(This note is not part of the Regulations)

These Regulations specify the circumstances in which confidential information, within the meaning of section 91 of the Financial Services (Banking Reform) Act 2013 (c. 33) ("the Act"), may be disclosed. That section provides that, except as permitted by such regulations, confidential information must not be disclosed 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 relates to the business or other affairs of any person and was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Payment Systems Regulator ("the PSR") under Part 5 of 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 PSR; the Financial Conduct Authority; their current and former employees; their current or former service providers; auditors and experts instructed by them; persons appointed to make a report under section 82 of the Act; and persons appointed to conduct investigations under section 83 of the Act.

Disclosure of confidential information in breach of section 91 of the Act, or use of such information in breach of the Regulations, is an offence under section 93 of the Act.