Clause 47

by deleting subsection (1) and substituting the following subsection:“(1) Subject to subsection (5), a person falling within any description of persons prescribed by regulations made under section 105P (called in this section a prescribed person) must —

at such times and frequency as may be prescribed by those regulations or as the Comptroller may in any particular case allow; and

in such form and manner as may be prescribed by those regulations or as the Comptroller may in any particular case allow,provide the Comptroller, or such other person as may be authorised by the Comptroller, information of a description prescribed by those regulations.”;

by deleting the words “duty of secrecy” in subsection (2) and substituting the words “duty not to collect, use or disclose that information”;

by deleting subsection (3) and substituting the following subsection:“(3) A prescribed person who in good faith and with reasonable care does any act for the purpose of complying with subsection (1) is not to be treated as being in breach of any duty mentioned in subsection (2).”;

by inserting, immediately after the words “in good faith” in subsection (4)(a) and (b), the words “and with reasonable care”; and

by inserting, immediately after the word “and” in subsection (4)(b), the words “for the purpose of, or”.