Article 23
United Kingdom
All persons who work or who have worked for the F1FCA, as well as auditors and experts instructed by the F2FCA, are bound by the obligation of professional secrecy. No confidential information which those persons receive in the course of their duties shall be divulged to any person or authority whatsoever, save in summary or aggregate form such that managers of qualifying venture capital funds and qualifying venture capital funds cannot be individually identified, without prejudice to cases covered by criminal law and proceedings under this Regulation.
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Where the FCA receives confidential information under this Regulation, the FCA may use it only in the course of its duties and for the purpose of administrative and judicial proceedings.
Annotations
Textual amendments
- F1
Word in Art. 23(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
- F2
Word in Art. 23(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
- F3
Art. 23(2) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
- F4
Art. 23(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)