Financial Services and Markets Bill - continued        House of Lords

back to previous text
 
  PART XXIII
  PUBLIC RECORD, DISCLOSURE OF INFORMATION AND CO-OPERATION
 
The public record
The record of authorised persons etc.     342. - (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 XVII, and associated expressions are to be read accordingly.
 
 
Disclosure of information
Restrictions on disclosure of confidential information by Authority etc.     343. - (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 162;
 
    (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 competent authority under section 95;
 
    (b) a competent person appointed by the Authority or the Secretary of State to conduct an investigation under Part XI;
 
    (c) any body or person appointed under paragraph 6 of Schedule 1 to perform a function on behalf of the Authority.
Exceptions from section 343.     344. - (1) Section 343 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.     345. - (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 164 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 343 does not apply to Revenue information.
 
      (4) Information obtained as a result of subsection (1) may not be used except-
 
 
    (a) for the purpose of deciding whether to appoint an investigator under section 164;
 
    (b) in the conduct of an investigation under section 164;
 
    (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 164;
 
    (d) for the purpose of taking action under this Act against a person as a result of an investigation under section 164;
 
    (e) in proceedings before the Tribunal as a result of action taken as mentioned in paragraph (d).
      (5) Information obtained as a result of subsection (1) 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 information obtained as a result of subsection (1) 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.
 
 
previous section contents continue
 
House of Lords home page Houses of Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 2000
Prepared 31 March 2000