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

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Disclosure by [F1regulators or regulator workers] to certain other personsU.K.

9.—(1) Subject to paragraphs (2) [F2(3), (3A) [F3, (3C)] [F4, (3E)] [F5, (3F)] [F6(4) and (5)]], [F7any 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.

[F8(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 [F9the conditions in paragraphs (2ZA), (2B) or in paragraph (2C) are met].

[F10(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;

[F11(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.]

[F12(2A) The references in paragraph (2) to the provisions mentioned in sub-paragraphs (a), F13... (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].

[F14(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.]

[F15(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—

F16(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F17(ii)articles 52 and 159 of the capital requirements directive;]

(iii)[F18article 11 of the life assurance consolidation directive], F19...

(iv)article 14 of the first non-life insurance directive [F20, 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.

[F21(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, F22...

(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],

[F23(e)ESMA, or

(f)the ESRB].

[F24(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.]

[F25(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.]

[F26(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.]

[F27(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.]

[F28(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

F1Words 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)

F2Words 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)

F3Word 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)

F4Word 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)

F5Word 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)

F6Words 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)

F7Words 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)

F8Reg. 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)

F9Words 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)

F10Reg. 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)

F11Reg. 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)