Restrictions on disclosure of information

(1) Subject to sub-section (3), for the purposes of this section, “protected information” means information which– (a) relates to the business or other affairs of any (b) is acquired by a person referred to in sub- section (2), for the purposes of, or in the discharge of, his or its functions under this Act, and includes any information that is obtained from a foreign regulatory authority or a law enforcement agency. (2) Sub-section (1)(b) applies to the following persons– (a) a supervisory authority; (b) a board member of any supervisory authority; (c) an employee of a supervisory authority; (d) any other person acting under the authority of a supervisory authority; and (e) an employee of a person specified in paragraph (d). (3) Information is not protected information– (a) if the information is or has been available to the public from any other source; or (b) where the information is disclosed in a summary or in statistics expressed in a manner that does not enable the identity of particular persons to whom the information relates to be determined. (4) Subject to section 75F, protected information shall not be disclosed by a recipient of that information, whether the recipient of the information is a person specified in sub-section (2) or a person who has directly or indirectly received the 142[CAP. 104 Money Laundering and Terrorism (Prevention) protected information from a person specified in sub-section (2), without the consent of– (a) the person from whom he obtained the information; and (b) if different, the person to whom it relates. (5) For the avoidance of doubt, any obligation as to confidentiality or other restriction upon the disclosure of information imposed by any law, rule of law or agreement does not apply to the disclosure of protected information to a (6) Any person who contravenes this section commits an offence and, on summary conviction, is liable to a fine of twenty five thousand dollars or imprisonment for a term of six months, or to both.