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Disclosure of interests
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30. (1) This section applies where a person specified in subsection (2) has an interest in connection with a regulator matter.
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(2) Those persons are—
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(a) a member of the regulator,
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(b) a member of a committee of the regulator,
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(c) the chief executive,
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(d) another member of staff of the regulator, and
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(e) any person engaged by the regulator (whether as authorised officer, consultant, adviser or otherwise).
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(3) Where this section applies, the person who has the interest in connection with a regulator matter—
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(a) shall (subject to subsection (6)) disclose the nature of the interest to the regulator in advance of any consideration of the matter (and, in the case of a person listed in subsection (2)(a) to (c), disclosure shall be made at a meeting of the regulator and the particulars shall be recorded in the minutes of the meeting),
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(b) may neither influence nor seek to influence a decision relating to the matter,
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(c) may not take part in any consideration of the matter (and is not to be counted in the quorum for the meeting in respect of that consideration), and
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(d) in the case of a person listed in subsection (2)(a) to (c), shall withdraw from any meeting while the matter is being discussed or considered.
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(4) A person is to be treated as having an interest in connection with a regulator matter if the person, or a person connected to the person—
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(a) is a member of a company or other body which has an interest in connection with the matter,
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(b) is in partnership with or in the employment of a person who has an interest in connection with the matter, or
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(c) is a party to any arrangement or agreement (whether or not enforceable) concerning property to which the matter relates.
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(5) For the purposes of this section—
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(a) one person is “connected” with another if the first person is—
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(i) a relative of the second person, or
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(ii) a nominee of the second person or of a relative of the second person,
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and
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(b) “relative” means spouse, civil partner, partner, parent, brother, sister, child or spouse, civil partner or partner of a child.
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(6) For the purposes of this section no account is to be taken of an interest in respect of a regulator matter if the interest is so remote or insignificant that it cannot reasonably be regarded as likely to influence a person in respect of the matter.
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(7) Where a question arises as to whether a course of conduct by a person listed in subsection (2)(a) to (c) would contravene subsection (3)—
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(a) the regulator shall determine the question at a meeting, and
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(b) particulars of the determination shall be recorded in the minutes of the meeting at which it is made.
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(8) Where the Minister is satisfied that a member of the regulator has contravened subsection (3)—
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(a) the Minister may remove the member from office, and
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(b) the person is from that time disqualified from being a member of the regulator, the chief executive, a member of the regulator staff or engaged by or on behalf of the regulator in any capacity.
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(9) Where a person other than a member of the regulator contravenes subsection (3), the regulator, in consultation with the Minister, shall decide the appropriate action to be taken in relation to the person (which may include terminating a contract).
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(10) In this section—
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“interest” means any financial, property or other beneficial interest;
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“regulator matter” means a matter which is to be considered by the regulator or is relevant to the performance of its functions.
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