2A

As regards the disclosure of information with a view to the institution of, or otherwise for the purposes of, any proceedings in respect of the society under the Bankruptcy (Scotland) Act 198550 or the Insolvency Act 198651, the disclosures permitted by subsection (2)(b) above do not include the disclosure of information relating to a person who (not being a director or other officer of the society) is or has been, to the knowledge of the Commission, involved in an attempt to secure the survival of the society as a going concern.

b

by the Bank, of any of its functions under the Banking Act 1987 or as a monetary authority or supervisor of money market and gilt market institutions;

a

it is desirable or expedient that the information should be disclosed in the interests of shareholders or depositors or, in the case of information for the Secretary of State, in the public interest; and

b

disclosure is in accordance with article 12(7) of the First Council Directive.

11A

Subsection (11) above does not apply in relation to disclosures to an overseas regulatory authority which is not a supervisory authority in another member State unless the Commission is satisfied that the authority is subject to restrictions on further disclosures at least equivalent to those imposed by this section and section 54.

13A

Information which is disclosed to a person with a view to facilitating or assisting the discharge of any functions shall not be used otherwise than with a view to facilitating or assisting the discharge of those functions.

13B

Any person who uses information in contravention of subsection (13A) above shall be liable on summary conviction to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale or to both.

15

Any reference in this section to facilitating or assisting the discharge of any functions is a reference to facilitating or assisting the discharge of those functions in relation to—

a

a financial market; or

b

persons carrying on the business of banking or insurance, Consumer Credit Act businesses or the business of providing other financial services;

and in this subsection 'Consumer Credit Act business' has the same meaning as in the Banking Coordination (Second Council Directive) Regulations 1992.

16

Any reference in this section or section 54 to the Commission’s functions under this Act includes a reference to its functions under those Regulations.

3A

If information is disclosed by the Bank of England to the Commission for the purpose of enabling it better to discharge its functions under this Act—

a

subsection (1) of section 53 applies to that information as it applies to information obtained or furnished under or for the purposes of this Act; but

b

the references in subsections (2) to (11) of that section to the disclosure of information do not extend to the disclosure of that information unless—

i

the Bank of England consents to the disclosure; and

ii

the disclosure is for the purpose of enabling the Commission better to discharge its functions under this Act.

3B

If information is disclosed to the Commission by the relevant supervisory authority in another member State, or is obtained by the Commission, or by a person acting on its behalf, in another member State—

a

subsection (1) of section 53 applies to that information as it applies to information obtained or furnished under or for the purposes of this Act; but

b

the references in subsections (2) to (11) of that section to the disclosure of information do not extend to the disclosure of that information unless—

i

in the case of information disclosed to the Commission by the relevant supervisory authority in another member State, that authority consents to its disclosure; or

ii

in the case of information obtained by the Commission, or by a person acting on its behalf, in another member State, the relevant supervisory authority in that State consents to its disclosure.