The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009

Regulations 7 and 8

SCHEDULE PART 1

The appointment and remuneration of the independent valuer

1.  The Treasury must appoint, or appoint a panel to appoint, an independent valuer to perform the function in regulation 8(1).

2.  The independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.

3.  The Treasury may remove the independent valuer only on the ground of incapacity or serious misbehaviour.

4.  In the event of the death of the independent valuer, or if the valuer is removed from office or resigns, the Treasury (or panel appointed by the Treasury) shall appoint a new independent valuer as soon as possible.

5.  The independent valuer shall be—

(a) paid such remuneration, and

(b) reimbursed such expenses,

as the Treasury may determine.

6.  The Treasury may appoint a person to verify the remuneration and expenses of the independent valuer.

7.  The independent valuer may appoint staff.

8.  The independent valuer shall determine the remuneration and other conditions of service of persons appointed under paragraph 7.

9.  Any determination under paragraph 8 shall require the approval of the Treasury.

10.  Independent valuers (and their staff) are neither servants nor agents of the Crown (and in particular are not civil servants).

11.  Records of an independent valuer in relation to his or her functions in connection with an appointment under these Regulations are public records for the purposes of the Public Records Act 1958(1).

PART 2

Application to the court for information

12.—(1) The court may, on an application by the independent valuer, make an order requiring a person to provide information that is reasonably required for the purpose of assessing the amount of recovery.

(2) A person required to provide information pursuant to an order under sub-paragraph (1) shall not be required to provide information—

(a) in respect of which a claim to legal professional privilege (in Scotland, to confidentiality of communications) could be maintained in legal proceedings,

(b) if such provision by the person holding it would be prohibited by or under any enactment, or

(c) if it is held by a government department and provision of such information would be contrary to the public interest.

(3) In relation to information recorded otherwise than in legible form, the power to require it to be provided includes power to require it to be provided in a form from which it can be readily produced in visible and legible form.

13.  A person who provides information to the independent valuer for the purposes of the assessment by the valuer of the amount of recovery is not, by reason only of the provision of such information, liable in any proceedings relating to a breach of confidence.

14.  Specified information shall not be disclosed by the independent valuer (or any person to whom the independent valuer has disclosed such information in accordance with paragraph 15(2)) without the consent of the person from whom the independent valuer obtained the specified information and, if different, the person to whom it relates.

15.—(1) The prohibition in paragraph 14 of the disclosure of specified information is subject to the following exceptions.

(2) The independent valuer may, for the purpose of assessing the amount of recovery, disclose specified information to any staff appointed by the independent valuer or to any person providing advice or assistance to the independent valuer.

(3) The independent valuer may disclose specified information if and to the extent that the independent valuer considers it necessary to do so for the purposes of exercising the functions of the office.

(4) The independent valuer must, before disclosing any specified information in accordance with sub-paragraph (3), have regard to the need to exclude from disclosure (so far as practicable)—

(a) commercial information the disclosure of which might significantly harm the legitimate business interests of the person to whom it relates,

(b) information relating to the private affairs of an individual, the disclosure of which might significantly harm the individual’s interests, or

(c) any information the disclosure of which would be contrary to the public interest.

(5) The independent valuer may disclose specified information in accordance with this paragraph subject to such conditions as the independent valuer thinks appropriate.

16.  In this Part, “specified information” means any information obtained by the independent valuer for the purpose of assessing the amount of recovery.

(1)

1958 c.51.