Financial Services and Markets Bill - continued        House of Lords
PART XXIII, PUBLIC RECORD, DISCLOSURE OF INFORMATION AND CO-OPERATION - continued
Disclosure of information - continued

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Offences.     346. - (1) A person who discloses information in contravention of section 343 or 345(5) 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, in contravention of any provision of regulations made under section 344, he uses information which has been disclosed to him in accordance with the regulations.
 
      (4) A person is guilty of an offence if, in contravention of subsection (4) of section 345, he uses information which has been disclosed to him in accordance with that section.
 
      (5) A person guilty of an offence under subsection (3) or (4) 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.
 
      (6) 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 or that it had been disclosed in accordance with section 345;
 
    (b) that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.
Removal of other restrictions on disclosure.     347. - (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.
 
 
Co-operation
Authority's duty to co-operate with others.     348. - (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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