Paragraph 12 Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

for paragraph (2) for the words from “the disclosure is provided for” to the end substitute “the condition in paragraph (2ZA) is met or the conditions in (2B) are met.”;

after paragraph (2) insert—

“(2ZA)

The condition in this paragraph is that the disclosure is provided for by a cooperation agreement of the kind referred to in—

(a)

article 63 of the markets in financial instruments directive;

(b)

article 46 of the banking consolidation directive;

(c)

article 16.3 of the life assurance consolidation directive;

(d)

article 16.3 of the non- life assurance directive;

(e)

article 102.3 of the UCITS directive; or

(f)

article 26 of the reinsurance directive.”;

after paragraph (2A) insert—

“(2B)

The conditions in this paragraph are that—

(a)

the conditions in articles 25 or 26 of Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data^f2 are met;

(b)

the regulator or regulator worker is satisfied that the disclosure is necessary for the purpose of complying with a requirement of the alternative investment fund managers directive; and

(c)

in the case of disclosure of information received from an EEA competent authority—

(i)

that authority has given its express agreement to the disclosure; and

(ii)

if such agreement was given for a particular purpose, the disclosure is solely for that purpose.”.