(1) This Part applies to information disclosed after commencement to the Bank -

(a) under subsection (1) of section 449 of the Companies Act 1985 [1985 c. 6.], or

(b) under paragraph (1) of Article 442 of the Companies (Northern Ireland) Order 1986 [S.I. 1986/1032 (N.I. 6).],

in its capacity as a competent authority under section 449(3) of that Act or Article 442(3) of that Order (as the case may be) ("companies information").

(2) Subject to paragraphs (3) and (4), companies information may be disclosed in accordance with section 349 of the Act and the Disclosure Regulations as if -

(a) it were confidential information within the meaning of section 348(2) of the Act; and

(b) the Bank were a primary recipient of the information.

(3) The Bank may disclose companies information in accordance with Part IV of the Disclosure Regulations only with the consent of the Secretary of State.