SCHEDULE 3Amendments to secondary legislation made under the Financial Services and Markets Act 2000

Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 20014

1

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001225 are amended as follows.

2

In regulation 2226 (interpretation)—

a

in the definition of “EEA competent authority”, after “the EMIR regulation” omit “, the market abuse regulation”;

b

omit the definition of “market abuse regulation information”;

c

in the definition of “markets in financial instruments directive information” after “markets in financial instruments directive” insert “and the markets in financial instruments regulation”;

d

in the definition of “single market information” after “markets in financial instruments directive” insert “, the markets in financial instruments regulation”; and

e

in the definition of “single market restrictions”—

i

in paragraph (a) for “54 and 58” substitute “76 and 81”;

ii

at the end of paragraph (m), after “;” insert “and”; and

iii

omit paragraph (n).

3

In regulation 8 (disclosure of single market information)—

a

in paragraph (b)—

i

in sub-paragraph (i) for “article 63” substitute “article 88”; and

ii

in sub-paragraph (ii)227 for “article 58.1” substitute “article 81.1”;

b

at the end of paragraph (d) insert “and”; and

c

omit paragraph (e).

4

In regulation 9 (disclosure by regulators or regulator workers to certain other persons) —

a

in paragraph (1) after “(3F),” omit “(3G),”;

b

in paragraph (2), for “, (2C) or (2D)” substitute “or (2C)”;

c

in paragraph (2ZA)228 for “article 63” substitute “article 88”;

d

omit paragraph (2D)229;

e

in paragraph (3A)(a)230 for “article 58.1” substitute “article 81.1”; and

f

omit paragraph (3G)231.

5

In regulation 11 (disclosure of confidential information not subject to single market restrictions)—

a

in paragraph (d)—

i

in sub-paragraph (i)232 for “article 63” substitute “article 88”;

ii

in sub-paragraph (ii)233 for “article 58.1” substitute “article 81.1”; and

b

omit paragraph (h).

6

After regulation 12(4) (disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority) insert—

5

This regulation does not permit the disclosure of information if—

a

the information is confidential information received by the FCA in the course of discharging its functions as a competent authority under the market abuse regulation or any directly applicable EU regulation made under the market abuse regulation; and

b

the disclosure of the information contravenes the market abuse regulation.