1. These Regulations may be cited as the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 and come into force on 18th June 2001.
2. In these Regulations—
[F1ACER” means the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No. 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators]
“the Act" means the Financial Services and Markets Act 2000;
F2...
[F3“competent authority” includes a supervisory authority within the meaning of Article 13(10) of the Solvency 2 Directive;]
[F4“conglomerates directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC, 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council [F5as last amended by Directive 2011/89/EU of the European Parliament and of the Council];]
“criminal investigation" means an investigation of any crime, including an investigation of any alleged or suspected crime and an investigation of whether a crime has been committed;
“dependent territory" means the Channel Islands, the Isle of Man and any territory outside the British Islands for whose external relations the United Kingdom is responsible;
“dependent territory regulatory authority" means an overseas regulatory authority which exercises its functions in, and in relation to, a dependent territory;
F6...
“disciplinary proceedings authority" means a person responsible for initiating prescribed disciplinary proceedings or determining the outcome of such proceedings;
“EEA competent authority" means a competent authority of an EEA state other than the United Kingdom for the purposes of any of the single market directives [F7, the EMIR regulation F8... [F9, the SFT regulation [F10, the CSD regulation or the PRIIPs regulation]]] F11... F12...;
“EEA regulatory authority" means an EEA competent authority or an overseas regulatory authority which exercises its functions in, and in relation to, an EEA State other than the United Kingdom;
[F13“EEA resolution authority” means an authority designated by another EEA state in accordance with Article 3 of the recovery and resolution directive;]
[F14EMIR information” means confidential information received by one of the regulators in the course of discharging its functions as a competent authority under the EMIR regulation;]
[F14“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;]
[F15“ESRB” means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board;]
[F15“ESAs” means the European Supervisory Authorities established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority) and Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority);]
[F13“foreign resolution authority” means an authority in a territory which is not, and does not form part of, an EEA state which exercises functions in relation to third-country resolution action (within the meaning of section 89H of the Banking Act 2009), including planning for such action, corresponding to one or more functions exercisable by an EU resolution authority pursuant to the recovery and resolution directive;]
“former regulated activities" means activities carried on before the coming into force of section 19 of the Act and which constitute—
investment business within the meaning of the Financial Services Act 1986 M1;
deposit-taking business within the meaning of the Banking Act 1987 M2;
insurance business within the meaning of the Insurance Companies Act 1982 M3; or
insurance business within the meaning of the Friendly Societies Act 1992 M4;
“former regulated person" means a person who, at any time before the coming into force of section 19 of the Act, was—
authorised under section 3 or 4 of the Insurance Companies Act 1982;
an authorised person within the meaning of the Financial Services Act 1986, or an appointed representative within the meaning of section 44 M5 (appointed representatives) of that Act;
an authorised institution within the meaning of the Banking Act 1987;
a European institution within the meaning of the Banking Coordination (Second Council Directive) Regulations 1992 M6;
a European investment firm within the meaning of the Investment Services Regulations 1995 M7;
an EC company within the meaning of the Insurance Companies Act 1982 able to carry on direct insurance business through a branch in the United Kingdom, or provide insurance in the United Kingdom by virtue of paragraph 1 or 8 of Schedule 2F to that Act M8;
a friendly society authorised or treated as authorised for the purposes of Part IV of the Friendly Societies Act 1992, or permitted by virtue of section 31(2) or (3) of that Act to carry on activities without authorisation under that Part; or
a building society authorised or treated as authorised for the purposes of the Building Societies Act 1986 M9;
F16...
[F17“markets in financial instruments directive [F18and the markets in financial instruments regulation] information” means confidential information received by the [F19FCA or the PRA] in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive [F20or its functions in relation to the supervision of investment firms under [F21the capital requirements directive];]
[F22“mortgages directive information” means confidential information received by the FCA or the PRA in the course of discharging its functions as a competent authority under the mortgages directive;]
F12...
“non-EEA regulatory authority" means an overseas regulatory authority other than an EEA regulatory authority or a dependent territory regulatory authority;
“overseas regulatory authority" means—
an authority in a country or territory outside the United Kingdom which exercises any function of a kind mentioned in section 195(4) of the Act; or
an overseas investment exchange [F23, overseas clearing house, EEA central counterparty (within the meaning of section 285(1)(c) of the Act) [F24, third country central counterparty (within the meaning of section 285(1)(d) of the Act), EEA CSD (within the meaning of section 285(1)(f) of the Act) or third country CSD (within the meaning of section 285(1)(g) of the Act)]];
“prescribed disciplinary proceedings" means the disciplinary proceedings prescribed in Schedule 3;
[F13“recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms;]
[F13“recovery and resolution directive information” means confidential information received by—
the Bank of England in the course of discharging its functions as a resolution authority under the recovery and resolution directive;
the FCA or PRA in the course of discharging their functions as competent authorities under the recovery and resolution directive;
a person appointed by the Bank of England under section 62B (resolution administrator) of the Banking Act 2009 to act as resolution administrator in the course of discharging that person's functions as such;]
[F25“regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;]
[F25“regulator worker” means—
a person who is or has been employed by one of the regulators; or
an auditor or expert instructed by one of the regulators;]
“Secretary of State worker" means—
a person who is or has been employed by the Secretary of State; or
an auditor or expert instructed by the Secretary of State;
[F26“SFTR information” means confidential information received by a regulator in the course of discharging its functions as a competent authority under the SFT regulation;]
[F27“short selling regulation information” means confidential information received by the [F28FCA] in the course of discharging its functions as a competent authority under the short selling regulation;]
[F29“single market information” means confidential information received by the [F30FCA or the PRA] in the course of discharging its functions as the competent authority under any of the single market directives except for the market in financial instruments directive [F31, the markets in financial instruments regulation] or the conglomerates directive and as the competent authority under Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority) and Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and article 8 of Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board;]
[F32“single market restrictions” means the restrictions imposed on the disclosure of information by—
articles [F3376 and 81] of the markets in financial instruments directive;
[F34section 2 of Chapter 1 of Title 7 of the capital requirements directive]
[F35articles 64, 65, 66, 67, 68, 69, and 70 of the Solvency 2 Directive;]
article 102 [F36and 104a.1] of the UCITS directive;
article 9 of the insurance mediation directive;
[F37articles 47.2, 47.3, 51, 52 and 53.2 of the alternative investment fund managers directive;]
[F38Articles 5(2) and 36 of the mortgages directive;]
article 70 of Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority);
article 70 of Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority);
article 70 of Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority); F39...
article 8 of Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board] [F40; F41...
article 83 of the EMIR regulation;]
F46...]
[F47article 18 of the SFT regulation;]
[F48[F49"the third non-life insurance directive"] has the meaning given to it by paragraph 3 of Schedule 3 to the Act;]
[F50UCITS directive information” means confidential information received by the Authority in the course of discharging its functions as an EEA competent authority under the UCITS directive.]
F51...
F51...]
Textual Amendments
F1Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(a)
F2Words in reg. 2 omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(a)
F3Words in reg. 2 inserted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(2)(a)
F4Words in reg. 2 inserted (10.8.2004) by The Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862), regs. 1(1), 11(a)
F5Words in reg. 2 inserted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 13
F6Words in reg. 2 omitted (16.4.2012) by virtue of The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(b)
F7Words in reg. 2 substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(2)(b)
F8Words in reg. 2 omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(a) (with reg. 7)
F9Words in reg. 2 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 25(2)(a) (with regs. 7(4), 9(1))
F10Words in reg. 2 substituted (1.1.2018) by virtue of The Packaged Retail and Insurance-based Investment Products Regulations 2017 (S.I. 2017/1127), reg. 1, Sch. 2 para. 4
F11Words in reg. 2 omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(a)(i)
F12Words in reg. 2 omitted (20.1.2007) by virtue of The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(a), 3(c)
F13Words in reg. 2 inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(2)(b)
F14Words in reg. 2 inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(a) (with regs. 52-58)
F15Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(c)
F16Words in reg. 2 omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(b) (with reg. 7)
F17Words in reg. 2 inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 3(d)
F18Words in reg. 2 inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(c) (with reg. 7)
F19Words in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(b)
F20Words in reg. 2 inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), reg. 1, Sch. 2 para. 3(2)
F21Words in reg. 2 substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(2)(a)
F22Words in reg. 2 inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(2)(a) (with Pt. 4)
F23Words in reg. 2 substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(c) (with regs. 52-58)
F24Words in reg. 2 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 25(2)(b) (with regs. 7(4), 9(1))
F25Words in reg. 2 inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(c)
F26Words in reg. 2 inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(2)(c)
F27Words in reg. 2 inserted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 3(2)
F28Word in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(d)
F29Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(d)
F30Words in reg. 2 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 47(2)(e)
F31Words in reg. 2 inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(d) (with reg. 7)
F32Words in reg. 2 inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(2)(e)
F33Words in reg. 2 substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(e)(i) (with reg. 7)
F34Words in reg. 2 substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(2)(b)
F35Words in reg. 2 substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(2)(b)
F36Words in reg. 2 inserted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 4(2)
F37Words in reg. 2 inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 12(2)
F38Words in reg. 2 inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(2)(b) (with Pt. 4)
F39Word in reg. 2 omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(d)(i) (with regs. 52-58)
F40Words in reg. 2 inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 35(2)(d)(ii) (with regs. 52-58)
F41Word in reg. 2 omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(2)(c)(i)
F42Words in reg. 2 added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(2)(a)
F43Words in reg. 2 inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(2)(c)(ii)
F44Word in reg. 2 omitted (13.7.2016) by virtue of The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(2)(b)(i)
F45Word in reg. 2 inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(e)(ii) (with reg. 7)
F46Words in reg. 2 omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 4(2)(e)(iii) (with reg. 7)
F47Words in reg. 2 inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 2 para. 2(2)(b)(iii)
F48Words in reg. 2 inserted (3.4.2003) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2003 (S.I. 2003/693), regs. 1, 3(a)
F49Words in reg. 2 substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), regs. 1, 19(2)(b)
F50Words in reg. 2 inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(2)(b)
F51Words in reg. 2 omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(a)(ii)
Modifications etc. (not altering text)
C1Reg. 2 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(a) (as amended (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 17(3))
C2Reg. 2 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 1, Sch. Pt. 3 para. 10(a)
Marginal Citations
M5Modified by S.I. 1992/3218 and S.I. 1995/3275.
M6S.I. 1992/3218; relevant amendments were made by S.I. 1999/2094.
M7S.I. 1995/3275; to which there are amendments not relevant to these Regulations.
M8Inserted by S.I. 1994/1696 and amended by S.I. 1997/2781.