461Permitted disclosure of information obtained under compulsory powersU.K.
(1)The prohibition in section 460 of the disclosure of information obtained in pursuance of a requirement or order under section 459 (power of authorised person to require documents etc) that relates to the private affairs of an individual or to any particular business has effect subject to the following exceptions.
(2)It does not apply to the disclosure of information for the purpose of facilitating the carrying out by the authorised person of his functions under section 456.
(3)It does not apply to disclosure to—
(a)the Secretary of State,
(b)the Department of Enterprise, Trade and Investment for Northern Ireland,
(c)the Treasury,
(d)the Bank of England,
(e)the Financial Services Authority, or
(f)the Commissioners for Her Majesty's Revenue and Customs.
(4)It does not apply to disclosure—
[F1(a)for the purpose of assisting the Financial Reporting Council Limited to exercise it functions under Part 42 of this Act;]
[F2(aa)for the purpose of facilitating the carrying out of inspections under paragraph 23 of Schedule 10 (arrangements for independent monitoring of audits of listed companies and other major bodies);]
(b)with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an accountant or auditor of his professional duties;
(c)for the purpose of enabling or assisting the Secretary of State or the Treasury to exercise any of their functions under any of the following—
(i)the Companies Acts,
(ii)Part 5 of the Criminal Justice Act 1993 (c. 36) (insider dealing),
(iii)the Insolvency Act 1986 (c. 45) or the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)),
(iv)the Company Directors Disqualification Act 1986 (c. 46) or the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),
(v)the Financial Services and Markets Act 2000 (c. 8);
(d)for the purpose of enabling or assisting the Department of Enterprise, Trade and Investment for Northern Ireland to exercise any powers conferred on it by the enactments relating to companies, directors' disqualification or insolvency;
(e)for the purpose of enabling or assisting the Bank of England to exercise its functions;
(f)for the purpose of enabling or assisting the Commissioners for Her Majesty's Revenue and Customs to exercise their functions;
(g)for the purpose of enabling or assisting the Financial Services Authority to exercise its functions under any of the following—
(i)the legislation relating to friendly societies or to industrial and provident societies,
(ii)the Building Societies Act 1986 (c. 53),
(iii)Part 7 of the Companies Act 1989 (c. 40),
(iv)the Financial Services and Markets Act 2000; or
(h)in pursuance of any [F3EU] obligation.
(5)It does not apply to disclosure to a body exercising functions of a public nature under legislation in any country or territory outside the United Kingdom that appear to the authorised person to be similar to his functions under section 456 for the purpose of enabling or assisting that body to exercise those functions.
(6)In determining whether to disclose information to a body in accordance with subsection (5), the authorised person must have regard to the following considerations—
(a)whether the use which the body is likely to make of the information is sufficiently important to justify making the disclosure;
(b)whether the body has adequate arrangements to prevent the information from being used or further disclosed other than—
(i)for the purposes of carrying out the functions mentioned in that subsection, or
(ii)for other purposes substantially similar to those for which information disclosed to the authorised person could be used or further disclosed.
(7)Nothing in this section authorises the making of a disclosure in contravention of the Data Protection Act 1998 (c. 29).
Textual Amendments
F1S. 461(4)(a) substituted (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 3, Sch. para. 2
F2S. 461(4)(aa) inserted (2.7.2012) by The Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012, {art. 6(2)}
F3S. 461(4)(h): term substituted (22.4.2011 with application in accordance with art. 3(3) of the amending S.I.) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), art. 6(1)
Modifications etc. (not altering text)
C1Ss. 458-461 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 24 (as amended (1.10.2009) by S.I. 2009/1804, regs. 2, 85, Sch. 3 para. 16 and (1.4.2013) by S.I. 2013/472, Sch. 2 para. 143(a))
C2S. 461 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 6(1)(2)
C3Ss. 418-469 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 10 (with transitional provisions and savings in regs. 7, 9, Sch. 2)
C4S. 461 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 27, Sch. 6 Pt. 2 para. 5(2)