71Z3Duty to verify transaction reports

1

The Commission must take such steps as are prescribed for the purposes of verifying the information given in Northern Ireland reports.

2

“Northern Ireland report” means a report to the Commission which—

a

is prepared by a Northern Ireland participant, and

b

contains, or purports to contain, information required to be given by Schedule 6A or 7A.

71Z4Duty not to disclose contents of transaction reports

1

A person who is or has been a member or employee of the Commission must not disclose any information which –

a

relates to a transaction to which a Northern Ireland participant is a party, and

b

has been obtained by the Commission in the exercise of their functions under this Part,

except in the following cases.

2

Such information may be disclosed–

a

to a member or employee of the Commission, or

b

to such bodies as may be prescribed,

for the purpose of verifying information given in a Northern Ireland report.

3

Such information may be disclosed for the purposes of any criminal or civil proceedings.

4

Such information may be disclosed in accordance with any prescribed requirements if it relates to a transaction which the Commission believe, on reasonable grounds, was a transaction which was required to be dealt with under section 71I or 71J or paragraph 5 or 6 of Schedule 7A (transactions involving unauthorised participants).

5

A person who contravenes subsection (1) is guilty of an offence.