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

Disclosure for the purposes of certain other proceedings U.K.

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 person for a purpose mentioned in paragraph (1)(a).

(3) The proceedings to which this regulation applies are—

(a) proceedings arising under or by virtue of Part 5 of the Act (regulation of payment systems);

(b) proceedings before the Competition Appeals Tribunal;

(c) proceedings before the Competition and Markets Authority;

(d) proceedings before the Upper Tribunal;

(e) any other civil proceedings to which one of the regulators is, or is proposed to be, a party;

(f) proceedings under section 7 or 8 of the Company Directors Disqualification Act 1986 M1 or article 10 or 11 of the Company Directors Disqualification (Northern Ireland) Order 2002 M2 in respect of a director or former director of a participant in a payment system or a former participant in a payment system; or

(g) proceedings under Parts 1 to 6 or 9 or 10 of the Insolvency Act 1986 M3 , the Bankruptcy (Scotland) Act 1985 M4 or Parts 2 to 7 or 9 or 10 of the Insolvency (Northern Ireland) Order 1989 M5 in respect of a participant in a payment system or a former participant in a payment system.

(4) Paragraphs (1) and (2) do not permit disclosure in contravention of any of the [F1 retained EU law restrictions].

Textual Amendments

F1 Words in reg. 5(4) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 8(4); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M1 1986 c. 46. Section 7 was amended by section 6 of, and paragraph 6 of Schedule 4 to, the Insolvency Act 2000 (c. 39) and by paragraph 42 of Schedule 17 to the Enterprise Act 2002 (c. 40). Section 8 was amended by section 6 of the Insolvency Act 2000 (c. 39), paragraph 28 of Schedule 2 to the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) and section 1039 of the Companies Act 2006 (c. 46), and by S.I. 2001/3649 and 2009/1941.

M2 S.I. 2002/3150 (N.I. 4). Article 10 was amended by S.I. 2005/1455 (N.I. 10). Article 11 was amended by S.I. 2009/1941.

M3 1986 c. 45.

M4 1985 c. 66.

M5 S.I. 1989/2405 (N.I. 19).