The Scottish and Northern Ireland Banknote Regulations 2009

PART 5Information

Provision of information to the Bank of England

13.—(1) The rules may require authorised banks to provide the Bank of England with such information as it may reasonably require for the purpose of—

(a)exercising its functions under these Regulations or the rules; or

(b)verifying or monitoring a bank’s compliance with a provision of these Regulations or the rules.

(2) The rules may specify the period within which, and the form in which, the information is to be provided.

(3) No person may be required by rules made under paragraph (1) to supply information that the person could not be compelled to supply in evidence in civil proceedings in the High Court or, in Scotland, in the Court of Session.

Reports as to banknotes and backing assets

14.—(1) The rules may require an authorised bank to provide reports to the Bank of England in respect of its banknotes which—

(a)are in circulation;

(b)have the potential to enter circulation;

(c)are excluded banknotes;

(d)have been ordered from a printer;

(e)are in the course of being printed;

(f)have been printed;

(g)have been destroyed; or

(h)are being held on behalf of the bank otherwise than as bearer.

(2) The rules may require an authorised bank to provide reports to the Bank of England in respect of its backing assets.

(3) The rules may make provision—

(a)for the frequency with which such reports must be provided and the period to which they must relate; and

(b)for the reports to include an estimate of the value of any description of banknotes or backing assets, and the method by which such an estimate is to be obtained.

Independent reports

15.—(1) The rules may require an authorised bank to provide the Bank of England with a report by an independent auditor on—

(a)the accuracy of the information or reports provided in accordance with rules made under regulations 13 and 14; and

(b)the adequacy of the methods used by the bank to calculate or obtain the information or compile the reports.

(2) The rules may require an authorised bank to provide the Bank of England with a report on any matter about which the Bank of England has required or may require the provision of information or a report under rules made under regulation 13 or 14.

(3) A report under rules made under paragraph (2) must be made by a person who—

(a)is nominated or approved by the Bank of England; and

(b)appears to the Bank of England to have the skills necessary to make a report on the matter concerned.

(4) A report under rules made under paragraph (1) or (2) must—

(a)relate to such period as may be specified either in the rules or by notice by the Bank of England to the authorised bank; and

(b)satisfy such other requirements as may be specified in the rules.

Publication or disclosure by Bank of England of enforcement action

16.—(1) The Bank of England may publish or disclose details of—

(a)anything done in contravention of Part 6 of the Act (Banknotes: Scotland and Northern Ireland) or these Regulations or the rules;

(b)any action taken under—

(i)section 221 (offence: unlawful issue), 223 or 224 (application to court) of the Act, or

(ii)regulation 33 of, or Schedule 3 to, these Regulations,

and may include details of the reason for the action and its result.

(2) But the Bank of England must not publish details of any action taken under section 223 of the Act, regulation 33 or Schedule 3—

(a)before the end of a period of 3 months beginning with the relevant date; or

(b)until any judicial review brought by the authorised bank in respect of that action has been determined.

(3) For the purposes of paragraph (2)(a), the relevant date is—

(a)in a case where action has been taken under regulation 33 or Schedule 3, the date when the Bank of England has completed the process set out in the statement of policy published by it in accordance with paragraph 5(a) of Schedule 3;

(b)in a case where the Treasury has determined for the purposes of section 223(1)(b) of the Act that an authorised bank should no longer be permitted to issue banknotes in reliance on section 213 of the Act, the date when the bank receives the notice referred to in section 223(4) of the Act.

Permitted publication or disclosure of information

17.—(1) Information provided to the Bank of England in accordance with the rules may be published or disclosed by—

(a)the Bank of England, or any officer or servant of it; or

(b)any person obtaining the information directly or indirectly from the Bank of England,

in any of the circumstances mentioned in paragraph (2).

(2) The circumstances referred to in paragraph (1) are—

(a)the authorised bank has given its consent to the publication or disclosure;

(b)the information has been made available to the public from another source;

(c)the information is in the form of a summary or collection of information so framed as not to enable information relating to a particular authorised bank to be ascertained from it;

(d)the publication or disclosure is made for the purpose of enabling or assisting the Bank of England to discharge its functions under these Regulations;

(e)the disclosure is made with a view to the instigation of, or otherwise for the purposes of, any criminal proceedings;

(f)the disclosure is made with a view to the enforcement of any civil penalty imposed under regulation 33;

(g)the publication or disclosure is made in pursuance of any Community obligation;

(h)the disclosure is made to the Treasury or the Financial Services Authority, and the Bank of England considers that the disclosure would assist the Treasury or Financial Services Authority in the discharge of their functions under the Financial Services and Markets Act 2000(1) or, in the case of the Treasury, under the Act or these Regulations.

(3) The Treasury or the Financial Services Authority may, for the purpose of assisting them in the discharge of their functions under the Financial Services and Markets Act 2000 or, in the case of the Treasury, under the Act or these Regulations, publish or disclose information obtained by them under paragraph (2)(h).

Annual report by Bank of England

18.—(1) At least once a year the Bank of England must publish a report on the discharge of its functions under these Regulations.

(2) The Bank of England must send a copy of each such report to the Treasury.