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

JurisdictionEngland & Wales
CitationSI 2014/882

2014No. 882

FINANCIAL SERVICES AND MARKETS

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

1stApril2014

2ndApril2014

28thApril2014

The Treasury make the following Regulations in exercise of the power conferred by sections 92 and 142(3) of the Financial Services (Banking Reform) Act 2013( 1).

Citation and commencement

1. These Regulations may be cited as the Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014 and come into force on 28th April 2014.

Interpretation

2. In these Regulations-

"the Act" means the Financial Services (Banking Reform) Act 2013;

"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;

"Payment Systems Regulator" means the body established under section 40(1) of the Act as the Payment Systems Regulator);

"regulators" means the Payment Systems Regulator, the FCA, the PRA and the Bank of England, and "regulator" means any one of the regulators;

"regulator worker" means-

(a) a person who is or has been employed by, or engaged to provide services to, one of the regulators;(b) an auditor or expert instructed by one of the regulators;(c) a person appointed under section 82(1)(b) of the Act (reports by skilled persons) to make a report; or(d) a person appointed under section 83 of the Act (appointment of persons to conduct investigations);

"Secretary of State worker" means-

(a) a person who is or has been employed by the Secretary of State; or(b) an auditor or expert instructed by the Secretary of State;

"single market restrictions" has the meaning given in regulation 2 of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001( 2).

Disclosure by and to a Schedule person

3. (1) 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 person specified in the first column in the Schedule for the purpose of enabling or assisting that person to discharge any function listed beside that person in the second column in the Schedule.

(2) A person specified in the first column in the Schedule is permitted to disclose confidential information to any person for the purpose of enabling or assisting the person making the disclosure to discharge any function listed beside that person in the second column in the Schedule.

(3) Paragraphs (1) and (2) do not permit disclosure in contravention of any of the single market restrictions.

Disclosure for the purposes of criminal proceedings and investigations

4. 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 which is being or may be carried out, whether in the United Kingdom or elsewhere;(b) for the purposes of any criminal proceedings which have been or may be initiated, whether in the United Kingdom or elsewhere;(c) for the purposes of any proceedings under Part 2, 3 or 4 of the Proceeds of Crime Act 2002( 3) which have been, or may be initiated; or(d) 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 proceedings

5. (1) 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 regulator or the Secretary of State, 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, 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 regulator or the Secretary of State (or a person who is employed by one of the regulators or the Secretary of State) is permitted to disclose confidential information to any...

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