Section 349: Exceptions from section 348., Financial Services and Markets Act 2000

Section 348 does not prevent a disclosure of confidential information which is—

made for the purpose of facilitating the carrying out of a public function; and

permitted by regulations made by the Treasury under this section.

The regulations may, in particular, make provision permitting the disclosure of confidential information or of confidential information of a prescribed kind—

by prescribed recipients, or recipients of a prescribed description, to any person for the purpose of enabling or assisting the recipient to discharge prescribed public functions;

by prescribed recipients, or recipients of a prescribed description, to prescribed persons, or persons of prescribed descriptions, for the purpose of enabling or assisting those persons to discharge prescribed public functions;

by the FCA or the PRA to the Treasury or the Secretary of State for any purpose;

by any recipient if the disclosure is with a view to or in connection with prescribed proceedings.

The regulations may also include provision—

making any permission to disclose confidential information subject to conditions (which may relate to the obtaining of consents or any other matter);

restricting the uses to which confidential information disclosed under the regulations may be put.

Section 348 does not apply to—

the disclosure by the Panel on Takeovers and Mergers of confidential information disclosed to it by the FCA or the PRA in reliance on subsection (1);

the disclosure of such information by a person obtaining it directly or indirectly from the Panel on Takeovers and Mergers.

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In relation to confidential information, each of the following is a "recipient"—

a primary recipient;

a person obtaining the information directly or indirectly from a primary recipient.

"Public functions" includes—

functions conferred by or in accordance with any provision contained in any enactment or subordinate legislation;

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similar functions to those referred to in paragraph (a) conferred on persons by or under provisions having effect as part of the law of a country or territory outside the United Kingdom;

functions exercisable in relation to prescribed disciplinary proceedings.

"Enactment" includes—

an Act of the Scottish Parliament;

Northern Ireland legislation.

"Subordinate legislation" has the meaning given in the Interpretation Act 1978 and also includes an instrument made under an Act of the Scottish Parliament or under Northern Ireland legislation.

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Section 349: Exceptions from section 348.

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