The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017

Cited as:SI 2017/456
Jurisdiction:England & Wales

2017No. 456

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017

Made21stMarch2017

Laid before Parliament22ndMarch2017

Coming into force12thApril2017

The Treasury make the following Regulations in exercise of the powers conferred by sections 349(1)(b), (2) and (3), 417(1)( 1) and 428(3) of the Financial Services and Markets Act 2000( 2) and section 92(1)(b), (3), (4) and (6)( 3) and 142(3) of the Financial Services (Banking Reform) Act 2013( 4).

Citation and commencement

1. These Regulations may be cited as the Financial Services and Markets Act 2000 and the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) (Amendment) Regulations 2017 and come into force on 12th April 2017.

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

2.—(1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001( 5) are amended as follows.

(2) In Schedule 1 (disclosure of confidential information whether or not subject to single market restrictions), in Part 1 at the end insert—

“The Comptroller and Auditor General

(a) That person's function under section 6 of the National Audit Act 1983( 6) 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( 7)

The 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( 8) 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”

Amendment of the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014

3. In the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014( 9), in the Schedule (persons and functions in respect of which disclosure is permitted) at the end insert—

“The 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 or the Payment Systems Regulator 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

The 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 the Payment Systems Regulator; or

(ii) examinations under section 7D of the Bank of England Act...

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