(1) Section 348 does not prevent a disclosure of confidential information which is -

(a) made for the purpose of facilitating the carrying out of a public function; and

(b) permitted by regulations made by the Treasury under this section.

(1A) Section 348 does not prevent a disclosure of confidential information which is made by the Bank of England to the Treasury for the purposes of, or in discharge of, any of its functions under regulation 4 of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025.

(2) The regulations may, in particular, make provision permitting the disclosure of confidential information or of confidential information of a prescribed kind -

(a) by prescribed recipients, or recipients of a prescribed description, to any person for the purpose of enabling or assisting the recipient to discharge prescribed public functions;