(1) Subject to paragraph (2), confidential information must not be disclosed by any of the following (each a "primary recipient") -

(a) the FCA;

(b) any person who is or has been an officer of the FCA;

(c) a skilled person;

(d) any person who is or has been employed by a skilled person,

or by any person obtaining the information directly or indirectly from a primary recipient.

(2) This regulation does not prevent disclosure where the disclosure -

(a) has the consent of -

(i) the person from whom the primary recipient obtained the information; and

(ii) if different, the person to whom it relates;

(b) is made in accordance with regulation 12;

(c) is made by a skilled person to the FCA (and the FCA is then treated for the purposes of paragraph (1) as a person obtaining the information from a primary recipient); or

(d) is required by law.