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Financial Services and Markets Bill - continued        House of Lords
Disclosure of information - continued

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Removal of other restrictions on disclosure.     346. - (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.
Authority's duty to co-operate with others.     347. - (1) The Authority must take such steps as it considers appropriate to co-operate with other persons (whether in the United Kingdom or elsewhere) who have functions-
    (a) similar to those of the Authority; or
    (b) in relation to the prevention or detection of financial crime.
      (2) Co-operation may include the sharing of information which the Authority is not prevented from disclosing.
      (3) "Financial crime" has the same meaning as in section 6.
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