2001 No. 2188

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

Made15th June 2001

Laid before Parliament15th June 2001

Coming into force18th June 2001

The Treasury, in exercise of the powers conferred on them by sections 349(1)(b), (2) and (3), 417(1)M1, 426, 427 and 428(3) of the Financial Services and Markets Act 2000M2, hereby make the following Regulations—

PART I PRELIMINARY

Citation and Commencement1.

These Regulations may be cited as the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 and come into force on 18th June 2001.

Interpretation2.

In these Regulations—

F1“ACER” means the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No. 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators;
“the Act" means the Financial Services and Markets Act 2000;
F2“assimilated law restrictions” means the restrictions imposed on the disclosure of confidential information by the relevant provisions, and (excluding those specified at paragraphs (h) and (j) of that definition) as they had effect immediately before IP completion day, and as modified as follows—
1. (a)
  requirements imposed on a Member State or an EU entity are to be read as if they are requirements imposed on the United Kingdom or, where relevant, a primary recipient;
2. (b)
  a restriction on the disclosure of confidential information to a person in a third country applies to any disclosure of confidential information to any person in a country or territory outside the United Kingdom;
3. (c)
  a requirement to seek the consent of an EU entity only applies where an equivalent requirement applies in relation to an equivalent entity in a third country; and
4. (d)
  for the purposes of sub-paragraph (b) a reference to a person in a third country, which is a third country regulatory authority, is to be read as including an ESA and the ESRB;
F3...
F4“capital requirements directive information” means confidential information received by the PRA—
1. (a)
  before IP completion day in the course of discharging its functions as the competent authority under the capital requirements directive;
2. (b)
  after IP completion day in the course of exercising its functions in or under the Act or F5assimilated law which functions are equivalent to the functions as the competent authority set out in the capital requirements directive;
F6“CCP” has the meaning given in paragraph 154 of Schedule 11 to the Financial Services and Markets Act 2023;
F7“competent authority” includes a supervisory authority F8that has the same meaning as in regulation 2(1) of the Solvency 2 Regulations 2015;
F9“conglomerates directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC, 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council F10as last amended by Directive 2011/89/EU of the European Parliament and of the Council;
“criminal investigation" means an investigation of any crime, including an investigation of any alleged or suspected crime and an investigation of whether a crime has been committed;
F11...
F12...
F13...
“disciplinary proceedings authority" means a person responsible for initiating prescribed disciplinary proceedings or determining the outcome of such proceedings;
F14...
F15...
F16...
F17EMIR information” means confidential information received by one of the regulators in the course of discharging its functions as a competent authority under the EMIR regulation;
F17“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;
F18“ESRB” means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board;
F18“ESAs” means the European Supervisory Authorities established by Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority) and Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority);
F19“EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014;
F20“EU entity” has the meaning given in section 20(1) of the European Union (Withdrawal) Act 2018;
F19“EU Benchmarks Regulation 2016 information” means information received by the FCA in the course of discharging its functions as a competent authority under the EU Benchmarks Regulation 2016;
F21...
F22“foreign lawyer” means a person who is a member of a legal profession regulated within a jurisdiction outside England and Wales, Scotland or Northern Ireland, and is entitled to practise as such;
“former regulated activities" means activities carried on before the coming into force of section 19 of the Act and which constitute—
1. (a)
  investment business within the meaning of the Financial Services Act 1986 M3;
2. (b)
  deposit-taking business within the meaning of the Banking Act 1987 M4;
3. (c)
  insurance business within the meaning of the Insurance Companies Act 1982 M5; or
4. (d)
  insurance business within the meaning of the Friendly Societies Act 1992 M6;
“former regulated person" means a person who, at any time before the coming into force of section 19 of the Act, was—
1. (a)
  authorised under section 3 or 4 of the Insurance Companies Act 1982;
2. (b)
  an authorised person within the meaning of the Financial Services Act 1986, or an appointed representative within the meaning of section 44 M7 (appointed representatives) of that Act;
3. (c)
  an authorised institution within the meaning of the Banking Act 1987;
4. (d)
  a European institution within the meaning of the Banking Coordination (Second Council Directive) Regulations 1992 M8;
5. (e)
  a European investment firm within the meaning of the Investment Services Regulations 1995 M9;
6. (f)
  an EC company within the meaning of the Insurance Companies Act 1982 able to carry on direct insurance business through a branch in the United Kingdom, or provide insurance in the United Kingdom by virtue of paragraph 1 or 8 of Schedule 2F to that Act M10;
7. (g)
  a friendly society authorised or treated as authorised for the purposes of Part IV of the Friendly Societies Act 1992, or permitted by virtue of section 31(2) or (3) of that Act to carry on activities without authorisation under that Part; or
8. (h)
  a building society authorised or treated as authorised for the purposes of the Building Societies Act 1986 M11;
F23...
F24“market in financial instruments information” means confidential information received by the FCA or the PRA in the course of discharging their functions under—
1. (a)
  the markets in financial instruments regulation;
2. (b)
  EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under—
  1. (i)
    the markets in financial instruments directive which forms part of F25assimilated law; and
  2. (ii)
    the markets in financial instruments regulation;
3. (c)
  the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017; or
4. (d)
  the Act, which correspond to functions under the markets in financial instruments directive;
F26...
F27...
F28...
F29...
F4“PRA worker” means—
1. (a)
  a person who is or has been employed by the PRA; or
2. (b)
  an auditor or expert instructed by the PRA;
“prescribed disciplinary proceedings" means the disciplinary proceedings prescribed in Schedule 3;
F30“PRA rules” means the rules made by the PRA under the Act as they have effect from time to time;
F31...
F32“recovery and resolution information” means confidential information received by—
1. (a)
  the Bank of England in the course of discharging its functions under Part 1 of the Banking Act 2009 F33, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023;
2. (b)
  the FCA or PRA in the course of discharging their functions under Part 1 of the Banking Act 2009 F34, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023;
3. (c)
  a person appointed by the Bank of England under section 62B (resolution administrator) of the Banking Act 2009 to act as resolution administrator in the course of discharging that person's functions as such;
F35“regulators” means the FCA, the PRA and the Bank of England, and “regulator” means any one of the regulators;
F35“regulator worker” means—
1. (a)
  a person who is or has been employed by one of the regulators; or
2. (b)
  an auditor or expert instructed by one of the regulators;
F36“relevant directives” means, for the purposes of this regulation—
1. (a)
  the alternative investment fund managers directive;
2. (b)
  the capital requirements directive;
3. (c)
  the conglomerates directive;
4. (d)
  the insurance distribution directive;
5. (e)
  the mortgages directive;
6. (f)
  the Solvency 2 directive;
7. (g)
  the UCITS directive;
F36“relevant provisions” means, for the purposes of this regulation—
1. (a)
  Articles 76 and 81 of the markets in financial instruments directive;
2. (b)
  section 2 of Chapter 1 of Title 7 of the capital requirements directive;
3. (c)
  Articles 64, 65, 66, 67, 68, 69 and 70 of the Solvency 2 directive;
4. (d)
  Articles 102 and 104.1 of the UCITS directive;
5. (e)
  Article 13 of the insurance distribution directive;
6. (f)
  Articles 47.2, 47.3, 51, 52 and 53.2 of the alternative investment fund managers directive;
7. (g)
  Articles 5(2) and 36 of the mortgages directive;
8. (h)
  Article 83 of the EMIR regulation;
9. (i)
  Article 18 of the SFT regulation;
F37...
“Secretary of State worker" means—
1. (a)
  a person who is or has been employed by the Secretary of State; or
2. (b)
  an auditor or expert instructed by the Secretary of State;
F38“SFTR information” means confidential information received by a regulator in the course of discharging its functions as a competent authority under the SFT regulation;
F39“short selling information” means confidential information received by the FCA in the course of discharging its functions ~~F40as a competent authority under the short selling regulation~~ F40under or by virtue of the Short Selling Regulations 2025;
F39“specified confidential EU law information” means confidential information received by the FCA or the PRA—
1. (a)
  before IP completion day in the course of discharging its functions as the competent authority under the relevant directives; or
2. (b)
  after IP completion day in the course of exercising its functions in or under the Act or F41assimilated law which functions are equivalent to the functions as the competent authority set out in the relevant directives;
F42...
F43...
F44...
F45...
F29“third country regulatory authority” means—
1. (a)
  an authority in a country or territory outside the United Kingdom which exercises any function of a kind mentioned in section 195(4) of the Act;
2. (b)
  a third country investment exchange, a third country clearing house, a third country central counterparty (within the meaning of section 285(1)(d) of the Act) or a third country CSD (within the meaning of section 285(1)(g) of the Act); or
3. (c)
  an authority in a country or territory outside the United Kingdom which exercises any functions of a kind corresponding to a function of the Bank of England;
F21“third country resolution authority” means an authority in a country or territory which is not, and does not form part of, the United Kingdom which exercises functions in relation to third country resolution action (within the meaning of section 89H of the Banking Act 2009 F46or within the meaning of paragraph 145 of Schedule 11 to the Financial Services and Markets Act 2023, as appropriate), including planning for such action, corresponding to one or more functions exercisable by the Bank of England pursuant to Part 1 of the Banking Act 2009 F47, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023;
F48“UCITS information” means confidential information received by the FCA in the course of discharging its functions as the United Kingdom authority under the Undertakings for Collective Investment in Transferable Securities Regulations 2011;
F49...
F49... F50, and

any reference to an EU regulation, or part of an EU regulation, is to be read as a reference to that EU regulation, or that part of an EU regulation, as amended from time to time.

PART II DISCLOSURE OF CONFIDENTIAL INFORMATION GENERALLY

Disclosure by and to the F51regulators, the Secretary of State and the Treasury etc.3.

(1)

A disclosure of confidential information is permitted when it is made to any person—

F52(a)

by one of the regulators or a regulator worker for the purposes of enabling or assisting the person making the disclosure to discharge any public functions of that regulator or (if different) the regulator worker;

(b)

by the Secretary of State or a Secretary of State worker for the purpose of enabling or assisting the person making the disclosure to discharge any public functions of the Secretary of State or (if different) of the Secretary of State worker;

(c)

by the Treasury for the purpose of enabling or assisting the Treasury to discharge any of their public functions;

F53(d)

by one of the regulators or a regulator worker to one of the other regulators or a regulator worker employed or instructed by one of the other regulators for the purpose of enabling or assisting the recipient to discharge any public functions of the regulator or (if different) the regulator worker.

(2)

A disclosure of confidential information is permitted when it is made by any primary recipient, or person obtaining the information directly or indirectly from a primary recipient, to F54one of the regulators, the Secretary of State or the Treasury for the purpose of enabling or assisting F55that regulator, the Secretary of State or the Treasury (as the case may be) to discharge any of its, his or their public functions.

(3)

Paragraphs (1) and (2) do not permit disclosure in contravention of any of the F56F57assimilated law restrictions.

Disclosure for the purposes of criminal proceedings and investigations4.

A primary recipient of confidential information, or a person obtaining such information directly or indirectly from a primary recipient, is permitted to disclose such information to any person—

(a)

for the purposes of any criminal investigation whatever which is being or may be carried out, whether in the United Kingdom or elsewhere;

(b)

for the purposes of any criminal proceedings whatever which have been or may be initiated, whether in the United Kingdom or elsewhere; or

F58(ba)

for the purposes of any proceedings under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 which have been, or may be initiated;

(c)

for the purpose of initiating or bringing to an end any such investigation or proceedings, or of facilitating a determination of whether it or they should be initiated or brought to an end.

Disclosure for the purposes of certain other proceedings5.

(1)

Subject to paragraphs (4) and (5), a primary recipient of confidential information, or a person obtaining such information directly or indirectly from a primary recipient, is permitted to disclose such information to—

(a)

a person mentioned in paragraph (3) for the purpose of initiating proceedings to which this regulation applies, or of facilitating a determination of whether they should be initiated; or

(b)

any person for the purposes of proceedings to which this regulation applies and which have been initiated, or for the purpose of bringing to an end such proceedings, or of facilitating a determination of whether they should be brought to an end.

(2)

A person mentioned in paragraph (3) (or a person who is employed by F59one of the regulators or the Secretary of State) is permitted to disclose confidential information to any person for a purpose mentioned in paragraph (1)(a).

(3)

The persons referred to in paragraphs (1)(a) and (2) are—

(a)

F60the regulators;

(b)

the Secretary of State; and

(c)

F61the Department for the Economy in Northern Ireland.

(4)

This regulation does not permit the disclosure of information with a view to the institution of, or in connection with, proceedings of the kind referred to in paragraph (6)(e) to the extent that—

(a)

the information relates to an authorised person, former authorised person or former regulated person (“A");

(b)

the information also relates to another person (“B") who, to the knowledge of the primary recipient (or person obtaining confidential information directly or indirectly from him), is or has been involved in an attempt to rescue A, or A’s business, from insolvency or impending insolvency; and

(c)

B is not a director, controller or manager of A.

(5)

This regulation does not permit disclosure in contravention of any of the F62F63assimilated law restrictions.

(6)

The proceedings to which this regulation applies are—

(a)

civil proceedings arising under or by virtue of the Act, an enactment referred to in section 338 of the Act, the Banking Act 1979 M12, the Friendly Societies Act 1974 M13, the Insurance Companies Act 1982 M14, the Financial Services Act 1986 M15, the Building Societies Act 1986 M16, the Banking Act 1987 M17, the Friendly Societies Act 1992 M18 or the Investment Services Regulations 1995 M19;

(b)

proceedings before the Tribunal;

(c)

any other civil proceedings to which F64one of the regulators is, or is proposed to be, a party;

(d)

proceedings under section 7 or 8 of the Company Directors Disqualification Act 1986 M20 or article 10 or 11 of the Companies (Northern Ireland) Order 1989 M21 in respect of a director or former director of an authorised person, former authorised person or former regulated person; or

(e)

proceedings under Parts I to VI or IX to X of the Insolvency Act 1986 M22, the Bankruptcy (Scotland) Act 1985 M23 or Parts II to VII or IX or X of the Insolvency (Northern Ireland) Order 1989 M24 in respect of an authorised person, former authorised person or former regulated person.

Disclosure in pursuance of F65 an EU obligationF666.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restrictions on use of confidential information7.

Where confidential information is disclosed under these Regulations to a person other than F67the FCA, the PRA,, the Secretary of State, the Treasury or the Bank of England, and the disclosure is made subject to any conditions as to the use to which the information may be put, the person to whom the information has been disclosed may not use the information in breach of any such condition, without the consent of the person who disclosed it to him.

PART III DISCLOSURE OF F68SPECIFIED CONFIDENTIAL EU LAW INFORMATIONF69...

F70 Application of this Part8.

This Part applies to—

(a)

F71specified confidential EU law information; F72...

(b)

markets in financial instruments F73... information, where that information has been received F74from a third country regulatory authority under a cooperation agreement; and

F75(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F76(d)

recovery and resolution F77... informationF78...F79

F80(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F81(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure by F82regulators or regulator workers to certain other persons9.

(1)

Subject to paragraphs (2) F83...F84 , (3A) F85, (3C)F83... F83... F83... F86, F87...F88(4) and (5), F89any of the regulators or a regulator worker is permitted to disclose information to which this Part applies to a person specified in the first column in Schedule 1 for the purpose of enabling or assisting that person to discharge any of the functions listed beside him in the second column in that Schedule.

F90(1A)

A regulator or a person who is employed by a regulator may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of a credit institution or investment firm F91....

(2)

Paragraph (1) does not permit disclosure to a person specified in the first column in Part 3 of Schedule 1 unless F92the conditions in paragraphs (2ZA), (2B) F93or (2C) are met.

F94(2ZA)

The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a)

F95article 88 of the markets in financial instruments directive;

F96(b)

article 55 of the capital requirements directive;

F97(c)

article 66 of the Solvency 2 Directive;

F98(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)

article 102.3 of the UCITS directive; F99...

F98(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F100reading the relevant provisions in those directives as if—

(i)

requirements imposed on a Member State or an EU entity are to be read as if they are requirements imposed on the United Kingdom or, where relevant, a primary recipient;

(ii)

a restriction on the disclosure of confidential information to a person in a third country applies to any disclosure of confidential information to any person in a country or territory outside the United Kingdom;

(iii)

a requirement to seek the consent of an EU entity only applies where an equivalent requirement applies in relation to an equivalent entity in a third country; and

(iv)

for the purposes of sub-paragraph (ii) a reference to a person in a third country, which is a third country regulatory authority, is to be read as including an ESA and the ESRB.

F101(2A)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F102(2B)

The conditions in this paragraph are that—

F103(a)

the disclosure is made in accordance with Chapter V of the F104UK GDPR;F105and

(b)

the regulator or regulator worker is satisfied that the disclosure is necessary for the purpose of complying with

F106(i)

requirements imposed on the regulator in the exercise of its functions under the Act which correspond to the functions under the Alternative Investment Fund Managers Regulations 2013;

(ii)

EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under the alternative investment fund managers directive which forms part of F107assimilated law; and

(iii)

rules made by the FCA under the Act that were in force immediately before IP completion day to implement the alternative investment fund managers directive.

F108(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F109(2C)

The condition in this paragraph is that—

(a)

the disclosure is of recovery and resolution information;

(b)

the disclosure is to a third country resolution authority;

(c)

the third country resolution authority is subject to restrictions on the disclosure of confidential information at least equivalent, in the opinion of the Bank of England, to the restrictions on the Bank of England in relation to its functions under Part 1 of the Banking Act 2009 F110, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023; and

(c)

the information—

(i)

is necessary for the performance by the third country resolution authority of its functions in relation to a third country resolution action (within the meaning of section 89H of the Banking Act 2009 F111or within the meaning of paragraph 145 of Schedule 11 to the Financial Services and Markets Act 2023, as appropriate) including planning for such action, corresponding to one or more of the functions exercisable by the Bank of England pursuant to Part 1 of the Banking Act 2009 F112, the Bank Recovery and Resolution (No. 2) Order 2014 or Schedule 11 to the Financial Services and Markets Act 2023; and

(ii)

is not used for any other purpose.

F113(2D)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F114(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F115(3A)

Paragraph (1) does not permit disclosure of markets in financial instruments information to a person specified in the first column of Schedule 1 other than a person listed in paragraph (3B) where that information—

F116(a)

was obtained from a third country regulatory authority under a cooperation agreement; and

(b)

that authority indicated at the time of communication that such information must not be disclosed,

unless that authority has given its express consent to the disclosure.

(3B)

The persons are—

(a)

the Bank of England,

F117(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

the central bank of any country or territory outside the United Kingdom, F118...

(d)

a body (other than a central bank) F119... outside the United Kingdom having—

(i)

functions as a monetary authority; or

(ii)

responsibility for overseeing payment systems,

F120(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F121(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F122(3C)

Paragraph (1) does not permit disclosure of UCITS F123... information to a person specified in the first column of Schedule 1 other than a person listed in paragraph (3D) where that information—

(a)

was obtained from F124a third country regulatory authority under a cooperation agreement referred to in Article 102 of F125the UCITS directive, reading the provisions in Article 102 of that directive as if the requirements imposed on a Member State were requirements imposed on the regulator, and

(b)

that authority indicated at the time of communication that such information must not be disclosed,

unless that authority has given its express consent to the disclosure.

(3D)

The persons are—

(a)

the Bank of England;

(b)

F126a central bank outside the United Kingdom;

(c)

a recognised investment exchange;

(d)

an auditor exercising functions conferred by or under the Act in relation to insurance undertakings, credit institutions, investment firms or other financial institutions;

F127(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F128(3E)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F129(3EA)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F130(3F)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F131(3G)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F132(4)

Paragraph (1) does not permit disclosure in breach of any restriction on the disclosure of confidential information in Section 2 of Chapter 1 of Title 7 of the capital requirements directive reading those provisions in that directive as follows—

(a)

the requirements imposed on a Member State or an EU entity are to be read as if they are requirements imposed on the United Kingdom or, where relevant, a primary recipient;

(b)

(c)

a requirement to seek the consent of an EU entity applies only where an equivalent requirement applies in relation to an equivalent entity in a third country; and

(d)

for the purposes of sub-paragraph (b) a reference to a person in a third country, which is a third country regulatory authority, is to be read as including an ESA and the ESRB.

F133(4A)

Paragraph (4) does not apply where regulation 10C applies to the disclosure of confidential information.

F134(5)

Paragraph (1) does not permit the disclosure of recovery and resolution F135... information to any person unless the assessment required in regulation 10B has been carried out.

F136(6)

In this regulation, “the UK GDPR” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(10) and (14) of that Act).

Disclosure by Schedule 1 person10.

A person specified in the first column in Schedule 1 is permitted to disclose information to which this Part applies for the purpose of enabling or assisting him to discharge any of the functions listed beside him in that Schedule.

F137Disclosure of recovery and resolution F138... information10A.

(1)

The Bank of England may disclose recovery and resolution F139... information to any person for the purpose of enabling the Bank to prepare for and carry out the functions given to it under—

(a)

Parts 1, 2 and 3 of the Banking Act 2009, F140...

(b)

the Investment Bank Special Administration Regulations 2011, F141or

F142(c)

Schedule 11 to the Financial Services and Markets Act 2023,

provided that any such disclosure is made subject to the conditions in paragraph (2), and following the assessment required in regulation 10B.

(2)

A disclosure made by the Bank of England under paragraph (1) must be made subject to—

(a)

a requirement that the information disclosed is kept confidential and not disclosed to any other person without the consent of the Bank; and

(b)

restrictions imposed by the Bank as to the way in which the information may be used.

(3)

A resolution administrator appointed under section 62B of the Banking Act 2009 may disclose recovery and resolution F143... information to a regulator.

F137Assessment of effects of disclosure10B.

(1)

Before any disclosure is made of recovery and resolution F144... information the person disclosing that information must—

(a)

assess the possible effects of disclosing the information in question on—

(i)

the public interest in relation to financial, monetary or economic policy;

(ii)

the commercial interests of natural and legal persons;

(iii)

the purpose of any investigation, inspection or audit to which the information is relevant; and

(b)

where the information in question relates to the recovery plan or resolution plan of any undertaking, assess the effects of the disclosure of any part of that recovery plan or resolution plan.

(2)

In this regulation—

F145“recovery plan” means a recovery plan or a group recovery plan as those terms are defined in the Bank Recovery and Resolution (No.2) Order 2014 F146(“the 2014 Order”) or in paragraph 2 of Schedule 11 to the Financial Services and Markets Act 2023; and

F145“resolution plan” means a resolution plan or a group resolution plan as those terms are defined in F147the 2014 Order, or as defined in paragraph 4 of Schedule 11 to the Financial Services and Markets Act 2023.

F148Disclosure of capital requirements directive information to International Financial Institutions10C.

(1)

Subject to the conditions in paragraph (2), the PRA or a PRA worker is permitted to disclose capital requirements directive information to an organisation specified in the first column of Part 6 of Schedule 1 for the purpose of enabling or assisting that organisation to discharge any of the functions listed beside it in the second column of Part 6 of Schedule 1.

(2)

The conditions are as follows—

(a)

the organisation must make an explicit request for the confidential information;

(b)

the request is precise as to the nature, scope and format of the confidential information and the means of its disclosure or transmission;

(c)

the confidential information requested is necessary for the performance of the specific tasks of the organisation making the request and does not go beyond the functions conferred on that organisation;

(d)

the organisation making the request justifies it by reference to its tasks; and

(e)

to the extent that the disclosure of confidential information involves processing of personal data, any processing of personal data by the organisation making the request complies with the UK GDPR.

(3)

In this regulation, “the UK GDPR” has the same meaning as in Parts 5 to 7 of the Data Protection Act 2018 (see section 3(10) and (14) of that Act).

F149Disclosure of information in order to publish a stress test in relation to insurance undertakings and reinsurance undertakings10D.

The PRA or a person who is employed by the PRA may disclose confidential information if it is necessary to do so in order to publish the outcome of a stress test conducted in respect of an insurance undertaking, which is also a UK Solvency II Firm as defined by the PRA rules, or a reinsurance undertaking, which is also a UK Solvency II firm as defined by the PRA rules.

PART IV DISCLOSURE OF CONFIDENTIAL INFORMATION NOT SUBJECT TO F150F151ASSIMILATED LAW RESTRICTIONS

Application of this Part11.

This Part applies to confidential information other than—

(a)

F152specified confidential EU law information;

F153(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F154(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F155(d)

markets in financial instruments F156... information, where that information has been received F157from a third country regulatory authority under a cooperation agreement unless that authority has given its express consent for disclosure that is covered by this Part;

F158(e)

UCITSF159... information, where that information has been received F160from a third country regulatory authority under a cooperation agreement unless that authority has given its express consent for disclosure that is covered by this Part;

F161(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F162(fa)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F163(g)

recovery and resolution F164... information;

F165(h)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority12.

(1)

A primary recipient of information to which this Part applies, or a person obtaining such information directly or indirectly from a primary recipient, is permitted to disclose such information to—

(a)

a person specified in the first column in Schedule 1 or 2 for the purpose of enabling or assisting that person to discharge any function listed beside him in the second column in Schedule 1 or 2; or

(b)

a disciplinary proceedings authority for the purposes of any prescribed disciplinary proceedings which have been or may be initiated, or for the purpose of initiating or bringing to an end any such proceedings, or of facilitating a determination of whether they should be initiated or brought to an end.

(2)

A person specified in the first column in Schedule 1 or 2 is permitted to disclose information to which this Part applies to any person for the purpose of enabling or assisting the person making the disclosure to discharge any function listed beside him in the second column in Schedule 1 or 2.

(3)

A disciplinary proceedings authority is permitted to disclose information to which this Part applies to any person for any of the purposes mentioned in paragraph (1)(b).

F166(3A)

This regulation does not permit disclosure of short selling information to a person specified in the first column in Part 3 of Schedule 1 unless the disclosure is in accordance with paragraph (3B) or a cooperation arrangement on the exchange of data and information with that person.

(3B)

The FCA may disclose short selling information to a person specified in the first column in Part 3 of Schedule 1 where—

(a)

the disclosure does not contravene Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data or the Data Protection Act 2018,

(b)

the FCA is satisfied that the disclosure is necessary for the purposes of the Short Selling Regulations 2025, and

(c)

any such disclosure is made under agreement that the person shall not disclose the data to the supervisory authority of another country without the express written authorisation of the FCA.

(3C)

Where the short selling information has been received from the supervisory authority of another country, the FCA may disclose the information to another person specified in the first column in Part 3 of Schedule 1 only where—

(a)

the FCA has obtained the express agreement of the person which transmitted the information, and

(b)

where applicable, the information is disclosed solely for the purposes for which that person gave its agreement.

F167(4)

F168This regulation does not permit disclosure of short selling regulation information to a person specified in the first column in Part 3 of Schedule 1 unless the disclosure is in accordance with article 40 of the short selling regulation or a cooperation arrangement of the kind referred to in article 38 of the short selling regulation.

F169(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.

F170(6)

This regulation does not permit disclosure of the EU Benchmarks Regulation 2016 information which has been received from another competent authority unless the disclosure is in accordance with Article 38 of the EU Benchmarks Regulation 2016.

F171The Gambling CommissionF17212A.

The F173Gambling Commission may disclose information to which this Part applies to F174the Comptroller and Auditor General for the purpose of enabling or assisting the Comptroller and Auditor General to carry out an examination under Part II of the National Audit Act 1983 in relation to the Commission.

Electronic commerceF17512B.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F176Proceedings under the Proceeds of Crime Act 2002F17712C.

A primary recipient of information to which this Part applies, or a person obtaining such information directly or indirectly from a primary recipient is permitted to disclose such information to any person for the purposes of any proceedings under the Proceeds of Crime Act 2002 which have been or may be initiated.

F178Disclosure of information in order to publish a stress test in relation to insurance undertakings and reinsurance undertakings12D.

PART V

F179CHAPTER 1Transitional Provisions Applicable Before IP completion day

Interpretation13.

In this Part—

F180“the Authority” means the Financial Services Authority;
F181“EEA competent authority” has the meaning given in regulation 2 of these Regulations as it had effect immediately before IP completion day;
“pre-commencement information" means information which is subject to restrictions (with or without qualifications or exceptions) on disclosure by virtue of a pre-commencement provision;
“pre-commencement provision" means—
1. (a)
  any provision in—
  1. (i)
    Schedule 2B to the Insurance Companies Act 1982 M25;
  2. (ii)
    Part VIII of the Financial Services Act 1986 M26;
  3. (iii)
    Part V of the Banking Act 1987 M27; or
  4. (iv)
    SRO rules;
  which imposes restrictions on the disclosure of information, or creates exceptions or qualifications to such restrictions; or
2. (b)
  regulation 48 of the Investment Services Regulations 1995 M28;
“recognised self-regulating organisation" means a body which immediately before the coming into force of section 348 of the Act was a recognised self-regulating organisation within the meaning of section 8(1) of the Financial Services Act 1986, or a recognised self-regulating organisation for friendly societies within the meaning of Schedule 11 to that Act;
F182“single market information” has the meaning given in regulation 2 of these Regulations as it had effect immediately before IP completion day;
F183“single market restrictions” has the meaning given in regulation 2 of these Regulations as it had effect immediately before IP completion day;
“SRO rules" means the rules of a recognised self-regulating organisation;
“transitional information" means information which immediately before the coming into force of section 19 of the Act was subject to restrictions on disclosure by virtue of a pre-commencement provision.

Disclosure of pre-commencement information14.

(1)

Before the coming into force of section 19 of the Act, each pre-commencement provision is to be treated as permitting the disclosure of pre-commencement information—

(a)

in accordance with regulation 3(1) as if it were confidential information;

(b)

to the Authority, the Secretary of State or the Treasury for the purpose referred to in regulation 3(2);

(c)

to any person for the purposes referred to in regulation 4; and

(d)

to—

(i)

a person mentioned in regulation 5(3) for the purpose referred to in regulation 5(1)(a); or

(ii)

any person for the purposes referred to in regulation 5(1)(b),

but only if the proceedings in question are of the kind referred to in regulation 5(6)(a), (b) or (c).

(2)

Paragraph (1) is not to be taken as—

(a)

precluding disclosure of pre-commencement information where that is otherwise permitted under the pre-commencement provision in question; or

(b)

permitting disclosure in contravention of any of the F184single market restrictions.

Disclosure of transitional information15.

(1)

After the coming into force of section 19 of the Act, sections 348, 349 and 352 of the Act apply in relation to transitional information in the same way as they apply in relation to confidential information within the meaning of section 348(2) of the Act.

(2)

Paragraph (1) does not apply to transitional information which—

(a)

has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by section 348 of the Act or a pre-commencement provision; or

(b)

satisfies the criterion set out in section 348(4)(b) of the Act.

(3)

For the purposes of sections 348 and 349 of the Act as they apply by virtue of paragraph (1)—

(a)

a person who holds transitional information is to be treated as a primary recipient of the information if he—

(i)

obtained it as mentioned in paragraph 1(2) or 5(1)(a) of Schedule 2B to the Insurance Companies Act 1982 M29;

(ii)

was a primary recipient of the information for the purposes of section 179 of the Financial Services Act 1986 M30;

F185(iia)

obtained or received it as mentioned in subsection (5) of that section;

(iii)

received it as mentioned in section 82(1)(a) of the Banking Act 1987 M31; or

(iv)

received it as mentioned in regulation 48(1) of the Investment Services Regulations 1995 M32;

(b)

any other person who holds transitional information is to be treated as having obtained the information directly or indirectly from a primary recipient.

(4)

Transitional information which is subject to F186single market restrictionsF187... is to be treated for the purposes of these Regulations as F188single market informationF187....

(5)

Part IV of these Regulations does not apply to transitional information which is subject to F189single market restrictions imposed by F190article 107.3 of the listing particulars directive.

Disclosure by recognised self-regulating organisations16.

If a recognised self-regulating organisation discloses any information to the Authority for the purpose of enabling or assisting the Authority to discharge functions corresponding to functions of the organisation, the disclosure is not to be taken as a contravention of any duty to which the organisation is subject.

F191Investment services directive information: transitional provision17.

In these Regulations confidential information received by the Authority in the course of discharging its functions as an EEA competent authority under Council Directive 93/22/EEC of 10th May 1993 on investment services in the securities field shall be deemed to have been received by the Authority in the course of discharging its functions as an EEA competent authority under F192Directive 2004/39/EC of the European Parliament and of the Council of 21st April 2004 on markets in financial instruments.

F193CHAPTER 2Transitional Provision Applicable on or after IP completion day

Transitional provision applicable on or after IP completion day18.

Confidential information received before IP completion day by a primary recipient or any person obtaining the information directly or indirectly from a primary recipient shall continue to be treated, on or after IP completion day, as if that information had been received by that person in accordance with the relevant EU Regulations, directives or these Regulations as they had effect immediately before IP completion day.

Gordon Brown

David Jamieson

Two of the Lords Commissioners of Her Majesty’s Treasury

15th June 2001

SCHEDULE 1 DISCLOSURE OF CONFIDENTIAL INFORMATION WHETHER OR NOT SUBJECT TO F194F195ASSIMILATED LAW RESTRICTIONS

Regulations 9, 10 and 12

PART 1

Person	Functions
The Bank of England, the European Central Bank or the central bank of any country or territory outside the United Kingdom	(a)Its functions as a monetary authority (b)Its functions in relation to overseeing payment systems F196, clearing and settlement systems and central securities depositories within the meaning of the CSD regulation
F197The Bank of England	Its functions under Parts 1, 2 and 3 of the Banking Act 2009 F198, under the Investment Bank Special Administration Regulations 2011 and under Schedule 11 to the Financial Services and Markets Act 2023
F199The FCA	The functions conferred on it by or under the Act
F200The PRA	The functions conferred on it by or under the Act
A body (other than a central bank) in a country or territory outside the United Kingdom having (a) functions as a monetary authority or (b) responsibility for overseeing payments systems	Its functions as such
A recognised investment exchange (other than an overseas investment exchange)	Its functions as such
The body known as the Panel on Takeovers and Mergers	All of its functions
The Society of Lloyd’s	Its regulatory functions
F201. . .	F201. . .
F202F203The Competition and Markets Authority	(a)Its functions under the Act (b)Its functions under any other enactment in so far as they relate to the supervision of: (i)former authorised persons or persons who have carried on former regulated activities; or (ii)persons carrying on, or who have carried on, regulated activities F204; or (iii) financial organisations within the meaning of F205article 56(a) of the capital requirements directive
An official receiver appointed under section 399 of the Insolvency Act 1986 M33, or an official receiver for Northern Ireland appointed under article 355 of the Insolvency (Northern Ireland) Order 1989 M34	His functions under enactments relating to insolvency, in so far as they relate to: (i)former authorised persons or persons who have carried on former regulated activities; or (ii)persons carrying on, or who have carried on, regulated activities; F206or (iii) banking group companies (as defined in section 81D of the Banking Act 2009) F207; or F208(iv) CCP group companies (as defined in paragraph 156 of Schedule 11 to the Financial Services and Markets Act 2023)
F209A person appointed in judicial or administrative proceedings in F210the United Kingdom or a country or territory outside the United Kingdom, pursuant to a law relating to insolvency, to administer the reorganisation or the liquidation of a debtor's assets or affairs	F211That person’s functions in so far as they relate to: (i)former authorised persons or persons who have carried on former regulated activities; (ii)persons carrying on, or who have carried on, regulated activities; or (iii)banking group companies (as defined in section 81D of the Banking Act 2009) F212; or F213(iv) CCP group companies (as defined in paragraph 156 of Schedule 11 to the Financial Services and Markets Act 2023)
The scheme manager	Its functions under Part XV of the Act
F214. . .	F214. . .
A designated professional body within the meaning of Part XX of the Act	Its functions as such
A body which was, immediately before the coming into force of section 19 of the Act, a recognised professional body within the meaning of the Financial Services Act 1986 M35	Its functions as such under that Act or under the Act
A person appointed to make a report under section 166 F215or 166A of the Act	His functions as such
A person appointed to conduct an investigation under section 167 or section 168(3) or (5) of the Act	His functions as such
An auditor exercising functions conferred by or under the Act	Those functions
An auditor of an authorised person F216F217, a CCP, a banking group company (as defined in section 81D of the Banking Act 2009)F218or a CCP group company (as defined in paragraph 156 of Schedule 11 to the Financial Services and Markets Act 2023) appointed under or as a result of an enactment (other than the Act)	His functions as such
F219A person appointed to carry out a statutory audit of a company F220in accordance with the law of the United Kingdom in force immediately before IP completion day that implemented Article 2.1 of Directive 2006/43/EC of the European Parliament and of the Council of 17th May 2006 on statutory audits and consolidated accounts	That person's functions as such
An actuary exercising functions conferred by or under the Act	Those functions
A person appointed as an inspector under section 49 of the Industrial and Provident Societies Act 1965 M36	His functions as such
A person appointed as an inspector under section 18 of the Credit Unions Act 1979 M37	His functions as such
A person appointed to make a report under section 52(5)(d) of the Building Societies Act 1986 M38	His functions as such
A person appointed as an investigator under section 55 of the Building Societies Act 1986 or as an inspector under section 56 of that Act M39	His functions as such
A person appointed to make a report under section 62(3)(d) of the Friendly Societies Act 1992 M40	His functions as such
A person appointed as an investigator under section 65 of the Friendly Societies Act 1992 M41 or as an inspector under 66 of that Act	His functions as such
A recognised supervisory body within the meaning of F221Part 42, Chapter 2 of the Companies Act 2006	(a)Its functions as such a body under that Part (b)Its functions in relation to disciplinary proceedings against auditors
A qualifying body as defined by F222section 1220 of the Companies Act 2006	Its functions as such
The Institute of Actuaries or the Faculty of Actuaries	F223Their supervisory functions in relation to the exercise by an actuary of his professional duties, including the conduct of disciplinary proceedings and determining whether to institute or terminate such proceedings
A recognised professional body within the meaning of section 391 of the Insolvency Act 1986 or article 350 of the Insolvency (Northern Ireland) Order 1989	(a)Its functions as such a body under that Act or that Order (b)Its functions in relation to disciplinary proceedings against insolvency practitioners
F224The Department for the Economy in Northern Ireland	(a)Its functions under Part V of the Companies (No. 2) (Northern Ireland) Order 1990 (financial markets and insolvency) M42 (b)Its functions under Part XII of the Insolvency (Northern Ireland) Order 1989 (c)Its functions under any other enactment in so far as they relate to the supervison of: (i)former authorised persons or persons who have carried on former regulated activities; or (ii)persons carrying on, or who have carried on, regulated activities
F225The Pensions Regulator	F226Its functions as such in so far as they relate to the supervision of: (i)former authorised persons or persons who have carried on former regulated activities; or (ii)persons carrying on, or who have carried on, regulated activities
The Charity Commissioners for England and Wales	Their functions under any enactment in so far as they relate to the supervision of: (i)former authorised persons or persons who have carried on former regulated activities; or (ii)persons carrying on, or who have carried on, regulated activities
F227The investigator appointed under section 84 of the Financial Services Act 2012	His functions as such
F228A person appointed by the Treasury to hold an inquiry into matters relating to financial services (including an inquiry under F229section 68 of the Financial Services Act 2012), or an officer or member of staff of such an inquiry	His functions in carrying out the inquiry and reporting to the Treasury
F230. . .	F230. . .
F231A person upon whom functions are conferred by or under Part 2, 3 or 4 of the Proceeds of Crime Act 2002	Those functions
F232A person authorised by the Secretary of State for the purposes of F233section 456 of the Companies Act 2006	His functions as such
F234Any body carrying on activities concerned with any of the matters set out in section 16(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004	Its functions as such
F234Any body carrying on activities concerned with any of the matters set out in section 14 of the Companies (Audit, Investigations and Community Enterprise) Act 2004	Its functions as such
F234The Financial Reporting Council and its operating bodies	Their supervisory functions in relation to the exercise by an actuary of his professional duties, the conduct of disciplinary proceedings and determining whether to institute or terminate such proceedings
F235. . .	F235. . .
F236. . .	F236. . .
F237. . .	F237. . .
F238The Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013	All of its functions
F239The Comptroller and Auditor General	(a) That person’s function under section 6 of the National Audit Act 1983 of carrying out examinations into the economy, efficiency and effectiveness with which the FCA has used its resources in discharging its functions (b) That person’s function of carrying out examinations under section 7D of the Bank of England Act 1998
F239The National Audit Office	Functions for which it is responsible by virtue of section 22 of, and Schedule 3 to, the Budget Responsibility and National Audit Act 2011 in relation to— (i) examinations under section 6 of the National Audit Act 1983 in respect of the FCA; or (ii) examinations under section 7D of the Bank of England Act 1998
F240The Information Commissioner	All functions of that person so far as they are exercisable in relation to the provision of claims management services (within the meaning given in regulation 21A of the Privacy and Electronic Communications (EC Directive) Regulations 2003)
F241. . .	F241. . .
F242. . .	F242. . .
F243. . .	F243. . .
F244The registry administrator of the registry of emissions trading scheme registers established for the purposes of paragraph 23 of Schedule 2 to the Climate Change Act 2008	its functions as such
F245A person appointed under section 377G of the Act to act as the manager of a write-down order	That person’s functions in relation to the write-down order

PART 2

F246...
F246. . .	F246. . .
F246. . .	F246. . .
F246. . .	F246. . .
F246. . .	F246. . .

PART 3

Person	Functions
F247. . .	F247. . .
F248A third country regulatory authority	Its functions as such
F249F250A third country resolution authority	Its functions as such
F251An authority responsible for maintaining the stability of the financial system in a third country or territory through macro-prudential regulation	Its functions as such
F252A financial intelligence unit in a third country	Its functions as such
F252An authority in a third country responsible for the application of rules on structural separation within a banking group	Its functions as such
F251A reorganisation body or authority in a third country or territory whose aim is to protect the stability of the financial system	Its functions as such
F253ACER	Its functions under Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency
F253A body responsible, in a third country, for administering a deposit guarantee scheme recognised in accordance with the law of that country, or an investor-compensation scheme recognised in accordance with the law of that country.	Its functions as such
F253A person in a third country appointed to carry out a statutory audit of a company in accordance with the law of that country.	That person's functions as such
F253An investment exchange which has its head office in a third country, and which is recognised as an investment exchange under the law of that country.	Its functions as a supervisor of financial markets
F253ESAs	Their functions under Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority) and Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority)
F247ESRB	Its functions under Regulation (EU) No 1092/2010 of the European Parliament and the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
F253An authority responsible for maintaining the stability of the financial system in a third country through macro prudential regulation	Its functions as such.

PART 4

Person	Functions
An inspector appointed under Part XIV of the Companies Act 1985	His functions as such
A person authorised to exercise powers under section 447 of the Companies Act 1985 M43	His functions as such
A person authorised under section 84 of the Companies Act 1989 to exercise on behalf of the Secretary of State powers conferred by section 83 of that Act M44	His functions as such
F254The Department for the Economy in Northern Ireland	(a)Its functions under Part XV of the Companies (Northern Ireland) Order 1986 M45 (investigation of companies and their affairs; requisition of documents) (b)Its functions under Part III of the Companies (Northern Ireland) Order 1990 (eligibility for appointment as company auditor) (c)Its functions under the Companies (Northern Ireland) Order 1989 M46 (disqualification of company directors)
F255. . .	F255. . .
F256. . .	F256. . .
A recognised clearing house (other than an overseas clearing house F257, F258... or a third country central counterparty (within the meaning of section 285(1)(d) of the Act))	Its functions as a clearing house in so far as they are exercisable in relation to defaults or potential defaults by market participants
A person included on the list maintained by F259the Bank of England for the purposes of section 301 of the Act	His functions under settlement arrangements to which regulations made under that section relate
A person approved under the Uncertificated Securities Regulations 1995 M47 as an operator of a relevant system (within the meaning of those Regulations)	His functions as such in so far as they are exercisable in relation to defaults or potential defaults by market participants
F260A clearing house or other similar body which has its head office in F261a third country, and which is recognised under the law of F262that country as a provider of clearing or settlement services	Its functions in relation to defaults or potential defaults by market participants
F263F264A third country central counterparty (within the meaning of section 285(1)(d) of the Act)	Its functions in relation to defaults or potential defaults by market participants
F265A recognised CSD F266... or third country CSD (within the meaning of section 285(1)(e) F267... and (g) of the Act)	Its functions in relation to defaults or potential defaults by market participants

F268PART 5


F269. . .	F269. . .

F270PART 6

Organisation	Functions
International Monetary Fund	Its functions in relation to assessments for the Financial Sector Assessment Program
World Bank	Its functions in relation to assessments for the Financial Sector Assessment Program
Bank for International Settlements	Its functions in relation to quantitative impact studies
Financial Stability Board	Its surveillance functions

SCHEDULE 2 DISCLOSURE OF CONFIDENTIAL INFORMATION NOT SUBJECT TO F271F272ASSIMILATED LAW RESTRICTIONS

Regulation 12

Person	Functions
The Bank of England	All its public functions (so far as not mentioned in Schedule 1)
The International Monetary Fund	All its functions
F273. . .	F273. . .
F274The Competition and Markets Authority	Its functions under any enactment (so far as not mentioned in Schedule 1)
F275. . .	F275. . .
A local weights and measures authority in Great Britain	Its functions as such under any enactment
F276. . .	F276. . .
The Department of Enterprise, Trade and Investment in Northern Ireland	M48(a)Its functions under Part V of the Companies (No. 2) (Northern Ireland) Order 1990 (Financial Markets and Insolvency) M49(b)It functions under Part XII of the Insolvency (Northern Ireland) Order 1989 (c)Its functions under any other enactment (so far as not mentioned in Schedule 1) (d)Its functions as a weights and measures authority for Northern Ireland
A recognised clearing house (other than an overseas clearing house F277F278... or a third country central counterparty (within the meaning of section 285(1)(d) of the Act))	Its functions as such (so far as not mentioned in Schedule 1)
F279The registry administrator of the registry of emissions trading scheme registers established for the purposes of paragraph 23 of Schedule 2 to the Climate Change Act 2008	Its functions as such
F280A recognised CSD F281... or third country CSD (within the meaning of section 285(1)(e) F282... and (g) of the Act)	Its functions as such (so far as not mentioned in Schedule 1)
F283A person that is an Operator of a relevant system under the Uncertificated Securities Regulations 2001 (within the meaning of those regulations)	His functions as such (so far as not mentioned in Schedule 1)
The scheme operator	Its functions as such
The Chief Ombudsman appointed in accordance with paragraph 5 of Schedule 17 to the Act, and any other member of the panel of ombudsmen appointed in accordance with paragraph 4 of that Schedule	Their functions as such
An inspector appointed under section 284 of the Act	His functions as such
A person appointed in accordance with regulations made under section 262(1) of the Act to carry out an investigation in relation to an open-ended investment company	His functions as such
F284The Pensions Regulator	F285Its functions as such (so far as not mentioned in Schedule 1 to these Regulations)
The Charity Commissioners for England and Wales	Their functions under any enactment (so far as not mentioned in Schedule 1)
The Commissioners of Customs and Excise	Their functions under any enactment
F286Office of Communications	Its functions under F287any enactment
The Pensions Ombudsman	His functions under the Pension Schemes Act 1993 and the Pensions Act 1995
F288. . .	F288. . .
F289A person upon whom functions are conferred by or under the Proceeds of Crime Act 2002	Those functions
F290The Gambling Commission	Its functions as such
F291. . .	F291. . .
F292The Gas and Electricity Markets Authority	Its functions under any enactment
F293The monitor in relation to a moratorium under Part A1 of the Insolvency Act 1986	The monitor's functions in relation to the moratorium
F294The monitor in relation to a moratorium under Part 1A of the Insolvency (Northern Ireland) Order 1989	The monitor's functions in relation to the moratorium
F295The General Council of the Bar	Its functions as such
F295The Law Society	Its functions as such
F295The Chartered Institute of Legal Executives	Its functions as such
F295The Faculty of Advocates	Its functions as such
F295The Law Society of Scotland	Its functions as such
F295The General Council of the Bar of Northern Ireland	Its functions as such
F295The Law Society of Northern Ireland	Its functions as such
F295The regulator of a foreign lawyer	Its functions as such

SCHEDULE 3 PRESCRIBED DISCIPLINARY PROCEEDINGS

Regulation 2

The following disciplinary proceedings are prescribed for the purposes of section 349(5)(d) of the Act—

(a)

disciplinary proceedings relating to the exercise by a barrister, solicitor, auditor, accountant, valuer or actuary of his professional duties;

(b)

disciplinary proceedings relating to the discharge of his duties by an officer or servant of—

(i)

the Crown;

(ii)

F296any of the regulators;

(iii)

the body known as the Panel on Takeovers and Mergers;

(iv)

the Charity Commissioners for England and Wales;

F297(v)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(vi)

the F298Competition and Markets Authority;

(vii)

the Insolvency Practitioners Tribunal in relation to its functions under the Insolvency Act 1986 M50;

(viii)

the Occupational Pensions Board in relation to its functions under the Social Security Act 1973 M51 and the Social Security Acts 1975 to 1986 M52;

(ix)

the organs of the Society of Lloyd’s being organs constituted by or under Lloyd’s Act 1982 M53 in relation to their functions under Lloyd’s Acts 1871–1982 M54 and the byelaws made thereunder of the Society of Lloyd’s;

(x)

the F299Gambling Commission in relation to F300its functions under the National Lottery etc. Act 1993 M55.

(This note is not part of the Regulations)

These Regulations specify the circumstances in which confidential information, within the meaning of the Financial Services and Markets Act 2000 (c. 8) (“the Act"), can be disclosed. Section 348 of the Act provides that—except as permitted by such regulations—confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of the person from whom the primary recipient obtained the information and (if different) the person to whom it relates. “Confidential information" is defined as information which—

(a)

relates to the business or other affairs of any person; and

(b)

was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Financial Services Authority (“the FSA"), the competent authority for the purposes of Part VI of the Act (official listing—currently the FSA) or the Secretary of State, under any provision made by or under the Act.

But information is not “confidential information" if it has previously been lawfully made available to the public, or is in the form of a summary or collection of information which is so framed that it is not possible to ascertain from it information relating to any particular person.

“Primary recipients" of confidential information are the FSA, the Secretary of State; persons employed by them, or auditors or experts instructed by them; or a person appointed to make a report under section 166 of the Act (reports by skilled persons).

Disclosure of confidential information in breach of section 348, or use of such information in breach of the Regulations, is an offence under section 352 of the Act.

Part II of these Regulations sets out the circumstances in which confidential information may be disclosed by or to the FSA, the Secretary of State or the Treasury; for the purposes of criminal proceedings and investigations; for the purposes of certain civil proceedings; or in pursuance of a Community obligation. Regulation 7 provides that where information is disclosed subject to a restriction on use, it may not be used in breach of that condition without the consent of the person who disclosed it.

Part III makes provision for the disclosure of information which is subject to restrictions on disclosure in the EC directives relating to financial services. Such information—subject to the provisions of regulation 9—may be disclosed to or by the persons listed in Schedule 1, for the purposes of the functions indicated there.

Part IV makes provision for the disclosure of information which is not subject to directive restrictions. Such information may be disclosed by or to the persons listed in Schedules 1 and 2, for the purposes of the functions indicated there; or for the purposes of certain disciplinary proceedings, as set out in Schedule 3.

Part V makes transitional provision about information obtained under former financial services legislation (to be repealed under the Act). Before the repeal of that legislation, information obtained under it may be disclosed for certain purposes permitted by these Regulations (regulation 14). After the repeal of that legislation, such information is to be treated in the same way as “confidential information" under the Act, and is to be subject to the provisions on disclosure in these Regulations (regulation 15).