OpenLegislation

Section 353A Information received from Bank of EnglandF1C1

United Kingdom

(1)

F2The FCA must not disclose to any person specially protected information.

(2)

“Specially protected information” is information in relation to which the first and second conditions are met.

(3)

The first condition is that F3the FCA received the information from the Bank of England.

(4)

The second condition is that the Bank notified the F4FCA that the Bank held the information for the purpose of its functions with respect to any of the following—

(a)

monetary policy;

(b)

financial operations intended to support financial institutions for the purposes of maintaining stability;

(c)

the provision of private banking services and related services.

(5)

The notification referred to in subsection (4) must be—

(a)

in writing, and

(b)

given before, or at the same time as, the Bank discloses the information.

(6)

The prohibition in subsection (1) does not apply—

F5(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

where the Bank has consented to disclosure of the information;

(c)

to information which has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by this section;

F6(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

In this section references to disclosure by or to F7the FCA or by the Bank include references to disclosure by or to—

(a)

persons who are, or are acting as,—

(i)

officers of, or members of the staff of, the F8FCA, or

(ii)

officers, employees or agents of the Bank, or

(b)

auditors, experts, contractors or investigators appointed by the F9FCA or the Bank under powers conferred by this Act or otherwise.

(8)

References to disclosure by F10the FCA do not include references to disclosure between persons who fall within any paragraph of subsection (7)(a) or (b) in relation to F11the FCA.

(9)

F12The FCA must take such steps as are reasonable in the circumstances to prevent the disclosure of specially protected information, in cases not excluded by subsection (6), by those who are or have been—

(a)

its officers or members of staff (including persons acting as its officers or members of staff);

(b)

auditors, experts, contractors or investigators appointed by the F13FCA under powers conferred by this Act or otherwise;

(c)

persons to whom the F14FCA has delegated any of its functions.

(F1510)

In this section references to the Bank of England include the Bank acting in its capacity as the PRA.

Annotations

Textual amendments

F1

S. 353A and cross-heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 24 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2

Words in s. 353A(1) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F3

Words in s. 353A(3) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F4

Word in s. 353A(4) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(4) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F5

S. 353A(6)(a) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(5)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F6

S. 353A(6)(d) omitted (31.12.2020) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(4); 2020 c. 1, Sch. 5 para. 1(1)

F7

Words in s. 353A(7) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(6)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F8

Word in s. 353A(7)(a)(i) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(6)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F9

Word in s. 353A(7)(b) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(6)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F10

Words in s. 353A(8) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(7)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F11

Words in s. 353A(8) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(7)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F12

Words in s. 353A(9) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(8)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F13

Word in s. 353A(9)(b) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(8)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F14

Word in s. 353A(9)(c) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(8)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F15

S. 353A(10) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 46(9) (with Sch. 3); S.I. 2017/43, reg. 2(g)

Modifications

C1

S. 353A applied by 1998 c. 11, s. 7H (as inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 11, 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(l))