Paragraph 3

United Kingdom

(1)

Paragraph 1 above does not preclude the disclosure by F1the Treasury or the Secretary of State to any person specified in the first column of the following Table if F2the Treasury or, as the case may be, the Secretary of State considers that the disclosure would enable or assist that person to discharge the functions specified in relation to him in the second column of that Table.

TABLE

Person	Functions
1The Secretary of State.	Functions under the Companies Act, the Company Securities (Insider Dealing) Act 1985 F3, the Insolvency Act 1986 F4, the Company Directors Disqualification Act 1986 F5, the Financial Services Act 1986 F6, or Part II, III or VII of the Companies Act 1989 F7.
F81A The Financial Services Authority.	Functions under the Financial Services Act 1986 (other than as a designated agency within the meaning of that Act), the Banking Act 1987 or section 171 of the Companies Act 1989.
2The Treasury.	Functions under the Financial Services Act 1986 or under Part III or VII of the Companies Act 1989.
3An inspector appointed under Part XIV of the Companies Act or section 94 or 177 of the Financial Services Act 1986.	Functions under that Part or that section.
4A person authorised to exercise powers under section 43A or 44 above, section 447 of the Companies Act, section 106 of the Financial Services Act 1986 or section 84 of the Companies Act 1989.	Functions under that section.
5The Friendly Societies Commission, the Registrar of Friendly Societies for Northern Ireland and the Assistant Registrar of Friendly Societies for Scotland.	Functions under the enactments relating to friendly societies or under the Financial Services Act 1986.
6The Industrial Assurance Commissioner or the Industrial Assurance Commissioner for Northern Ireland.	Functions under the enactments relating to industrial assurance.
7The Building Societies Commission.	Functions under the Building Societies Act 1986 F9 and protecting the interests of the shareholders and depositors of building societies.
F10The Occupational Pensions Regulatory Authority.	Functions under the Pension Schemes Act 1993 or the Pensions Act 1995, or any enactment in force in Northern Ireland corresponding to either of them.
8The Director General of Fair Trading.	Functions under the Fair Trading Act 1973 F11 except Part II, the Consumer Credit Act 1974 F12, the Restrictive Trade Practices Act 1976 F13, the Estate Agents Act 1979 F14, the Competition Act 1980 F15 or the Control of Misleading Advertisements Regulations 1988 F16.
9A designated agency (within the meaning of the Financial Services Act 1986).	Functions under that Act or Part VII of the Companies Act 1989.
10A transferee body (within the meaning of the Financial Services Act 1986) or the competent authority (within the meaning of that Act).	Functions under that Act.
11Any of the following (within the meaning of the Financial Services Act 1986), namely, a recognised self-regulating organisation, a recognised investment exchange, a recognised professional body and a recognised clearing house.	Functions in its capacity as a recognised self-regulating organisation, recognised investment exchange, recognised professional body or a recognised clearing house.
12The Department of Economic Development in Northern Ireland.	Functions under enactments relating to companies or insolvency.
13An inspector appointed by the Department of Economic Development in Northern Ireland under enactments relating to companies or insolvency.	Functions under those enactments.
14A person authorised to exercise powers under Article 440 of the Companies (Northern Ireland) Order 1986 F17. . ..	Functions under that Article . . ..
15An official receiver.	Functions under enactments relating to insolvency.
16The Panel on Take-overs and Mergers.	All functions.
17The Bank of England.	All functions.
18A body administering a scheme under section 54 of the Financial Services Act 1986.	Functions under the scheme.
19A body established by order under section 46 of the Companies Act 1989.	Functions under Part II of that Act.
20A supervisory body (as defined in section 30 of the Companies Act 1989) or a qualifying body (as defined in section 32 of that Act).	Functions under that Act.
F18. . ..	. . ..
22The Council of Lloyd’s, the Committee of Lloyd’s or the Disciplinary Committee or Appeal Tribunal established under the Lloyd’s Act 1982 F19.	Functions under the Lloyd’s Acts 1871 to 1982 and functions under bye-laws made under those Acts.
23The Tribunal under the Prevention of Fraud (Investments) Act 1958 F20.	Functions under that Act.
24The Monopolies and Mergers Commission.	Functions under the Fair Trading Act 1973 and the Competition Act 1980.
F2125An auditor appointed under section 21 above, section 384 of the Companies Act 1985 or section 107 of the Financial Services Act 1986 or a person approved under section 108 of the Financial Services Act 1986.	All functions.
26A recognised supervisory body (within the meaning of Part II of the Companies Act 1989 or Part III of the Companies (Northern Ireland) Order 1990).	Functions in its capacity as such a body under that Part, or functions in relation to disciplinary proceedings against auditors.
27A recognised professional body (within the meaning of section 391 of the Insolvency Act 1986 or Article 350 of the Insolvency (Northern Ireland) Order 1989).	Functions in its capacity as such a body under that Act or that Order, or functions in relation to disciplinary proceedings against insolvency practitioners (within the meaning of that Act or that Order).
28An actuary exercising functions under this Act.	Those functions.
29The Institute of Actuaries or the Faculty of Actuaries.	Supervisory functions in relation to an actuary exercising functions under this Act.

(2)

Paragraph 1 above does not preclude the disclosure by any person specified in the first column of the Table in sub-paragraph (1) above of information obtained by him by virtue of that sub-paragraph if he makes the disclosure—

(a)

with the consent of F22the Treasury or the Secretary of State; and

(b)

for the purpose of enabling or assisting him to discharge any functions specified in relation to him in the second column of that Table;

and before deciding whether to give consent to such a disclosure by any person F23the Treasury or, as the case may be, the Secretary of State shall take account of any representations made by that person as to the desirability of or the necessity for the disclosure.

(3)

Paragraph 1 above does not preclude—

(a)

the disclosure of information to the Treasury; or

(b)

the disclosure of information to the Secretary of State for purposes other than those specified in relation to him in sub-paragraph (1) above,

if (in either case) disclosure is in accordance with Article 16(6) of the third general insurance Directive, or Article 15(6) of the third long term insurance Directive.

(4)

Paragraph 1 above does not preclude the disclosure of information for the purpose of enabling or assisting any public or other authority not specified in the first column of the Table in sub-paragraph (1) above to discharge any functions if disclosure is in accordance with Article 16 of the third general insurance Directive, or Article 15 of the third long term insurance Directive.

(5)

Paragraph 1 above does not preclude the disclosure of information for the purpose of enabling or assisting an authority in a country or territory outside the United Kingdom to exercise functions corresponding to those of—

(a)

the Bank of England;

(b)

the Secretary of State under this Act or the Financial Services Act 1986;

F24(ba)

the Treasury under this Act or, by virtue of article 2 of the Transfer of Functions (Insurance) Order 1997, under the Financial Services Act 1986;

(c)

the designated agency under that Act or rules or regulations made under that Act; or

(d)

the competent authority under Part IV of that Act. F25, or

(e)

the Financial Services Authority under that Act (other than in its capacity as a designated agency) or the Banking Act 1987;

(6)

Sub-paragraph (5) above does not apply in relation to disclosure to an authority which is not an authority in another member State unless F26the Treasury are or the Secretary of State is satisfied that the authority is subject to restrictions on further disclosures at least equivalent to those imposed by this Part of this Schedule.

(7)

Information which is disclosed to a person in pursuance of sub-paragraph (1) or (2) above shall not be used otherwise than for the purpose mentioned in that sub-paragraph.

(8)

Any person who uses information in contravention of sub-paragraph (7) above shall be liable on summary conviction to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale or to both.

(9)

F27Subject to sub-paragraph (10) below, any reference in this paragraph to enabling or assisting any person to discharge or exercise any functions is a reference to enabling or assisting that person to discharge or exercise those functions in relation to—

(a)

a financial market; F28. . .

(b)

persons carrying on the business of banking or insurance, Consumer Credit Act businesses or the business of providing other financial services; F29or

(c)

persons involved in the operation of occupational pension schemes (within the meaning of the Pension Schemes Act 1993 or, in Northern Ireland, the Pension Schemes (Northern Ireland) Act 1993)

and in this sub-paragraph “Consumer Credit Act business” has the same meaning as in the Banking Coordination (Second Council Directive) Regulations 1992 F30.

F31(10)

Sub-paragraph (9) above shall not apply in relation to references to enabling or assisting the discharge or exercise of the following functions, namely—

(a)

functions of the Secretary of State under Part XIV of the Companies Act 1985, Part XIII of the Insolvency Act 1986 or Part II of the Companies Act 1989 or, so far as relating to the breach of any law relating to companies, under section 83 of the Companies Act 1989;

(b)

functions of an inspector under Part XIV of the Companies Act 1985 or, so far as relating to offences involving securities of a company, under section 177 of the Financial Services Act 1986;

(b)

functions of a person authorised to exercise powers under section 84 of the Companies Act 1989, so far as relating to the breach of any law relating to companies;

(d)

functions of the Department of Economic Development in Northern Ireland under Part XV of the Companies (Northern Ireland) Order 1986, Part XII of the Insolvency (Northern Ireland) Order 1989 or Part III of the Companies (Northern Ireland) Order 1990;

(e)

functions of an inspector under Part XV of the Companies (Northern Ireland) Order 1986;

(f)

functions of a recognised professional body (within the meaning of section 391 of the Insolvency Act 1986 or Article 350 of the Insolvency (Northern Ireland) Order 1989);

(g)

functions of a recognised supervisory body (within the meaning of Part II of the Companies Act 1989 or Part III of the Companies (Northern Ireland) Order 1990).

Annotations

Textual amendments

F1: Words in Sch. 2B para. 3(1) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 55(a)(i) (with art. 7)
F2: Words in Sch. 2B para. 3(1) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 55(a)(ii) (with art. 7)
F3: 1985 c.8.
F4: 1986 c.45.
F5: 1986 c.46.
F6: 1986 c.60.
F7: 1989 c.40.
F8: Entry 1A in the Table in Sch. 2B para. 3(1) inserted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. IV Ch. II para. 61(2); S.I. 1998/1120, art. 2
F9: 1986 c.53.
F10: Entry in the Table in Sch. 2B para. 3(1) inserted (6.4.1997) by 1995 c. 26, s. 122, Sch. 3 para. 11(1) (with s. 121(5)); S.I. 1997/664, art. 2(3), Sch. Pt. II
F11: 1973 c.41.
F12: 1974 c.39.
F13: 1976 c.34.
F14: 1979 c.38.
F15: 1980 c.21.
F16: S.I. 1988/915.
F17: Words in entry 14 of the Table in Sch. 2B para. 3(1) omitted (18.7.1996) by virtue of S.I. 1996/1669, reg. 23, Sch. 5 para. 9
F18: Entry 21 of the Table in Sch. 2B para. 3(1) repealed (6.4.1997) by 1995 c. 26, s. 177, Sch. 7 Pt. III (with s. 121(5)); S.I. 1997/664, art. 2(3), Sch. Pt. II
F19: 1982 c.xiv.
F20: 1958 c.45.
F21: Entries 25-29 of the Table in Sch. 2B para. 3(1) substituted (18.7.1996) for Entry 25 by S.I. 1996/1669, reg. 20(1)
F22: Words in Sch. 2B para. 3(2)(a) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 55(b)(i) (with art. 7)
F23: Words in Sch. 2B para. 3(2) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 55(b)(ii) (with art. 7)
F24: Sch. 2B para. 3(5)(ba) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 55(c) (with art. 7)
F25: Sch. 2B para. 3(5)(e) and the word “or" immediately preceding it inserted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. IV Ch. II para. 61(3); S.I. 1998/1120, art. 2
F26: Words in Sch. 2B para. 3(6) inserted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 55(d) (with art. 7)
F27: Words in Sch. 2B para. 3(9) inserted (18.7.1996) by S.I. 1996/1669, reg. 20(2)
F28: Word in Sch. 2B after para. 3(9)(a) repealed (6.4.1997) by 1995 c. 26, ss. 122, 177, Sch. 3 para. 11(2), Sch. 7 Pt. I (with s. 121(5)); S.I. 1997/664, art. 2(3), Sch. Pt. II
F29: Sch. 2B para. 3(9)(c) and the word “or" immediately preceding it added (6.4.1997) by 1995 c. 26, s. 122, Sch. 3 para. 11(2) (with s. 121(5)); S.I. 1997/664, art. 2(3), Sch. Pt. II
F30: S.I. 1992/3218.
F31: Sch. 2B para. 3(10) inserted (18.7.1996) by S.I. 1996/1669, reg. 20(2)

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)

Notes on Schedule 2B]

Textual amendments

F1: Sch. 2B inserted (1.7.1994) by S.I. 1994/1696, reg. 26(2), Sch. 2

Modifications

C1

Sch. 2B: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 57

Sch. 2B: functions to be exercised by the Secretary of State and the Treasury concurrently (5.1.1998) by S.I. 1997/2781, art. 4(1)(h) (with art. 7)

Notes on Part I

Modifications

C1: Sch. 2B Pt. I applied (with modifications) (1.7.1994) by S.I. 1994/1696, reg. 66(1)(2)