The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2024
S.I. 2024/1306 · Made 9 December 2024
This Statutory Instrument has been printed in substitution of the S.I. of the same number and is being issued free of charge to all known recipients of that Statutory Instrument and S.I. 2001/2188.
FINANCIAL SERVICES AND MARKETS
Made 9th December 2024
Laid before Parliament 10th December 2024
Coming into force 21st January 2025
The Treasury make the following Regulations in exercise of the powers conferred by section 349(1)(b) and (2)(b) of the Financial Services and Markets Act 2000f1.
Annotations to the whole text
Footnotes
- f1
-
2000 c. 8. “Prescribed” has the meaning given in section 417(1) of the Act (i.e. prescribed in regulations made by the Treasury).
Contents
- 1Citation, commencement and extent
- 2Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
- Signature
- Explanatory note
1Citation, commencement and extent
These Regulations may be cited as the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2024 and come into force on 21st January 2025.
These Regulations extend to England and Wales, Scotland and Northern Ireland.
2Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001f1 are amended as follows.
In regulation 2f2 (interpretation), insert at the appropriate place—
““foreign lawyer” means a person who is a member of a legal profession regulated within a jurisdiction outside England and Wales, Scotland or Northern Ireland, and is entitled to practise as such;”.
In the table in Part 1 of Schedule 1f3 (disclosure of confidential information whether or not subject to retained EU law restrictions), omit—
“The General Council of the Bar” and the corresponding entry in the second column;
“The Law Society of England and Wales” and the corresponding entry in the second column;
“The Chartered Institute of Legal Executives” and the corresponding entry in the second column.
At the end of the table in Schedule 2 (disclosure of confidential information not subject to retained EU law restrictions), insert—
“
The General Council of the Bar Its functions as such The Law Society Its functions as such The Chartered Institute of Legal Executives Its functions as such The Faculty of Advocates Its functions as such The Law Society of Scotland Its functions as such The General Council of the Bar of Northern Ireland Its functions as such The Law Society of Northern Ireland Its functions as such The regulator of a foreign lawyer Its functions as such ”.
Signature
Vicky Foxcroft
Anna Turley
Two of the Lords Commissioners of His Majesty's Treasury
9th December 2024
Explanatory note
(This note is not part of the Regulations)
These Regulations amend tables in Schedules 1 and 2 to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (S.I. 2001/2188) (“the 2001 Regulations”).
These Regulations omit references to the General Council of the Bar, the Law Society of England and Wales and the Chartered Institute of Legal Executives in the table in Part 1 of Schedule 1 to the 2001 Regulations. These Regulations also insert references to those legal regulators together with references to the Faculty of Advocates, the Law Society of Scotland, the General Council of the Bar of Northern Ireland, the Law Society of Northern Ireland and the regulator of a foreign lawyer in the table in Schedule 2 to the 2001 Regulations. The amendments permit a primary recipient (including the FCA) to disclose confidential information to these legal regulators.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary sector or community bodies is foreseen.