13. In this Part—
“pre-commencement information" means information which is subject to restrictions (with or without qualifications or exceptions) on disclosure by virtue of a pre-commencement provision;
“pre-commencement provision" means—
any provision in—
which imposes restrictions on the disclosure of information, or creates exceptions or qualifications to such restrictions; or
regulation 48 of the Investment Services Regulations 1995 M4;
“recognised self-regulating organisation" means a body which immediately before the coming into force of section 348 of the Act was a recognised self-regulating organisation within the meaning of section 8(1) of the Financial Services Act 1986, or a recognised self-regulating organisation for friendly societies within the meaning of Schedule 11 to that Act;
“SRO rules" means the rules of a recognised self-regulating organisation;
“transitional information" means information which immediately before the coming into force of section 19 of the Act was subject to restrictions on disclosure by virtue of a pre-commencement provision.
Marginal Citations
M4S.I. 1995/3275. Regulation 48 was amended by Regulation 11 of S.I. 1996/1669.
14.—(1) Before the coming into force of section 19 of the Act, each pre-commencement provision is to be treated as permitting the disclosure of pre-commencement information—
(a)in accordance with regulation 3(1) as if it were confidential information;
(b)to the Authority, the Secretary of State or the Treasury for the purpose referred to in regulation 3(2);
(c)to any person for the purposes referred to in regulation 4; and
(d)to—
(i)a person mentioned in regulation 5(3) for the purpose referred to in regulation 5(1)(a); or
(ii)any person for the purposes referred to in regulation 5(1)(b),
but only if the proceedings in question are of the kind referred to in regulation 5(6)(a), (b) or (c).
(2) Paragraph (1) is not to be taken as—
(a)precluding disclosure of pre-commencement information where that is otherwise permitted under the pre-commencement provision in question; or
(b)permitting disclosure in contravention of any of the directive restrictions.
15.—(1) After the coming into force of section 19 of the Act, sections 348, 349 and 352 of the Act apply in relation to transitional information in the same way as they apply in relation to confidential information within the meaning of section 348(2) of the Act.
(2) Paragraph (1) does not apply to transitional information which—
(a)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 section 348 of the Act or a pre-commencement provision; or
(b)satisfies the criterion set out in section 348(4)(b) of the Act.
(3) For the purposes of sections 348 and 349 of the Act as they apply by virtue of paragraph (1)—
(a)a person who holds transitional information is to be treated as a primary recipient of the information if he—
(i)obtained it as mentioned in paragraph 1(2) or 5(1)(a) of Schedule 2B to the Insurance Companies Act 1982 M5;
(ii)was a primary recipient of the information for the purposes of section 179 of the Financial Services Act 1986 M6;
[F1(iia)obtained or received it as mentioned in subsection (5) of that section;]
(iii)received it as mentioned in section 82(1)(a) of the Banking Act 1987 M7; or
(iv)received it as mentioned in regulation 48(1) of the Investment Services Regulations 1995 M8;
(b)any other person who holds transitional information is to be treated as having obtained the information directly or indirectly from a primary recipient.
(4) Transitional information which is subject to directive restrictions imposed by the single market directives F2... is to be treated for the purposes of these Regulations as single market directive information F2....
(5) Part IV of these Regulations does not apply to transitional information which is subject to directive restrictions imposed by [F3article 107.3] of the listing particulars directive.
Textual Amendments
F1Reg. 15(3)(a)(iia) inserted (1.12.2001) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2001 (S.I. 2001/3624), regs. 1, 2(5)(a)
F2Words in reg. 15(4) omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 12(e)
F3Words in reg. 15(5) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) (No. 2) Regulations 2001 (S.I. 2001/3624), regs. 1, 2(5)(b)
Marginal Citations
M5Paragraphs 1(2) and 5(1)(a) were modified by S.I. 1997/2781, art. 8, Sch. paras. 53 and 57(a)(i).
M6Section 179 was amended by the Companies Act 1989 (c. 40), Sch. 24; the Friendly Societies Act 1992 (c. 40), Sch. 18, para. 4; the Bank of England Act 1998 (c. 11), Sch. 5, para. 65(1) and Sch. 9; and S.I. 1992/1315 art. 10(1), Sch. 4, para. 4; and modified by S.I. 1992/3218, Sch. 9, para. 40; S.I. 1995/3275, reg. 48; and S.I. 1996/1669, reg. 12.
M7Section 82 was modified by S.I. 1992/3218, Sch. 8, para 22.
M8S.I. 1995/3275. Regulation 48 was amended by Regulation 11 of S.I. 1996/1669.
16. If a recognised self-regulating organisation discloses any information to the Authority for the purpose of enabling or assisting the Authority to discharge functions corresponding to functions of the organisation, the disclosure is not to be taken as a contravention of any duty to which the organisation is subject.
17. In these Regulations confidential information received by the Authority in the course of discharging its functions as an EEA competent authority under Council Directive 93/22/EEC of 10th May 1993 on investment services in the securities field shall be deemed to have been received by the Authority in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive.]
Textual Amendments