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PART IIIU.K.F1 DISCLOSURE OF [F2SINGLE MARKET INFORMATION] ...

Textual Amendments

[F3 Application of this PartU.K.

8.  This Part applies to—

(a)[F4single market information]; F5...

(b)markets in financial instruments directive information, where that information has been received from—

(i)an overseas regulatory authority under a cooperation agreement referred to in article 63 of the markets in financial instruments directive; or

(ii)an EEA competent authority under article 58.1 of the markets in financial instruments directive][F6; F7...

(c)EMIR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the EMIR regulation] [F8; and

(d)recovery and resolution directive information.]

Textual Amendments

Modifications etc. (not altering text)

Disclosure by [F9regulators or regulator workers] to certain other personsU.K.

9.—(1) Subject to paragraphs (2) [F10(3), (3A) [F11, (3C)] [F12, (3E)] [F13, (3F)] [F14(4) and (5)]], [F15any of the regulators or a regulator worker] is permitted to disclose information to which this Part applies to a person specified in the first column in Schedule 1 for the purpose of enabling or assisting that person to discharge any of the functions listed beside him in the second column in that Schedule.

[F16(1A) A regulator or a person who is employed by a regulator may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of a credit institution or investment firm in accordance with Article 100 of the capital requirements directive or Article 32 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (European Banking Authority).]

(2) Paragraph (1) does not permit disclosure to a person specified in the first column in Part 3 of Schedule 1 unless [F17the conditions in paragraphs (2ZA), (2B) or in paragraph (2C) are met].

[F18(2ZA) The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a)article 63 of the markets in financial instruments directive;

[F19(b)article 55 of the capital requirements directive;]

(c)article 16.3 of the life assurance consolidation directive;

(d)article 16.3 of the non- life assurance directive;

(e)article 102.3 of the UCITS directive; or

(f)article 26 of the reinsurance directive.]

[F20(2A) The references in paragraph (2) to the provisions mentioned in sub-paragraphs (a), F21... (d) and (e) are to those provisions as replaced by Directive 2000/64/EC of the European Parliament and of the Council of 7 November 2000].

[F22(2B) The conditions in this paragraph are that—

(a)the conditions in articles 25 or 26 of Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data are met;

(b)the regulator or regulator worker is satisfied that the disclosure is necessary for the purpose of complying with a requirement of the alternative investment fund managers directive; and

(c)in the case of disclosure of information received from an EEA competent authority—

(i)that authority has given its express agreement to the disclosure; and

(ii)if such agreement was given for a particular purpose, the disclosure is solely for that purpose.]

[F23(2C) The condition in this paragraph is that the conditions in Article 98 of the recovery and resolution directive for the exchange of information with authorities in a third country are met.]

(3) Paragraph (1) does not permit disclosure to a person specified in the first column in Part 4 of Schedule 1—

(a)of information obtained from an EEA competent authority, unless that authority has given its express consent to the disclosure; or

(b)of information obtained in the course of an on-the-spot verification of the kind referred to in—

F24(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F25(ii)articles 52 and 159 of the capital requirements directive;]

(iii)[F26article 11 of the life assurance consolidation directive], F27...

(iv)article 14 of the first non-life insurance directive [F28, or

(v)article 16 of the reinsurance directive]

unless the EEA competent authority of the state in which the on-the-spot verification was carried out has given its express consent to the disclosure.

[F29(3A) Paragraph (1) does not permit disclosure of markets in financial instruments information to a person specified in the first column of Schedule 1 other than a person listed in paragraph (3B) where that information—

(a)was obtained from an EEA competent authority under article 58.1 of the markets in financial instruments directive (“the directive”) or an overseas regulatory authority under a cooperation agreement referred to in article 63 of the directive, and

(b)that authority indicated at the time of communication that such information must not be disclosed,

unless that authority has given its express consent to the disclosure.

(3B) The persons are—

(a)the Bank of England,

(b)the European Central Bank,

(c)the central bank of any country or territory outside the United Kingdom, F30...

(d)a body (other than a central bank) in a country or territory outside the United Kingdom having—

(i)functions as a monetary authority; or

(ii)responsibility for overseeing payment systems],

[F31(e)ESMA, or

(f)the ESRB].

[F32(3C) Paragraph (1) does not permit disclosure of UCITS directive information to a person specified in the first column of Schedule 1 other than a person listed in paragraph (3D) where that information—

(a)was obtained from an EEA competent authority under Article 101.2 of the UCITS directive or an overseas regulatory authority under a cooperation agreement referred to in Article 102 of that directive, and

(b)that authority indicated at the time of communication that such information must not be disclosed,

unless that authority has given its express consent to the disclosure.

(3D) The persons are—

(a)the Bank of England;

(b)the central bank of any country or territory outside the United Kingdom;

(c)a recognised investment exchange;

(d)an auditor exercising functions conferred by or under the Act in relation to insurance undertakings, credit institutions, investment firms or other financial institutions;

(e)an EEA regulatory authority exercising functions in relation to the supervision of credit institutions, investment firms, insurance undertakings or other financial institutions.]

[F33(3E) Paragraph (1) does not permit disclosure of EMIR information to a person specified in the first column of Schedule 1 in contravention of Article 83 of the EMIR regulation.]

[F34(3F) Paragraph (1) does not permit disclosure of mortgages directive information to a person specified in the first column of Schedule 1 in contravention of Articles 5(2) or 36 of the mortgages directive.]

[F35(4) Paragraph (1) does not permit disclosure—

(a)in breach of any restriction on the disclosure of confidential information in Section 2 of Chapter 1 of Title 7 of the capital requirements directive; or

(b)to persons specified in the first column in Part 5 of Schedule 1 (except to the extent that they are referred to in other parts of the Schedule) other than where—

(i)it is obtained by the FCA or PRA in the course of discharging its functions under the capital requirements directive or the capital requirements regulation;

(ii)there is an emergency situation, as referred to in Article 114 of the capital requirements directive; and

(iii)such information is relevant for the performance of such persons' functions.]

[F36(5) Paragraph (1) does not permit the disclosure of recovery and resolution directive information to any person unless the assessment required in regulation 10B has been carried out.]

Textual Amendments

F13Word in reg. 9(1) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(3)(a) (with Pt. 4)

F34Reg. 9(3F) inserted (20.4.2015 for specified purposes, 21.12.2015 for specified purposes) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), art. 1(5), Sch. 1 para. 8(3)(b) (with Pt. 4)

Modifications etc. (not altering text)

Disclosure by Schedule 1 personU.K.

10.  A person specified in the first column in Schedule 1 is permitted to disclose information to which this Part applies for the purpose of enabling or assisting him to discharge any of the functions listed beside him in that Schedule.

[F37Disclosure of recovery and resolution directive informationU.K.

10A.—(1) The Bank of England may disclose recovery and resolution directive information to any person for the purpose of enabling the Bank to prepare for and carry out the functions given to it under—

(a)Parts 1, 2 and 3 of the Banking Act 2009, or

(b)the Investment Bank Special Administration Regulations 2011,

provided that any such disclosure is made subject to the conditions in paragraph (2), and following the assessment required in regulation 10B.

(2) A disclosure made by the Bank of England under paragraph (1) must be made subject to—

(a)a requirement that the information disclosed is kept confidential and not disclosed to any other person without the consent of the Bank; and

(b)restrictions imposed by the Bank as to the way in which the information may be used.

(3) A resolution administrator appointed under section 62B of the Banking Act 2009 may disclose recovery and resolution directive information to a regulator.]

Textual Amendments

[F37Assessment of effects of disclosureU.K.

10B.—(1) Before any disclosure is made of recovery and resolution directive information the person disclosing that information must—

(a)assess the possible effects of disclosing the information in question on—

(i)the public interest in relation to financial, monetary or economic policy;

(ii)the commercial interests of natural and legal persons;

(iii)the purpose of any investigation, inspection or audit to which the information is relevant; and

(b)where the information in question relates to the recovery plan or resolution plan of any undertaking, assess the effects of the disclosure of any part of that recovery plan or resolution plan.

(2) In this regulation—

“recovery plan” means a recovery plan drawn up and maintained in accordance with Article 5 of the recovery and resolution directive or a group recovery plan drawn up and maintained in accordance with Article 7 of that directive; and

“resolution plan” means a resolution plan drawn up in accordance with Article 10 of the recovery and resolution directive or a group recovery plan drawn up in accordance with Articles 12 and 13 of that directive.]

Textual Amendments