Section 33AK of the Act of 1942 is amended -
(a) in subsection (4)(a)(ii), by the insertion of “or (5B) ” after “subsection (1A) ”,
(b) by the insertion of the following subsections after subsection (5):
“(5A) Subsection (5) shall not apply to confidential information received by the Bank in the performance of its functions as a competent authority designated as such for the purposes of the Payment Services Directive.
(5B) A person to whom subsection (1) applies shall not disclose confidential information concerning -
(a) the business of any person or body whether corporate or incorporate that has come to the person’s knowledge through the person’s office or employment with the Bank, or
(b) any matter arising in connection with the performance of the functions of the Bank or the exercise of its powers,
if such disclosure is required to be prohibited by the Payment Services Directive.
(5C) Subject to subsection (5B), the Bank may disclose confidential information received
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