Banking Act 1987 (repealed)

84 Obstruction of investigations. U.K.

(1)Section 82 above does not preclude the disclosure by the [F1Authority] of information to any person specified in the first column of the following Table if the [F1Authority] considers that the disclosure would enable or assist that person to discharge the functions specified in relation to him in the second column of that Table.

(2)The Treasury may after consultation with the [F32Authority] by order amend the Table in subsection (1) above by—

(a)adding any person exercising regulatory functions and specifying functions in relation to that person;

(b)moving any person for the time being specified in the Table; or

(c)altering the functions for the time being specified in the Table in relation to any person;

and the Treasury may also after consultation with the [F32Authority] by order restrict the circumstances in which, or impose conditions subject to which, disclosure is permitted in the case of any person for the time being specified in the Table.

(3)An order under subsection (2) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(4)Section 82 above does not preclude the disclosure by any person specified in the first column of the Table in subsection (1) above of information obtained by him by virtue of that subsection if he makes the disclosure with the consent of the [F32Authority] and for the purpose of enabling or assisting him to discharge any functions specified in relation to him in the second column of that Table; and before deciding whether to give its consent to such a disclosure by any person the [F32Authority] shall take account of such representations made by him as to the desirability of or the necessity for the disclosure.

[F33(5)Section 82 above does not preclude the disclosure by the [F32Authority] of information to the Treasury if disclosure appears to the [F32Authority] to be—

(a)desirable or expedient in the interests of depositors; or

(b)in the public interest,

and (in either case) in accordance with article 12(7) of the First Council Directive F34.

(5A)Section 82 above does not preclude the disclosure by the [F32Authority] of information to the Secretary of State for purposes other than those specified in relation to him in subsection (1) above if the disclosure is made with the consent of the Treasury and—

(a)the information relates to an authorised institution or former authorised institution and does not enable the financial affairs of any other identifiable person to be ascertained and disclosure appears to the [F32Authority] to be necessary in the interests of depositors or in the public interest; or

(b)in any other case, disclosure appears to the [F32Authority] to be necessary in the interests of depositors;

and (in either case) disclosure appears to the [F32Authority] to be in accordance with article 12(7) of the First Council Directive.]

(6)Section 82 above does not preclude the disclosure of information for the purpose of enabling or assisting an authority in a country or territory outside the United Kingdom to exercise—

(a)functions corresponding to those of—

(i)the [F32Authority] under this Act [F35or the Banking Coordination (Second Council Directive) Regulations 1992];

(ii)the Secretary of State [F36or the Treasury]under the M7Insurance Companies Act 1982, Part XIII of the M8Insolvency Act 1986 or the M9Financial Services Act 1986; or

(iii)the competent authority under Part IV of the Financial Services Act 1986;

(b)functions in connection with rules of law corresponding to any of the provisions of [F37Part V of the Criminal Justice Act 1993 (insider dealing)] or Part VII of the M10Financial Services Act 1986; F38. . .

(c)supervisory functions in respect of bodies carrying on business corresponding to that of building societies.

[F40(7)Subsection (6) above does not apply in relation to disclosures to an authority which is not a supervisory authority in another member State unless the [F32Authority] is satisfied that the authority is subject to restrictions on further disclosures at least equivalent to those imposed by this Part of this Act.

(8)Information which is disclosed to a person in pursuance of subsection (1), (4) or (6) above shall not be used otherwise than for the purpose mentioned in that subsection.

(9)Any person who uses information in contravention of subsection (8) above shall be liable on summary conviction to imprisonment for a term not exceeding three months or to a fine not exceeding the fifth level on the standard scale or to both.

(10)[F41Subject to subsection (11) below,]Any reference in this section to enabling or assisting any person to discharge or exercise any functions is a reference to enabling or assisting that person to discharge or exercise those functions in relation to—

(a)a financial market; F42. . .

(b)persons carrying on the business of banking or insurance, Consumer Credit Act businesses or the business of providing other financial services; [F43or

(c)persons involved in the operation of occupational pension schemes (within the meaning of the Pension Schemes Act 1993 or, in Northern Ireland, the Pension Schemes (Northern Ireland) Act 1993)]

and in this subsection ’Consumer Credit Act business’ has the same meaning as in the Banking Coordination (Second Council Directive) Regulations 1992.]

[F44(11)Subsection (10) above shall not apply in relation to references to enabling or assisting the discharge or exercise of the following functions, namely—

(a)functions of the Secretary of State under Part XIV of the Companies Act 1985, Part XIII of the Insolvency Act 1986 or Part II of the Companies Act 1989 or, so far as relating to the breach of any law relating to companies, under section 83 of the Companies Act 1989;

(b)functions of an inspector under Part XIV of the Companies Act 1985 or, so far as relating to offences involving securities of a company, under section 177 of the Financial Services Act 1986;

(b)functions of a person authorised to exercise powers under section 84 of the Companies Act 1989, so far as relating to the breach of any law relating to companies;

(d)functions of a recognised clearing house (within the meaning of the Financial Services Act 1986);

(e)functions of a person approved under the Uncertificated Securities Regulations 1995 as an operator of a relevant system (within the meaning of those Regulations);

(f)functions of a recognised supervisory body (within the meaning of Part II of the Companies Act 1989);

(g)functions of a recognised professional body (within the meaning of section 391 of the Insolvency Act 1986);

(h)functions of the Department of Economic Development in Northern Ireland under Part XV of the Companies (Northern Ireland) Order 1986, Part XII of the Insolvency (Northern Ireland) Order 1989 or Part III of the Companies (Northern Ireland) Order 1990;

(i)functions of an inspector under Part XV of the Companies (Northern Ireland) Order 1986;

(j)functions of a recognised professional body (within the meaning of Article 350 of the Insolvency (Northern Ireland) Order 1989);

(k)functions of a recognised supervisory body (within the meaning of Part III of the Companies (Northern Ireland) Order 1990);

(l)functions of a supervisory authority in another EEA State in its capacity as a supervisor of systems for the transfer of funds between credit institutions and their customers.

(12)In this section ’another EEA State’ means a State other than the United Kingdom which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2nd May 1992 as adjusted by the Protocol signed at Brussels on 17th March 1993.]