Part XIVU.K. Investigation of Companies and Their Affairs; Requisition of Documents

Requisition and seizure of books and papersU.K.

449 Provision for security of information obtained. U.K.

(1)No information or document relating to a [F1body][F1company] which has been obtained under section 447 . . . F2 shall, without the previous consent in writing of that [F1body][F1company], be published or disclosed, except to a competent authority, unless the publication or disclosure is required—

[F3(a)with a view to the institution of or otherwise for the purposes of criminal proceedings;]

[F4(ba)with a view to the institution of, or otherwise for the purposes of, any proceedings on an application under [F5section 6, 7 or 8 of the Company Directors Disqualification Act 1986],]

[F6(c)for the purposes of the examination of any person by inspectors appointed under section 431, 432, 442 or 446 in the course of their investigation,]

[F6(c)for the purposes of enabling or assisting any inspector appointed under this Part, or under section 94 or 177 of the Financial Services Act 1986, to discharge his functions;]

[F7(cc)for the purpose of enabling or assisting any person authorised to exercise powers under section 44 of the Insurance Companies Act 1982, section 447 of this Act, section 106 of the Financial Services Act 1986 or section 84 of the Companies Act 1989 to discharge his functions;]

[F8(d)for the purpose of enabling or assisting the Secretary of State to exercise any of his functions under this Act, the Insider Dealing Act, [F9the Prevention of Fraud (Investments) Act M11958], the Insurance Companies Act M21982, the Insolvency Act M31986, the Company Directors Disqualification Act M41986 [F10or the Financial Services Act M51986][F10, the Financial Services Act 1986 or Part II, III or VII of the Companies Act 1989,].]

[F8(dd)for the purpose of enabling or assisting the Department of Economic Development for Northern Ireland to exercise any powers conferred on it by the enactments relating to companies or insolvency or for the purpose of enabling or assisting any inspector appointed by it under the enactments relating to companies to discharge his functions]

[F11(e)for the purposes of proceedings under section 448.]

[F12(f)for the purpose of enabling or assisting the Bank of England to discharge its functions under [F13the Banking Act 1987] or any other functions,

(g)for the purpose of enabling or assisting the Deposit Protection Board to discharge its functions under that Act,

(h)for any purpose mentioned in section 180(1)(b), (e), (h), [F14(n) or (p)][F14or (n)] of the Financial Services Act 1986,

[F15(hh)for the purpose of enabling or assisting a body established by order under section 46 of the Companies Act 1989 to discharge its functions under Part II of that Act, or of enabling or assisting a recognised supervisory or qualifying body within the meaning of that Part to discharge its functions as such;]

(i)for the purpose of enabling or assisting the Industrial Assurance Commissioner or the Industrial Assurance Commissioner for Northern Ireland to discharge his functions under the enactments relating to industrial assurance,

(j)for the purpose of enabling or assisting the Insurance Brokers Registration Council to discharge its functions under the Insurance Brokers (Registration) Act M61977,

(k)for the purpose of enabling or assisting an official receiver to discharge his functions under the enactments relating to insolvency or for the purpose of enabling or assisting a body which is for the time being a recognised professional body for the purposes of section 391 of the Insolvency Act 1986 to discharge its functions as such,

(l)with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the exercise by a solicitor, auditor, accountant, valuer or actuary of his professional duties,

[F16(ll)with a view to the institution of, or otherwise for the purposes of, any disciplinary proceedings relating to the discharge by a public servant of his duties;]

[F17(m)for the purpose of enabling or assisting an overseas regulatory authority to exercise its regulatory functions.]

(m)for the purpose of enabling or assisting an authority in a country or territory outside the United Kingdom to exercise corresponding supervisory functions.]

[F18[F19(1A)In subsection (1)—

(a)in paragraph (ll) “public servant” means an officer or servant of the Crown or of any public or other authority for the time being designated for the purposes of that paragraph by the Secretary of State by order made by statutory instrument; and

(b)in paragraph (m) “overseas regulatory authority” and “regulatory functions” have the same meaning as in section 82 of the Companies Act 1989.]

(1B)Subject to subsection (1C), subsection (1) shall not preclude publication or disclosure for the purpose of enabling or assisting any public or other authority for the time being [F20designated for the purposes of this subsection] by the Secretary of State by an order in a statutory instrument to discharge any functions which are specified in the order.

(1C)An order under subsection (1B) designating an authority for the purpose of that subsection may—

(a)impose conditions subject to which the publication or disclosure of any information or document is permitted by that subsection; and

(b)otherwise restrict the circumstances in which that subsection permits publication or disclosure.

(1D)Subsection (1) shall not preclude the publication or disclosure of any such information as is mentioned in section 180(5) of the Financial Services Act 1986 by any person who by virtue of that section is not precluded by section 179 of that Act from disclosing it.]

(2)A person who publishes or discloses any information or document in contravention of this section is guilty of an offence and liable to imprisonment or a fine, or both.

[F22[F23(3)For the purposes of this section each of the following is a competent authority—

(a)the Secretary of State,

(b)an inspector appointed under this Part or under section 94 or 177 of the Financial Services Act 1986,

(c)any person authorised to exercise powers under section 44 of the Insurance Companies Act 1982, section 447 of this Act, section 106 of the Financial Services Act 1986 or section 84 of the Companies Act 1989,

(d)the Department of Economic Development in Northern Ireland,

(e)the Treasury,

(f)the Bank of England,

(g)the Lord Advocate,

(h)the Director of Public Prosecutions, and the Director of Public Prosecutions for Northern Ireland,

(i)any designated agency or transferee body within the meaning of the Financial Services Act 1986, and any body administering a scheme under section 54 of or paragraph 18 of Schedule 11 to that Act (schemes for compensation of investors),

(j)the Chief Registrar of friendly societies and the Registrar of Friendly Societies for Northern Ireland,

(k)the Industrial Assurance Commissioner and the Industrial Assurance Commissioner for Northern Ireland,

(l)any constable,

(m)any procurator fiscal.

(3A)Any information which may by virtue of this section be disclosed to a competent authority may be disclosed to any officer or servant of the authority.]]

[F22(4)A statutory instrument containing an order under [F24subsection (1A)(a) or (1B)] is subject to annulment in pursuance of a resolution of either House of Parliament.]