Financial Services and Markets Act 2000 (c. 8)

[F1 PART 9A U.K. Rules and Guidance

Textual Amendments

F1 Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

CHAPTER 1 U.K. Rule-making powers

General rule-making powers of the FCA and the PRA U.K.

137N Recovery plans and [F2 resolution packs]: restriction on duty of confidence U.K.

(1) A contractual or other requirement imposed on a person (“P”) to keep information in confidence does not apply if—

(a) the information is or may be relevant to anything required to be done as a result of a requirement imposed by general rules made by either regulator to prepare a recovery plan or a [F3 resolution pack],

(b) an authorised person or a skilled person requests or requires P to provide the information for the purpose of securing that those things are done, and

(c) the regulator in question has approved the making of the request or the imposition of the requirement before it is made or imposed.

(2) An authorised person [F4 or a qualifying parent undertaking] may provide information (whether received under subsection (1) or otherwise) that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done as a result of a requirement imposed by general rules to prepare a recovery plan or a [F3 resolution pack].

(3) In this section, references to preparing a recovery plan or a [F3 resolution pack] include—

(a) keeping [F5 that plan or pack] up to date, and

(b) collecting specified information for the purposes of [F6 that plan or pack].

(4) In this section, references to a skilled person are to a person appointed in accordance with section 166A.

(5) In this section—

• “authorised person”, in relation to rules of the PRA, means a PRA-authorised person;

• [F7 “qualifying parent undertaking” means—

  (a)

  a qualifying parent undertaking within the meaning given by section 192B; or

  (b)

  an undertaking which—

  (i)

  is a parent undertaking of an institution (within the meaning given in section 137J(6)) authorised in another EEA State; and

  (ii)

  would be a qualifying parent undertaking within the meaning given by section 192B if the institution were a qualifying authorised person within the meaning given by section 192A(1).]

• “specified” means specified in the rules.]

Textual Amendments

F2 Words in s. 137N heading substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 5(6)

F3 Words in s. 137N substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 5(2)

F4 Words in s. 137N(2) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 5(3)

F5 Words in s. 137N(3)(a) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 5(4)

F6 Words in s. 137N(3)(b) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 5(4)

F7 Words in s. 137N(5) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 5(5)