Statutory Instrument 2001 No. 3648

The Financial Services and Markets Act 2000 (Confidential Information) (Bank of England) (Consequential Provisions) Order 2001

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© Crown Copyright 2001

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"the 1998 Act" means the Bank of England Act 1998[2];

"the Act" means the Financial Services and Markets Act 2000;

"the Bank" means the Bank of England;

"commencement" means the beginning of the day on which section 19 of the Act comes into force;

"an EEA regulatory authority" means a competent authority of an EEA State other than the United Kingdom for the purposes of the banking consolidation directive;

"a non-EEA regulatory authority" means an authority in a country or territory outside the EEA which has regulatory functions in relation to the acceptance of deposits from the public;

"the Disclosure Regulations" means the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001[3];

"overseas regulatory authority" means an EEA regulatory authority or a non-EEA regulatory authority;

"relevant functions", in relation to the Bank, means - 

(a) its functions as a monetary authority, and

(b) its functions in relation to overseeing payment systems.

    (2) In this Order, references to the acceptance of deposits must be read with - 

(a) section 22 of the Act;

(b) any relevant Order under that section; and

(c) Schedule 2 to the Act.

    (2) Subject to paragraphs (3) and (4) and article 4, sections 348, 349 and 352 of the Act apply in relation to overseas regulatory information in the same way as they apply in relation to confidential information within the meaning of section 348(2) of the Act.

    (3) Overseas regulatory information is not subject to the restrictions on disclosure imposed by section 348(1) of the Act (as it applies by virtue of paragraph (2)) if it satisfies any of the criteria set out in section 348(4)(a) or (b) of the Act.

    (4) For the purposes of this Part, section 348 of the Act and the Disclosure Regulations have effect as if the primary recipients mentioned in section 348 (5) included the Bank.

Information to be treated as single market directive information
     4.  - (1) The Disclosure Regulations apply in relation to information of the kind mentioned in article 3(1)(a) which is supplied by an EEA regulatory authority as they apply in relation to single market directive information (within the meaning of those Regulations).

    (2) The Disclosure Regulations apply in relation to information of the kind mentioned in article 3(1)(b) as they apply in relation to single market directive information which is obtained in the course of an on-the-spot verification of the kind referred to in article 29 of the banking consolidation directive.

    (3) For the purposes of this Part, Part III of the Disclosure Regulations (disclosure of single market directive information) has effect as if references to the Authority included a reference to the Bank.

(a) under subsection (1) of section 449 of the Companies Act 1985[4], or

(b) under paragraph (1) of Article 442 of the Companies (Northern Ireland) Order 1986[5],

in its capacity as a competent authority under section 449(3) of that Act or Article 442(3) of that Order (as the case may be) ("companies information").

    (2) Subject to paragraphs (3) and (4), companies information may be disclosed in accordance with section 349 of the Act and the Disclosure Regulations as if - 

(a) it were confidential information within the meaning of section 348(2) of the Act; and

(b) the Bank were a primary recipient of the information.

    (3) The Bank may disclose companies information in accordance with Part IV of the Disclosure Regulations only with - 

(a) in the case of information disclosed as mentioned in paragraph (1)(a), the consent of the Secretary of State, or

(b) in the case of information disclosed as mentioned in paragraph (1)(b), the consent of the Department of Enterprise, Trade and Investment in Northern Ireland.

    (4) A person other than the Bank must not disclose such information under paragraph (2) except with the consent of - 

(a) in the case of information disclosed as mentioned in paragraph (1)(a), the consent of the Secretary of State, or

(b) in the case of information disclosed as mentioned in paragraph (1)(b), the consent of the Department of Enterprise, Trade and Investment in Northern Ireland.

Information supplied before commencement by the Building Societies Commission
     8.  - (1) This article applies to information ("transitional building societies information") - 

(a) disclosed before commencement by the Building Societies Commission to the Bank for the purpose of enabling or assisting the Bank to discharge its relevant functions; and

(b) which immediately before commencement was subject to the powers of disclosure conferred by section 87(3A)[7] of the Banking Act 1987, as that section had effect by virtue of paragraph 59 of Schedule 5 to the 1998 Act.

    (2) Transitional building societies information may be disclosed in accordance with section 349 of the Act and the Disclosure Regulations as if - 

(a) it were confidential information within the meaning of section 348(2) of the Act; and

(b) the Bank were a primary recipient of the information.

John Heppell

Nick Ainger
Two of the Lords Commissioners of Her Majesty's Treasury

8th November 2001

[2] 1998 c. 11.back

[3] S.I. 2001/2188, as amended by S.I. 2001/3437 and S.I. 2001/3624.back

[4] 1985 c. 6.back

[5] S.I. 1986/1032 (N.I. 6).back

[6] 1987 c. 22. The Banking Act 1987 was repealed by article 3 of the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001, S.I. 2001/3649.back

[7] Subsection (3A) was inserted by the Banking Coordination (Second Council Directive) Regulations 1992, S.I. 1992/3218, regulation 42.back