Financial Services and Markets Act 2023

PART 5 Consequential amendments

FSMA 2000

8 FSMA 2000 is amended as follows.

9 (1) Section 348 (restrictions on disclosure of confidential information by FCA, PRA etc) is amended as follows.

(2) After subsection (2) insert—

“(2A) Where the primary recipient is a person appointed under section 377G to act as the manager of a write-down order, subsection (2)(b) has effect as if the reference to the discharge of functions of the FCA, PRA or Secretary of State were to the functions of that person.”

(3) In subsection (5), after paragraph (d) insert—

“(da) a person appointed under section 377G to act as the manager of a write-down order;”.

10 In section 429 (Parliamentary control of statutory instruments), in subsection (2B), after paragraph (c) insert—

“(d) provision made under paragraph 3(4) or 9(3) of Schedule 19B;”.

11 In Schedule 1ZB (the PRA), in paragraph 33(2) (exemption from liability in damages), for “and 284” insert “, 284 and 377G”.

Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

12 In Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (S.I. 2001/2188) (disclosure of confidential information whether or not subject to retained EU law restrictions), at the end of the table insert—

“A person appointed under section 377G of the Act to act as the manager of a write-down order

That person’s functions in relation to the write-down order”.