(1) Confidential information must not be disclosed by a primary recipient, or by any person obtaining the information directly or indirectly from a primary recipient, without the consent of -

(a) the person from whom the primary recipient obtained the information; and

(b) if different, the person to whom it relates.

(2) In this Part "confidential information" means information which -(a) relates to the business or other affairs of any person;(b) was received by the primary recipient for the purposes of, or in the discharge of, any of the functions of the Bank of England under regulation 4 of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025;(c) is not prevented from being confidential information by subsection (4).

(2A) Where the primary recipient is a person appointed under section 377G to act as the manager of a write-down order, subsection (2)(b) has effect as if the reference to the discharge of functions of the FCA, PRA or Secretary of State were to the functions of that person.