You are here: Parliament home page > Parliamentary business > Bills and legislation > Bills before Parliament > Commons Bill
Financial Services and Markets Bill - continued        House of Commons
back to previous text
 
  PART XXI
  PUBLIC RECORD AND DISCLOSURE OF INFORMATION
 
The public record
The record of authorised persons etc.     311. - (1) The Authority must maintain a record of every-
 
 
    (a) person who appears to the Authority to be an authorised person;
 
    (b) authorised unit trust scheme;
 
    (c) authorised open-ended investment company;
 
    (d) recognised scheme;
 
    (e) recognised investment exchange;
 
    (f) recognised clearing house;
 
    (g) individual to whom a prohibition order relates; and
 
    (h) person falling within such other class (if any) as the Authority may determine.
      (2) The record must include such information as the Authority considers appropriate and at least the following information-
 
 
    (a) in the case of a person appearing to the Authority to be an authorised person-
 
      (i) information as to the services which he holds himself out as able to provide; and
 
      (ii) any address of which the Authority is aware at which a notice or other document may be served on him;
 
    (b) in the case of an authorised unit trust scheme, the name and address of the manager and trustee of the scheme;
 
    (c) in the case of an authorised open-ended investment company, the name and address of-
 
      (i) the company;
 
      (ii) if it has only one director, the director; and
 
      (iii) its depositary (if any);
 
    (d) in the case of a recognised scheme, the name and address of-
 
      (i) the operator of the scheme; and
 
      (ii) any representative of the operator in the United Kingdom;
 
    (e) in the case of a recognised investment exchange or recognised clearing house, the name and address of the exchange or clearing house;
 
    (f) in the case of an individual to whom a prohibition order relates-
 
      (i) his name; and
 
      (ii) details of the effect of the order.
      (3) If it appears to the Authority that a person in respect of whom there is an entry in the record as a result of one of the paragraphs of subsection (1) has ceased to be a person to whom that paragraph applies, the Authority may remove the entry from the record.
 
      (4) But if the Authority decides not to remove the entry, it must-
 
 
    (a) make a note to that effect in the record; and
 
    (b) state why it considers that the person has ceased to be a person to whom that paragraph applies.
      (5) The Authority must-
 
 
    (a) make the record available for inspection by members of the public in a legible form at such times and in such place or places as the Authority may determine; and
 
    (b) provide a certified copy of the record, or any part of it, to any person who asks for it-
 
      (i) on payment of the fee (if any) fixed by the Authority; and
 
      (ii) in a form (either written or electronic) in which it is legible to the person asking for it.
      (6) The Authority may-
 
 
    (a) publish the record, or any part of it;
 
    (b) exploit commercially the information contained in the record, or any part of that information.
      (7) "Authorised unit trust", "authorised open-ended investment company" and "recognised scheme" have the same meaning as in Part XVI, and associated expressions are to be read accordingly.
 
 
Disclosure of information
Restrictions on disclosure of confidential information by Authority etc.     312. - (1) Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of-
 
 
    (a) the person from whom the primary recipient obtained the information; and
 
    (b) if different, the person to whom it relates.
      (2) In this Part "confidential information" means information which-
 
 
    (a) relates to the business or other affairs of any person;
 
    (b) was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Authority, the competent authority for the purposes of Part VI or the Secretary of State under this Act or any rules or regulations made under it; and
 
    (c) is not prevented from being confidential information by subsection (4).
      (3) It is immaterial for the purposes of subsection (2) whether or not the information was received-
 
 
    (a) by virtue of a requirement to provide it imposed by or under this Act;
 
    (b) for other purposes as well as purposes mentioned in that subsection.
      (4) Information is not confidential information if-
 
 
    (a) it 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; or
 
    (b) it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.
      (5) Each of the following is a primary recipient for the purposes of this Part-
 
 
    (a) the Authority;
 
    (b) any person exercising functions conferred by Part VI on the competent authority;
 
    (c) the Secretary of State;
 
    (d) a person appointed to make a report under section 138;
 
    (e) any person who is or has been employed by a person mentioned in paragraphs (a) to (c);
 
    (f) any auditor or expert instructed by a person mentioned in those paragraphs.
      (6) In subsection (5)(f) "expert" includes-
 
 
    (a) a competent person appointed by the Authority or the Secretary of State to conduct an investigation under Part X;
 
    (b) any body or person appointed under paragraph 6 of Schedule 1 to perform a function on behalf of the Authority.
Exceptions from section 312.     313. - (1) Section 312 does not prevent a disclosure of confidential information which is permitted by regulations made by the Treasury under this section.
 
      (2) The regulations may, in particular, make provision permitting the disclosure of confidential information or of confidential information of a prescribed kind-
 
 
    (a) by prescribed recipients, or recipients of a prescribed description, to any person for the purpose of enabling or assisting the recipient to discharge prescribed functions;
 
    (b) 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 functions;
 
    (c) by the Authority to the Treasury or the Secretary of State for any purpose;
 
    (d) by any recipient if the disclosure is-
 
      (i) with a view to or in connection with prescribed proceedings;
 
      (ii) in pursuance of prescribed obligations; or
 
      (iii) for prescribed purposes.
      (3) The regulations may also include provision-
 
 
    (a) making any permission to disclose confidential information subject to conditions (which may relate to the obtaining of consents or any other matter);
 
    (b) restricting the uses to which confidential information disclosed under the regulations may be put.
      (4) In relation to confidential information, each of the following is a "recipient"-
 
 
    (a) a primary recipient;
 
    (b) a person obtaining the information directly or indirectly from a primary recipient.
Disclosure of information by the Inland Revenue.     314. - (1) No obligation as to secrecy imposed by statute or otherwise prevents the disclosure of Revenue information to-
 
 
    (a) the Authority, or
 
    (b) the Secretary of State,
  if the disclosure is made for the purpose of assisting in the investigation of a matter under section 140 or with a view to the appointment of an investigator under that section.
 
      (2) A disclosure may only be made under subsection (1) by or under the authority of the Commissioners of Inland Revenue.
 
      (3) Section 312 does not apply to Revenue information.
 
      (4) Revenue information obtained under this section may not be used except-
 
 
    (a) for the purpose of deciding whether to appoint an investigator under section 140;
 
    (b) in the conduct of an investigation under section 140;
 
    (c) in criminal proceedings brought against a person under this Act or the Criminal Justice Act 1993 as a result of an investigation under section 140;
 
    (d) for the purpose of taking action under this Act against a person as a result of an investigation under section 140;
 
    (e) in proceedings before the Tribunal as a result of action taken as mentioned in paragraph (d).
      (5) Revenue information obtained under this section may not be disclosed except-
 
 
    (a) by or under the authority of the Commissioners of Inland Revenue;
 
    (b) in proceedings mentioned in subsection (4)(c) or (e) or with a view to their institution.
      (6) Subsection (5) does not prevent the disclosure of Revenue information to a person to whom it could have been disclosed under subsection (1).
 
      (7) "Revenue information" means information held by a person which it would be an offence under section 182 of the Finance Act 1989 for him to disclose.
 
Offences.     315. - (1) A person who discloses information in contravention of section 312 is guilty of an offence.
 
      (2) A person guilty of an offence under subsection (1) is liable-
 
 
    (a) on summary conviction, to imprisonment for a term not exceeding three months or a fine not exceeding the statutory maximum, or both;
 
    (b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
      (3) A person is guilty of an offence if, on the disclosure to him of confidential information under regulations made under section 313, he uses the information in contravention of any provision of the regulations.
 
      (4) A person guilty of an offence under subsection (3) is liable on summary conviction to imprisonment for a term not exceeding three months or a fine not exceeding level 5 on the standard scale, or both.
 
      (5) In proceedings for an offence under this section it is a defence for the accused to prove-
 
 
    (a) that he did not know and had no reason to suspect that the information was confidential information;
 
    (b) that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.
Removal of other restrictions on disclosure.     316. - (1) The Treasury may make regulations permitting the disclosure of any information, or of information of a prescribed kind-
 
 
    (a) by prescribed persons for the purpose of assisting or enabling them to discharge prescribed functions under this Act or any rules or regulations made under it;
 
    (b) by prescribed persons, or persons of a prescribed description, to the Authority for the purpose of assisting or enabling the Authority to discharge prescribed functions.
      (2) Regulations under this section may not make any provision in relation to the disclosure of confidential information by primary recipients or by any person obtaining confidential information directly or indirectly from a primary recipient.
 
      (3) If a person discloses any information as permitted by regulations under this section the disclosure is not to be taken as a contravention of any duty to which he is subject.
 
 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries
© Parliamentary copyright 1999
Prepared 14 December 1999