(This note is not part of the Regulations)

These Regulations specify the circumstances in which confidential information, within the meaning of the Financial Services and Markets Act 2000 (c. 8) ("the Act"), can be disclosed. Section 348 of the Act provides that - except as permitted by such regulations - 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 the person from whom the primary recipient obtained the information and (if different) the person to whom it relates. "Confidential information" is defined as information which -

(a) relates to the business or other affairs of any person; and

(b) was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Financial Services Authority ("the FSA"), the competent authority for the purposes of Part VI of the Act (official listing - currently the FSA) or the Secretary of State, under any provision made by or under the Act.

But information is not "confidential information" if it has previously been lawfully made available to the public, or is in the form of a summary or collection of information which is so framed that it is not possible to ascertain from it information relating to any particular person.

"Primary recipients" of confidential information are the FSA, the Secretary of State; persons employed by them, or auditors or experts instructed by them; or a person appointed to make a report under section 166 of the Act (reports by skilled persons).