Paragraph 4 Amendment of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

after paragraph (3), insert—

“(3A)

This regulation does not permit disclosure of short selling information to a person specified in the first column in Part 3 of Schedule 1 unless the disclosure is in accordance with paragraph (3B) or a cooperation arrangement on the exchange of data and information with that person.

(3B)

The FCA may disclose short selling information to a person specified in the first column in Part 3 of Schedule 1 where—

(a)

the disclosure does not contravene Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data^f4 or the Data Protection Act 2018^f5,

(b)

the FCA is satisfied that the disclosure is necessary for the purposes of the Short Selling Regulations 2024, and

(c)

any such disclosure is made under agreement that the person shall not disclose the data to the supervisory authority of another country without the express written authorisation of the FCA.

(3C)

Where the short selling information has been received from the supervisory authority of another country, the FCA may disclose the information to another person specified in the first column in Part 3 of Schedule 1 only where—

(a)

the FCA has obtained the express agreement of the person which transmitted the information, and

(b)

where applicable, the information is disclosed solely for the purposes for which that person gave its agreement.”;

omit paragraph (4).