16. After section 391D (publication: special provisions relating to the markets in financial instruments directive)(1), insert—
391E.—(1) This section applies where a supervisory notice, decision notice or final notice relates to the imposition of a sanction or measure to which Article 32 of the insurance distribution directive applies.
(2) Where a regulator publishes information under section 391(4) or (5) about a matter to which a decision notice or supervisory notice relates and the person to whom the notice is given refers the matter to the Tribunal, the regulator must, without undue delay, publish on its official website information about the status of the appeal and its outcome.
(3) Subject to subsection (4), where the regulator gives a final notice, it must, without undue delay, publish on its official website information on the type and nature of the breach and the identity of the person on whom the sanction or measure is imposed.
(4) The regulator may publish the information anonymously, defer publication of the information or withhold some, or all, of the information where—
(a)following an obligatory prior assessment, the regulator considers that publication of the identity of the person, or any personal data, would be disproportionate; or
(b)the regulator considers that publication would jeopardise the stability of financial markets or an ongoing investigation.
(5) The regulator must—
(a)inform EIOPA of all sanctions or measures imposed to which Article 32 of the insurance distribution directive applies (whether or not information about such matters is published) and all appeals against such a sanction or measure and the outcome of any appeals, without delay; and
(b)provide EIOPA annually with aggregate information about all such sanctions or measures imposed.
(6) In this section “supervisory notice” has the same meaning as in section 395.”.
Section 391D was inserted by S.I. 2017/701.