reg 5 Disclosure for the purposes of certain other proceedings
(1) Subject to paragraphs (4) and (5), 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 person mentioned in paragraph (3) 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, or 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 person mentioned in paragraph (3) (or a person who is employed by one of the regulators or the Secretary of State) is permitted to disclose confidential information to any person for a purpose mentioned in paragraph (1)(a). (3) The persons referred to in paragraphs (1)(a) and (2) are— (a) the regulators ; (b) the Secretary of State; and (c) the Department for the Economy in Northern Ireland . (4) This regulation does not permit the disclosure of information with a view to the institution of, or in connection with, proceedings of the kind referred to in paragraph (6)(e) to the extent that— (a) the information relates to an authorised person, former authorised person or former regulated person (“A"); (b) the information also relates to another person (“B") who, to the knowledge of the primary recipient (or person obtaining confidential information directly or indirectly from him), is or has been involved in an attempt to rescue A, or A’s business, from insolvency or impending insolvency; and (c) B is not a director, controller or manager of A. (5) This regulation does not permit disclosure in contravention of any of the assimilated law restrictions . (6) The proceedings to which this regulation applies are— (a) civil proceedings arising under or by virtue of the Act, an enactment referred to in section 338 of the Act, the Banking Act 1979 , the Friendly Societies Act 1974 , the Insurance Companies Act 1982 , the Financial Services Act 1986 , the Building Societies Act 1986 , the Banking Act 1987 , the Friendly Societies Act 1992 or the Investment Services Regulations 1995 ; (b) proceedings before the Tribunal; (c) any other civil proceedings to which one of the regulators is, or is proposed to be, a party; (d) proceedings under section 7 or 8 of the Company Directors Disqualification Act 1986 or article 10 or 11 of the Companies (Northern Ireland) Order 1989 in respect of a director or former director of an authorised person, former authorised person or former regulated person; or (e) proceedings under Parts I to VI or IX to X of the Insolvency Act 1986 , the Bankruptcy (Scotland) Act 1985 or Parts II to VII or IX or X of the Insolvency (Northern Ireland) Order 1989 in respect of an authorised person, former authorised person or former regulated person.