Singapore legislation
Regulation 37
of Securities and Futures (Clearing Facilities) Regulations 2013
Regulation 37
Exceptions to obligation to maintain confidentiality
Subregulation 1
For the purposes of section 81(2)(a) of the Act, section 81(1) of the Act shall not apply to the disclosure of user information by a recognised clearing house or its officers or employees for the following purposes or in the following circumstances:
the disclosure of user information is necessary for the making of a complaint or report under any written law for an offence alleged or suspected to have been committed under such written law;
the disclosure of user information is permitted for such purpose specified in writing by the user or, where the user is deceased, by his appointed personal representative;
the disclosure of user information is necessary for the execution by the recognised clearing house of a transaction in any capital markets products or for the clearing or settlement of any such transaction, and such disclosure is made only to another user which is —
a party to the transaction; or
a member of an approved exchange, an approved clearing house or a recognised clearing house through which that transaction is executed, cleared or settled;
where there are any disciplinary proceedings of the recognised clearing house —
the disclosure of the user information is necessary in those disciplinary proceedings, and reasonable steps are taken to ensure that user information disclosed to any third person is used strictly for the purpose for which the user information is disclosed; or
the disclosure of the user information is necessary for the publication, in any form or manner, of those disciplinary proceedings and the outcome thereof;
the user information disclosed is already in the public domain;
the disclosure of user information is made in connection with an arrangement for protection against a default by a member of the recognised clearing house to another member of the recognised clearing house who is identified by the recognised clearing house for the purposes of carrying out or undertaking the obligations under the arrangement;
the disclosure of user information is made to a member of the recognised clearing house in connection with an arrangement for the transfer to that member of any contract from another member of the recognised clearing house who is in default;
the disclosure of user information is made in connection with —
the outsourcing or proposed outsourcing of any function of the recognised clearing house to a third party;
the engagement or potential engagement of a third party by the recognised clearing house to create, install or maintain systems of the recognised clearing house; or
the appointment or engagement of an auditor, a lawyer, a consultant or any other professional by the recognised clearing house under a contract for service;
the disclosure of user information is necessary for, or is required by the Public Trustee or the Commissioner of Estate Duties in the course of —
an application for a grant of probate or letters of administration or the resealing thereof in relation to the estate of a deceased user; or
the administration of the estate of a deceased user; or
the disclosure of user information is made in connection with —
the bankruptcy of a user who is an individual; or
the winding up or receivership of a user which is a body corporate.
Subregulation 2
Where user information is disclosed under paragraph (1)(f), (g) or (h), the recognised clearing house shall —
maintain, and make available for inspection by the Authority, a record of —
the circumstances relating to the disclosure of the user information; and
the particulars of —
in the case of a disclosure of user information under paragraph (1)(f), the arrangement for protection;
in the case of a disclosure of user information under paragraph (1)(g), the arrangement for the transfer;
in the case of a disclosure of user information under paragraph (1)(h)(i), the outsourcing or proposed outsourcing of the function of the recognised clearing house;
in the case of a disclosure of user information under paragraph (1)(h)(ii), the engagement or potential engagement of the third party; or
in the case of a disclosure of user information under paragraph (1)(h)(iii), the appointment or engagement of the auditor, lawyer, consultant or other professional;
disclose the user information only in so far as this is necessary for the relevant purpose; and
take reasonable steps to ensure that —
the user information disclosed is used by the person to whom the disclosure is made strictly for the relevant purpose; and
the user information is not disclosed by that person to any other person, except with the consent of the recognised clearing house.
Subregulation 3
Where the disclosure to a body corporate of user information is permitted for any purpose or in any circumstance under paragraph (1), the user information may be disclosed only to those officers of the body corporate to whom the disclosure is necessary for the relevant purpose.
Subregulation 4
In paragraphs (2) and (3), “relevant purpose” means —
in the case of a disclosure of user information under paragraph (1)(f), the carrying out of the arrangement for protection;
in the case of a disclosure of user information under paragraph (1)(g), the carrying out of the arrangement for the transfer;
in the case of a disclosure of user information under paragraph (1)(h)(i), facilitating the outsourcing or proposed outsourcing of the function of the recognised clearing house;
in the case of a disclosure of user information under paragraph (1)(h)(ii), facilitating the engagement or potential engagement of the third party; and
in the case of a disclosure of user information under paragraph (1)(h)(iii), facilitating the appointment or engagement of the auditor, lawyer, consultant or other professional.