Statutory Instruments
2010 No. 828
Banks And Banking
F1The Banking Act 2009 (... Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010
Made
17th March 2010
Laid before Parliament
18th March 2010
Coming into force
9th April 2010
The Treasury make these Regulations in exercise of the powers conferred by sections 204(6), 204(8) and 259(1) of the Banking Act 2009(1).
Citation and commencementI1
F21. These Regulations may be cited as the Banking Act 2009 (... Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010 and shall come into force on 9th April 2010.
InterpretationI2
2. In these Regulations—
“the Act” means the Banking Act 2009 ;
“public authority” means any body or person discharging functions of a public nature;
“specified information” means information obtained by the Bank of England by virtue of section 204(1) of the Act.
Disclosure of specified informationI3
3.—(1) The Bank of England may disclose specified information—
(a)to the persons referred to in regulation 4, 5 or 6 for any of the purposes specified in those regulations;
(b)to any person—
(i)F3,F3where necessary for any other purposes in connection with the Bank of England’s functions as an overseer of ... payment systems [F4and service providers in relation to such systemsF4] (whether under Part 5 of the Act (... payment systems) or otherwise), or
(ii)in any case where the information has already lawfully entered the public domain.
(2) Paragraph (1)(a) overrides a contractual or other requirement to keep information in confidence.
(3) The Bank of England may only disclose specified information under paragraph (1)(b)(i)—
(a)with the consent of the person from whom the Bank of England obtained the information and, if different, the person to whom the information relates, or
(b)where the information is in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.
(4) Paragraph (1) is without prejudice to any other power to disclose information.
Disclosure of specified information: criminal investigations and proceedingsI4
4. The Bank of England may disclose specified information to a public authority—
(a)for the purposes of, or in connection with, any criminal investigation which is being, or may be, carried out in the United Kingdom;
(b)for the purposes of, or in connection with, any criminal proceedings which have been, or may be, initiated in the United Kingdom;
(c)for the purposes of, or in connection with, any proceedings which have been, or may be, brought under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 (confiscation)(2);
(d)for the purposes of bringing to an end any investigation or proceedings referred to in paragraphs (a), (b) or (c), or of facilitating a determination of whether it or they should be brought to an end.
Disclosure of specified information: investigations and proceedings which may result in the imposition of civil penaltiesI5
5. The Bank of England may disclose specified information to a public authority—
(a)for the purposes of, or in connection with, any investigation which may result in the imposition of civil penalties, which is being, or may be, carried out in the United Kingdom;
(b)for the purposes of, or in connection with, any proceedings which may result in the imposition of civil penalties, which have been, or may be, initiated in the United Kingdom;
(c)for the purposes of bringing to an end any investigation or proceedings referred to in paragraph (a) or (b), or of facilitating a determination of whether it or they should be brought to an end.
Disclosure of specified information to other personsI6
6. The Bank of England may disclose specified information to a person listed in the table in the Schedule for the purposes of enabling or assisting that person to discharge the functions specified in relation to that person in the second column of the table.
Publication of specified informationI7
F57.—(1) The Bank of England may publish specified information to the extent that publication is necessary for any purpose in connection with its functions as an overseer of ... payment systems [F6and service providers in relation to such systemsF6] (whether under Part 5 of the Act or otherwise)—
(a)where the information has already lawfully entered the public domain,
(b)with the consent of the person from whom the Bank of England obtained the information and, if different, the person to whom the information relates, or
(c)where the information is published in the form of a summary or collection of information so framed as not to enable information relating to any particular person to be ascertained from it.
(2) Where the specified information relates to a person who—
(a)is, or has applied to become, a recognised investment exchange within the meaning of section 285 of the Financial Services and Markets Act 2000 (exemption for recognised investment exchanges [F7, clearing houses and CSDsF7] )(3), [F8orF8]
F9(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)has, or has applied for, permission under Part 4 of that Act (permission to carry on regulated activities)(4),
before publishing that information, the Bank of England must consult the [F10the relevant regulatorF10] .
[F11 (3) In this regulation, “the relevant regulator” means—
(a)in relation to a person who has, or who has applied for, permission under Part 4A of the Financial Services and Markets Act 2000 to carry on a PRA-regulated activity (within the meaning of that Act), the Financial Conduct Authority and the Prudential Regulation Authority;
(b)in any other case, the Financial Conduct Authority.F11]
Frank Roy
Tony Cunningham
Two of the Lords Commissioners of Her Majesty’s Treasury
17th March 2010
Regulation 6
SCHEDULE Persons to whom the Bank of England may disclose specified information for specified purposes I8
| Body | Functions |
|---|---|
| European Commission | Any of its functions. |
| The body known as the Panel on Takeovers and Mergers | Any of its functions. |
| The [F12Competition and Markets AuthorityF12] | Any of its functions. |
| F13 . . . | F13 . . . |
| The Department of Enterprise, Trade and Investment in Northern Ireland | Its functions under— (a) Part 5 of the Companies (No 2) (Northern Ireland) Order 1990 (financial markets and insolvency)(5); (b) any other enactment in so far as it relates to the supervision of— (i) former authorised persons or persons who have carried on former regulated activities; or (ii) persons carrying on, or who have carried on, regulated activities. |
| A person appointed by the Treasury to hold an inquiry into matters relating to financial services (including an inquiry under [F14section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries)F14] ), or an officer or member of staff of such an inquiry. | His or her functions for the purposes of carrying out the inquiry and reporting to the Treasury. |
| [F15 The investigator appointed under section 84 of the Financial Services Act 2012. | His or her functions as such.F15] |
| [F16 The Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013 | Any of its functionsF16] |
2002 c. 29. Part 2 (confiscation: England and Wales), Part 3 (confiscation: Scotland) and Part 4 (confiscation: Northern Ireland) have been subject to amendment.
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) specifies the kinds of activities which are regulated activities for the purposes of the Financial Services and Markets Act 2000. Section 19 of that Act prohibits persons who are not authorised or exempt from carrying on any regulated activity in the UK.
S.I. 1990/1504 (N.I. 10). Articles 80, 82, 83, 85 and 95 amended by SR (NI) 1991/443. Articles 81, 84, 90 and 97 amended by S.I. 2005/1455 (N.I. 10). Articles 85, 89, 90 92, 98, 103, 105, 106, 111 and 112 amended by S.I. 2001/3649. Articles 91 and 93 repealed by S.I. 2001/3649. Article 104 amended by paragraph 23 of Schedule 3 to S.I. 2001/3929.