(This note is not part of the Order)

This Order is consequential on the repeal of sections 86 and 87 of the Banking Act 1987 ("the Banking Act"). Those sections, as they had effect by virtue of the modifications made by section 36 of, and paragraphs 57 and 59 of Schedule 5 to, the Bank of England Act 1998, regulated the disclosure of certain kinds of confidential information obtained by the Bank of England ("the Bank").

Part II of this Order makes provision in relation to information supplied by overseas regulatory authorities, or obtained in another member State, for the purposes of the Bank’s functions as a monetary authority and its functions in relation to overseeing payment systems. Article 3 provides that information of that kind is to be treated in the same way as confidential information within the meaning of section 348(2) of the Financial Services and Markets Act 2000 ("FMSA"), and is therefore subject to disclosure in accordance with the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 ('the Disclosure Regulations'). Article 4 modifies those Regulations as they have effect (by virtue of article 3) in relation to information of that kind which is subject to restrictions on disclosure under the relevant EC directive. These articles replace the provision made by section 86 of the Banking Act (as modified).