The Financial Services and Markets Act 2000 (Disclosure of Information by Prescribed Persons) Regulations 2001

• Citation: S.I. 2001/1857
• Sections: 3

Section 1 Citation and commencement

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

Section 2 Interpretation

In these Regulations—

“ the Act ” means the Financial Services and Markets Act 2000;

“Schedule person” means a person referred to in the Schedule;

“scheme person” means the scheme manager, the scheme operator, or a member of the panel of ombudsmen appointed by the scheme operator pursuant to paragraph 4 of Schedule 17 to the Act.

Section 3 Permitted disclosure

(1) Subject to paragraph (2), Schedule persons and scheme persons are permitted to disclose information to which this regulation applies—

(a) for the purpose of enabling or assisting them to discharge their functions under the Act, or any rules or regulations made thereunder; or

(b) to the Authority , for the purpose of enabling or assisting the Authority to discharge any of its public functions.

(2) Schedule persons are permitted to disclose information in accordance with paragraph (1)(b) only if—

(a) the disclosure is made in good faith; and

(b) the person disclosing the information reasonably believes that the information is relevant to the discharge of a public function by the Authority.

(3) This regulation applies to the following kinds of information—

(a) information received by Schedule persons or scheme persons for the purposes of, or in the discharge of, any functions conferred on them by or under the Act;

(b) other information received by Schedule persons if the information is, or would have been relevant to the performance of those functions; or

(c) the opinions of Schedule persons or scheme persons in relation to information falling within sub-paragraph (a) or (b).

(4) This regulation does not apply to confidential information within the meaning of section 348(2) of the Act.