The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006

• Citation: S.I. 2006/3413
• Sections: 9

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2006.

(2) These Regulations come into force—

(a) for the purposes of regulations 3(a)(ii), (b) and (c), 8 and 9 on 20th January 2007; and

(b) for all other purposes on 1st November 2007.

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

Section 2 Amendment of the principal regulations

The principal regulations are amended as follows.

Section 3 Amendment of regulation 2

In regulation 2 (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)”.

Section 4 Substitution of regulation 8

For regulation 8 (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.

Section 5 Amendment of regulation 9

In regulation 9 (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.

Section 6 Amendment of regulation 11

In regulation 11 (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.

Section 7 Insertion of regulation 17

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 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.

Section 8 Amendment of Part 1 of Schedule 1

(1) In the table in Part 1 of Schedule 1 (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—

Section 9 Amendment of Schedule 2

At the end of the table in Schedule 2 (disclosure of confidential information not subject to directive restrictions), add—