Singapore legislation
Regulation 26
of Securities and Futures (Trade Repositories) Regulations 2013
Regulation 26
Exceptions to obligation to maintain confidentiality
Subregulation 1
For the purposes of section 46ZH(2) of the Act, section 46ZH(1) of the Act shall not apply to the disclosure of user information by a licensed foreign trade repository 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 made in connection with —
the outsourcing or proposed outsourcing of any function of the licensed foreign trade repository to a third party;
the engagement or potential engagement of a third party by the licensed foreign trade repository to create, install or maintain systems of the licensed foreign trade repository; or
the appointment or engagement of an auditor, a lawyer, a consultant or any other professional by the licensed foreign trade repository 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)(c), the licensed foreign trade repository 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)(c)(i), the outsourcing or proposed outsourcing of the function of the licensed foreign trade repository;
in the case of a disclosure of user information under paragraph (1)(c)(ii), the engagement or potential engagement of the third party; or
in the case of a disclosure of user information under paragraph (1)(c)(iii), the appointment or engagement of the auditor, lawyer, consultant or other professional;
disclose the user information only insofar 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 licensed foreign trade repository.
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)(c)(i), facilitating the outsourcing or proposed outsourcing of the function of the licensed foreign trade repository;
in the case of a disclosure of user information under paragraph (1)(c)(ii), facilitating the engagement or potential engagement of the third party; and
in the case of a disclosure of user information under paragraph (1)(c)(iii), facilitating the appointment or engagement of the auditor, lawyer, consultant or other professional.
Subregulation 5
For the purposes of section 46ZH(2) of the Act, section 46ZH(1) of the Act shall not apply to the disclosure of transaction information by a licensed foreign trade repository or its officers or employees for the following purposes or in the following circumstances:
the disclosure of transaction 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 transaction information is permitted for such purpose specified in writing by a user to whom the transaction relates or, where the user is deceased, by his appointed personal representative;
the disclosure is such disclosure of transaction information as the Authority may specify in directions to the licensed foreign trade repository;
the disclosure of transaction information is made in connection with —
the outsourcing or proposed outsourcing of any function of the licensed foreign trade repository to a third party;
the engagement or potential engagement of a third party by the licensed foreign trade repository to create, install or maintain systems of the licensed foreign trade repository; or
the appointment or engagement of an auditor, a lawyer, a consultant or any other professional by the licensed foreign trade repository under a contract for service;
the disclosure of transaction 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;
the disclosure of transaction 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;
the disclosure is a disclosure of aggregated transaction information on the Internet website of the licensed foreign trade repository or on any medium which is accessible to every member of the public.
Subregulation 6
Where transaction information is disclosed under paragraph (5)(d), the licensed foreign trade repository shall —
maintain, and make available for inspection by the Authority, a record of —
the circumstances relating to the disclosure of transaction information; and
the particulars of —
in the case of a disclosure of transaction information under paragraph (5)(d)(i), the outsourcing or proposed outsourcing of the function of the licensed foreign trade repository;
in the case of a disclosure of transaction information under paragraph (5)(d)(ii), the engagement or potential engagement of the third party; or
in the case of a disclosure of transaction information under paragraph (5)(d)(iii), the appointment or engagement of the auditor, lawyer, consultant or other professional;
disclose the transaction information only insofar as this is necessary for the relevant purpose; and
take reasonable steps to ensure that —
the transaction information disclosed is used by the person to whom the disclosure is made strictly for the relevant purpose; and
the transaction information is not disclosed by that person to any other person, except with the consent of the licensed foreign trade repository.
Subregulation 7
Where the disclosure to a body corporate of transaction information is permitted for any purpose or in any circumstance under paragraph (1), the transaction information may be disclosed only to those officers of the body corporate to whom the disclosure is necessary for the relevant purpose.
Subregulation 8
In paragraphs (6) and (7), “relevant purpose” means —
in the case of a disclosure of transaction information under paragraph (5)(d)(i), facilitating the outsourcing or proposed outsourcing of the function of the licensed foreign trade repository;
in the case of a disclosure of transaction information under paragraph (5)(d)(ii), facilitating the engagement or potential engagement of the third party; and
in the case of a disclosure of transaction information under paragraph (5)(d)(iii), facilitating the appointment or engagement of the auditor, lawyer, consultant or other professional.