55.—(1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 M1 are amended as follows.
(2) In regulation 2 M2 (interpretation)—
(a)in the definition of “markets in financial instruments directive information” for “Directive 2006/49/EC of the European Parliament and of the Council as last amended on 24th November 2010 by Directives 2010/76/EU and 2010/78/EU of the European Parliament and of the Council” substitute “ the capital requirements directive ”;
(b)in the definition of “single market restrictions”, for paragraph (b) substitute—
“(b)section 2 of Chapter 1 of Title 7 of the capital requirements directive”;
(3) In regulation 9 M3 (disclosure by regulators or regulator workers to certain other persons)—
(a)after paragraph (1) insert—
“(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).”;
(b)for paragraph (2ZA)(b) substitute—
“(b)article 55 of the capital requirements directive;”;
(c)for paragraph (3)(b)(ii) substitute—
“(ii)articles 52 and 159 of the capital requirements directive;”;
(d)for paragraph (4) substitute—
“(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.”.
(4) In Schedule 1 M4 (disclosure of confidential information whether or not subject to single market restrictions), in Part 1—
(a)in paragraph (b)(iii) of the entry in the right-hand column of the table next to the entry for the Office of Fair Trading, for “article 47(a) of the banking consolidation directive” substitute “ article 56(a) of the capital requirements directive ”;
(b)in paragraph (b)(iii) of the entry in the right-hand column of the table next to the entry for the Competition Commission, for “article 47(a) of the banking consolidation directive” substitute “ article 56(a) of the capital requirements directive ”.
Marginal Citations
M2Regulation 2 was amended by S.I. 2004/1862, S.I. 2006/3413, S.I. 2012/916 and S.I 2013/504. There are other amendments not relevant to these Regulations.
M3Regulation 9 was amended by S.I. 2006/3413, S.I. 2004/3379, S.I. 2006/3221, S.I. 2007/3255, S.I. 2010/2628, S.I. 2013/472 and S.I. 2013/1773. There are other amendments not relvant to these Regulations.
M4Schedule 1 was amended by S.I. 2006/3413 and S.I. 2010/2628. There are other amendments not relevant to these Regulations.