The Takeovers Directive (Interim Implementation) Regulations 2006

Restrictions on disclosure

7.—(1) This regulation applies to information (in whatever form)—

(a) relating to the private affairs of an individual, or

(b) relating to any particular business,

that is provided to the Panel in connection with the exercise of its functions.

(2) No such information may, during the lifetime of the individual or so long as the business continues to be carried on, be disclosed without the consent of that individual or (as the case may be) the person for the time being carrying on that business.

(3) Paragraph (2) does not apply to any disclosure of information that—

(a) is made for the purpose of facilitating the carrying out by the Panel of any of its functions;

(b) is made to a person specified in Part 1 of Schedule 1;

(c) is of a description specified in Part 2 of that Schedule; or

(d) is made in accordance with Part 3 of that Schedule.

(4) Paragraph (2) does not apply to—

(a) the disclosure by an authority within paragraph (5) of information disclosed to it by the Panel in reliance on paragraph (3);

(b) the disclosure of such information by anyone who has obtained it directly or indirectly from an authority within paragraph (5).

(5) The authorities within this paragraph are—

(a) the Financial Services Authority;

(b) an authority designated as a supervisory authority for the purposes of Article 4.1 of the Takeovers Directive;

(c) any other person or body that exercises functions of a public nature, under legislation in an EEA State other than the United Kingdom, that are similar to the Panel’s functions or those of the Financial Services Authority.

(6) This regulation does not prohibit the disclosure of information if the information is or has been available to the public from any other source.

(7) Nothing in this regulation authorises the making of a disclosure in contravention of the Data Protection Act 1998(1).

(1)

1998 c. 29.