially protected information, in cases not excluded by subsection (6), by those who are or have been—

(a) its officers or members of staff (including persons acting as its officers or members of staff);

(b) auditors, experts, contractors or investigators appointed by the [F13 FCA] under powers conferred by this Act or otherwise;

(c) persons to whom the [F14 FCA] has delegated any of its functions.

[F15 (10) In this section references to the Bank of England include the Bank acting in its capacity as the PRA.]]

Textual Amendments

F2 Words in s. 353A(1) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F3 Words in s. 353A(3) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F4 Word in s. 353A(4) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(4) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F5 S. 353A(6)(a) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(5)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F6 Word in s. 353A(6)(d) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(5)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F7 Words in s. 353A(7) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(6)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F8 Word in s. 353A(7)(a)(i) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(6)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F9 Word in s. 353A(7)(b) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(6)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F10 Words in s. 353A(8) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(7)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F11 Words in s. 353A(8) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(7)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F12 Words in s. 353A(9) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(8)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F13 Word in s. 353A(9)(b) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(8)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F14 Word in s. 353A(9)(c) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(8)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F15 S. 353A(10) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(9) (with Sch. 3); S.I. 2017/43, reg. 2(g)

Modifications etc. (not altering text)

C1 S. 353A applied by 1998 c. 11, s. 7H (as inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 11, 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(l))