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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006 No. 3413 URL: http://www.bailii.org/uk/legis/num_reg/2006/20063413.html

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    (3) In these Regulations, "the principal regulations" means the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001[3].

Amendment of the principal regulations
     2. The principal regulations are amended as follows.

Amendment of regulation 2
     3. In regulation 2[4] (interpretation)—

(a) in the definition of "directive restrictions"—


(i) for "article 25 of the investment services directive" substitute "articles 54 and 58 of the markets in financial instruments directive";

(ii) omit ", article 107 of the listing particulars directive";



(b) in the definition of "EEA competent authority" omit ", or the listing particulars directive";

(c) omit the definition of "listing particulars directive";

(d) after the definition of "former regulated person" insert—

" "markets in financial instruments directive information" means confidential information received by the Authority in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive;";

(e) in the definition of "single market directive information" after "single market directives" insert "(except for the markets in financial instruments directive)".

Substitution of regulation 8
     4. For regulation 8[5] (application of this Part) substitute—

" Application of this Part
     8. This Part applies to—


(a) single market directive information; and

(b) markets in financial instruments directive information, where that information has been received from—


(i) an overseas regulatory authority under a cooperation agreement referred to in article 63 of the markets in financial instruments directive; or

(ii) an EEA competent authority under article 58.1 of the markets in financial instruments directive.".

Amendment of regulation 9
     5. In regulation 9[6] (disclosure by the Authority or Authority workers to certain other persons)—

(a) in paragraph (1) for "and (3)" substitute ", (3) and (3A)";

(b) for paragraph (2)(a) substitute—


" (a) article 63 of the markets in financial instruments directive;";



(c) in paragraph (3)(b) omit paragraph (i);

(d) after paragraph (3) insert—

    " (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—


(a) was obtained from an EEA competent authority under article 58.1 of the markets in financial instruments directive ("the directive") or an overseas regulatory authority under a cooperation agreement referred to in article 63 of the directive, 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,

(b) the European Central Bank,

(c) the central bank of any country or territory outside the United Kingdom, or

(d) a body (other than a central bank) in a country or territory outside the United Kingdom having—


(i) functions as a monetary authority; or

(ii) responsibility for overseeing payment systems.".

Amendment of regulation 11
     6. In regulation 11[7] (application of this Part)—

(a) omit sub-paragraph (c);

(b) at the end insert—


" (d) markets in financial instruments directive information, where that information has been received from—


(i) an overseas regulatory authority under a cooperation agreement referred to in article 63 of the markets in financial instruments directive; or

(ii) an EEA competent under article 58.1 of the markets in financial instruments directive,



unless that authority has given its express consent for disclosure that is covered by this Part.".

Insertion of regulation 17
     7. After regulation 16 (disclosure by recognised self-regulating organisations) insert—

" Investment services directive information: transitional provision
     17. 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[8] shall be deemed to have been received by the Authority in the course of discharging its functions as an EEA competent authority under the markets in financial instruments directive.".

Amendment of Part 1 of Schedule 1
     8. —(1) In the table in Part 1 of Schedule 1[9] (disclosure of information whether or not subject to directive restrictions)—

(a) in the second column at the sixth entry (Office of Fair Trading), in paragraph (b) after sub-paragraph (ii), insert "; or (iii) financial organisations within the meaning of article 30.5 of the banking consolidation directive";

(b) in the second column at the seventh entry (Competition Commission), in paragraph (b) after sub-paragraph (ii), insert "; or (iii) financial organisations within the meaning of article 30.5 of the banking consolidation directive".

    (2) At the end of the table in Part 1 of Schedule 1 add—

Any 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[10]	Its functions as such
Any 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
The 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".

Amendment of Schedule 2
     9. At the end of the table in Schedule 2[11] (disclosure of confidential information not subject to directive restrictions), add—

The Gambling Commission

Its functions as such".

Claire Ward

Dave Watts
Two of the Lords Commissioners of Her Majesty's Treasury

19th December 2006

[2] 2000 c.8.back

[3] S.I. 2001/2188.back

[4] Relevant amending instruments are S.I. 2001/3624, 2003/693, 1473 and 2066, and 2004/1862 and 3379.back

[5] The relevant amending instrument is S.I. 2003/2066.back

[6] Relevant amending instruments are S.I. 2004/3379 and 2003/693.back

[7] Relevant amending instruments are S.I. 2003/2066 and 2001/3624.back

[8] OJ. No. L 141, 11.06.1993 p 23.back

[9] Relevant amending instruments are S.I. 2001/3437, 2001/3624, 2003/2174 and 2003/2817.back

[10] 2004 c. 27.back

[11] Relevant amending instruments are S.I. 2001/3642 and 2003/2174.back

 © Crown copyright 2006