(1)If it appears to the Secretary of State to be in the public interest to do so, he may give a direction prohibiting the disclosure to any person in a country or territory outside the United Kingdom which is specified in the direction, or to such persons in such a country or territory as may be so specified, of such information to which this section applies as may be so specified.
(2)A direction under subsection (1) above—
(a)may prohibit disclosure of the information to which it applies by all persons or only by such persons or classes of person as may be specified in it; and
(b)may prohibit such disclosure absolutely or in such cases or subject to such conditions as to consent or otherwise as may be specified in it;
and a direction prohibiting disclosure by all persons shall be published by the Secretary of State in such manner as appears to him to be appropriate.
(3)This section applies to any information relating to the business or other affairs of any person which was obtained (whether or not by virtue of any requirement to supply it) directly or indirectly—
(a)by a designated agency, a transferee body, the competent authority or any person appointed or authorised to exercise any powers under section 94, 106 or 177 above (or any officer or servant of any such body or person) for the purposes or in the discharge of any functions of that body or person under this Act or any rules or regulations made under this Act or of any monitoring agency functions; or
(b)by a recognised self-regulating organisation, a recognised professional body, a recognised investment exchange or a recognised clearing house other than an overseas investment exchange or clearing house (or any officer or servant of such an organisation, body, investment exchange or clearing house) for the purposes or in the discharge of any of its functions as such or of any monitoring agency functions.
(4)In subsection (3) above “monitoring agency functions” means any functions exercisable on behalf of another body by virtue of arrangements made pursuant to paragraph 4(2) of Schedule 2, paragraph 4(6) of Schedule 3, paragraph 3(2) of Schedule 4C or paragraph 3(2) of Schedule 7 to this Act or of such arrangements as are mentioned in section 39(4)(b) above.
(5)A direction under this section shall not prohibit the disclosure by any person other than a person mentioned in subsection (3) above of—
(a)information relating only to the affairs of that person; or
(b)information obtained by that person otherwise than directly or indirectly from a person mentioned in subsection (3) above.
(6)A direction under this section shall not prohibit the disclosure of information in pursuance of any Community obligation.
(7)A person who knowingly discloses information in contravention of a direction under this section shall be guilty of an offence and liable—
(a)on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;
(b)on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding the statutory maximum or to both.
(8)A person shall not be guilty of an offence under this section by virtue of anything done or omitted to be done by him outside the United Kingdom unless he is a British citizen, a British Dependent Territories citizen, a British Overseas citizen or a body corporate incorporated in the United Kingdom.
Modifications etc. (not altering text)
C1S. 181 extended (12.2.1992) by S.I. 1992/225, reg. 113(5).
S. 181: certain functions of the Secretary of State made exercisable concurrently by the Secretary of State and the Treasury (7.6.1992) by S.I. 1992/1315, art. 5, Sch. 3 para.1.