The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2024
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) (Amendment) Regulations 2024 (the “Regulations”) were laid before Parliament on 10 December 2024 and came into force on 1 January 2025.
The Regulations amend the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2016 (the “2016 Regulations”) to extend the scope of the offence of disclosing confidential information to include information that is held by a person in connection with their employment or other occupation.
The 2016 Regulations prohibited the disclosure of confidential information obtained in the course of carrying out a regulated activity. The Regulations extend this prohibition to include information that is held by a person in connection with their employment or other occupation, even if that information is not obtained in the course of carrying out a regulated activity.
The Regulations also introduce a new defence to the offence of disclosing confidential information. The defence is available to a person who discloses confidential information in order to prevent or mitigate a serious threat to the public interest.
The Regulations are a welcome step in protecting confidential information. The extension of the offence of disclosing confidential information to include information that is held by a person in connection with their employment or other occupation will help to ensure that confidential information is not misused. The introduction of a new defence to the offence of disclosing confidential information will also provide protection for whistleblowers who disclose confidential information in order to protect the public interest.
Key Points
- The Regulations extend the scope of the offence of disclosing confidential information to include information that is held by a person in connection with their employment or other occupation.
- The Regulations introduce a new defence to the offence of disclosing confidential information. The defence is available to a person who discloses confidential information in order to prevent or mitigate a serious threat to the public interest.
- The Regulations are a welcome step in protecting confidential information.
Implications
The Regulations have a number of implications for businesses and individuals. Businesses should review their policies and procedures to ensure that they are compliant with the Regulations. Individuals should be aware of the new offence of disclosing confidential information and the new defence to the offence.
Further Information
Further information on the Regulations can be found on the website of the Financial Conduct Authority: www.fca.org.uk/
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