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

PART III U.K. F1 DISCLOSURE OF [F2 SINGLE MARKET INFORMATION] ...

Textual Amendments

F1 Words in Pt. 3 heading omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(b)

F2 Words in Pt. 3 heading substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(5)

[F3 Application of this Part U.K.

8.   This Part applies to—

(a) [F4 single 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 [F6 article 88] of the markets in financial instruments directive; or

(ii) an EEA competent authority under [F7 article 81.1] of the markets in financial instruments directive][F8 ; F9 ...

(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] [F10 ; F11 ...

(d) recovery and resolution directive information][F12 ; F13 ... [F14 and]

F15 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F16 (f) SFTR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the SFT regulation.]

Textual Amendments

F3 Reg. 8 substituted (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), 4

F4 Words in reg. 8(a) substituted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(6)

F5 Word in reg. 8(a) 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(3)(a) (with regs. 52-58)

F6 Words in reg. 8(b)(i) substituted (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(3)(a)(i) (with reg. 7)

F7 Words in reg. 8(b)(ii) substituted (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(3)(a)(ii) (with reg. 7)

F8 Reg. 8(c) and word 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(3)(b) (with regs. 52-58)

F9 Word in reg. 8(b) omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(3)(a)

F10 Reg. 8(d) and word 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(3)(b)

F11 Word in reg. 8(c) 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(3)(a)

F12 Reg. 8(e) and word inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(3)(b)

F13 Word in reg. 8(d) 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(3)(a)

F14 Word in reg. 8(d) 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(3)(b) (with reg. 7)

F15 Reg. 8(e) 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(3)(c) (with reg. 7)

F16 Reg. 8(f) 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(3)(c)

Modifications etc. (not altering text)

C1 Reg. 8 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(d)

C2 Reg. 8 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(d)

Disclosure by [F17 regulators or regulator workers] to certain other persons U.K.

9.—(1) Subject to paragraphs (2) [F18 (3), (3A) [F19 , (3C)] [F20 , (3E)] [F21 , (3EA)] [F22 , (3F)] [F23 , F24 ...] [F25 (4) and (5)]], [F26 any 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.

[F27 (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 [F28 the conditions in paragraphs (2ZA), (2B) [F29 or (2C)] are met].

[F30 (2ZA) The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a) [F31 article 88] of the markets in financial instruments directive;

[F32 (b) article 55 of the capital requirements directive;]

[F33 (c) article 66 of the Solvency 2 Directive;]

F34 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e) article 102.3 of the UCITS directive; or

F34 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F35 (2A) The references in paragraph (2) to the provisions mentioned in sub-paragraphs (a), F36 ... (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].

[F37 (2B) The conditions in this paragraph are that—

[F38 (a) the disclosure is made in accordance with Chapter V of the GDPR;]

(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.]

[F39 (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.]

F40 (2D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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—

F41 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F42 (ii) articles 52 and 159 of the capital requirements directive;]

(iii) [F43 article 11 of the life assurance consolidation directive], F44 ...

(iv) article 14 of the first non-life insurance directive [F45 , 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.

[F46 (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 [F47 article 81.1] 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, F48 ...

(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],

[F49 (e) ESMA, or

(f) the ESRB].

[F50 (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.]

[F51 (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.]

[F52 (3EA) Paragraph (1) does not permit disclosure of SFTR information to a person specified in the first column of Schedule 1 in contravention of Article 18 of the SFT regulation.]

[F53 (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.]

F54 (3G) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F55 (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.]

[F56 (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.]

[F57 (6) In this article, “the GDPR” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(10), (11) and (14) of that Act).]

Textual Amendments

F17 Words in reg. 9 heading 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(6)(a)

F18 Words in reg. 9(1) substituted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), reg. 1, Sch. 2 para. 3(3)(a)

F19 Word in reg. 9(1) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(3)(a)

F20 Word in reg. 9(1) 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(4)(a) (with regs. 52-58)

F21 Word in reg. 9(1) 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(4)(a)

F22 Word in reg. 9(1) 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(3)(a) (with Pt. 4)

F23 Word in reg. 9(1) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 18(4)(a)

F24 Word in reg. 9(1) 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(4)(a) (with reg. 7)

F25 Words in reg. 9(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(4)(a)

F26 Words in reg. 9(1) 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(6)(b)

F27 Reg. 9(1A) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(a)

F28 Words in reg. 9(2) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 8(4)(b)

F29 Words in reg. 9(2) substituted (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(4)(b) (with reg. 7)

F30 Reg. 9(2ZA) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 12(3)(b)

F31 Words in reg. 9(2ZA) substituted (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(4)(c) (with reg. 7)

F32 Reg. 9(2ZA)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(b)

F33 Reg. 9(2ZA)(c) substituted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(3)(a)

F34 Reg. 9(2ZA)(d)(f) omitted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 2 para. 12(3)(b)

F35 Reg. 9(2A) 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(b)

F36 Word in reg. 9(2A) omitted (11.1.2005) by virtue of The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), regs. 1, 19(3)(b)

F37 Reg. 9(2B) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 12(3)(c)

F38 Reg. 9(2B)(a) substituted (25.5.2018) by Data Protection Act 2018 (c. 12), s. 212(1), Sch. 19 para. 278(2) (with ss. 117, 209, 210); S.I. 2018/625, reg. 2(1)(g)

F39 Reg. 9(2C) 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(4)(c)

F40 Reg. 9(2D) 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(4)(d) (with reg. 7)

F41 Reg. 9(3)(b)(i) omitted (1.11.2007) by virtue of The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 (S.I. 2006/3413), regs. 1(2)(b), 5(c)

F42 Reg. 9(3)(b)(ii) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(c)

F43 Words in reg. 9(3)(b)(iii) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), regs. 1, 19(3)(c)

F44 Word in reg. 9(3)(b)(iii) omitted (10.12.2007) by virtue of The Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. 2007/3255), regs. 1, 3(4)(a)

F45 Reg. 9(3)(b)(v) and word inserted (10.12.2007) by The Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. 2007/3255), regs. 1, 3(4)(b)

F46 Reg. 9(3A)(3B) 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), 5(d)

F47 Words in reg. 9(3A)(a) substituted (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(4)(e) (with reg. 7)

F48 Word in reg. 9(3B)(c) omitted (16.4.2012) by virtue of The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(7)(a)

F49 Reg. 9(3B)(e)(f) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 3(7)(b)

F50 Reg. 9(3C)(3D) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 5(3)(c)

F51 Reg. 9(3E) 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(4)(b) (with regs. 52-58)

F52 Reg. 9(3EA) 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(4)(b)

F53 Reg. 9(3F) 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(3)(b) (with Pt. 4)

F54 Reg. 9(3G) 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(4)(f) (with reg. 7)

F55 Reg. 9(4) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 55(3)(d)

F56 Reg. 9(5) 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(4)(d)

F57 Reg. 9(6) inserted (25.5.2018) by Data Protection Act 2018 (c. 12), s. 212(1), Sch. 19 para. 278(3) (with ss. 117, 209, 210); S.I. 2018/625, reg. 2(1)(g)

Modifications etc. (not altering text)

C3 Reg. 9 applied (with modifications) (2.3.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(a), Sch. 5 para. 10(e) (as amended (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 17(3))

C4 Reg. 9 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(e)

Disclosure by Schedule 1 person U.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.

[F58 Disclosure of recovery and resolution directive information U.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

F58 Regs. 10A, 10B 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(5)

[F58 Assessment of effects of disclosure U.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

F58 Regs. 10A, 10B 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(5)