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Financial Services and Markets Act 2000

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348 Restrictions on disclosure of confidential information by Authority etc.E+W+S+N.I.

This sectionnoteType=Explanatory Notes has no associated

(1)Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of—

(a)the person from whom the primary recipient obtained the information; and

(b)if different, the person to whom it relates.

(2)In this Part “confidential information” means information which—

(a)relates to the business or other affairs of any person;

(b)was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Authority, the competent authority for the purposes of Part VI or the Secretary of State under any provision made by or under this Act; and

(c)is not prevented from being confidential information by subsection (4).

(3)It is immaterial for the purposes of subsection (2) whether or not the information was received—

(a)by virtue of a requirement to provide it imposed by or under this Act;

(b)for other purposes as well as purposes mentioned in that subsection.

(4)Information is not confidential information if—

(a)it 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 this section; or

(b)it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.

(5)Each of the following is a primary recipient for the purposes of this Part—

(a)the Authority;

(b)any person exercising functions conferred by Part VI on the competent authority;

(c)the Secretary of State;

(d)a person appointed [F1to collect or update information under section 139E or] to make a report under section 166;

(e)any person who is or has been employed by a person mentioned in paragraphs (a) to (c);

(f)any auditor or expert instructed by a person mentioned in those paragraphs.

(6)In subsection (5)(f) “expert” includes—

(a)a competent person appointed by the competent authority under section 97;

(b)a competent person appointed by the Authority or the Secretary of State to conduct an investigation under Part XI;

(c)any body or person appointed under paragraph 6 of Schedule 1 to perform a function on behalf of the Authority.

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Amendments (Textual)

Modifications etc. (not altering text)

C1S. 348 extended (1.12.2001) by S.I. 2001/3648, arts. 1, 3(2), 4, 5(2), 7(2)

S. 348 modified (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 53A (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 152); S.I. 2001/3538, art. 2(1)

S. 348 modified (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 63A(1) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 78); S.I. 2001/3538, art. 2(1)

C10S. 348 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 4

C11S. 348 applied (with modifications) (9.2.2011 for certain purposes and 30.4.2011 otherwise) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xiv)(b), 62, Sch. 3 para. 6 (with reg. 3)

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