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Exceptions to obligation to maintain confidentiality

Securities and Futures (Approved Holding Companies) Regulations 2005

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—(1) For the purposes of section 81ZD(2)(a) of the Act, section 81ZD(1) of the Act shall not apply to the disclosure of user information by an approved holding company or its officers or employees for the following purposes or in the following circumstances:(a)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;(b)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;(c)the user information disclosed is already in the public domain;(d)the disclosure of user information is made in connection with —(i)the outsourcing or proposed outsourcing of any function of the approved holding company to a third party;(ii)the engagement or potential engagement of a third party by the approved holding company to create, install or maintain systems of the approved holding company; or(iii)the appointment or engagement of an auditor, a lawyer, a consultant or other professional by the approved holding company under a contract for service;(e)the disclosure of user information is necessary in —(i)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(ii)the administration of the estate of a deceased user,including such disclosure as may be required by the Public Trustee or the Commissioner of Estate Duties; or(f)the disclosure of user information is made in connection with —(i)in the case where the user is an individual, the bankruptcy of a user; or(ii)in the case where the user is a body corporate, the winding up or receivership of a user.(2) Where user information is disclosed under sub-paragraph (d) of paragraph (1), the approved holding company shall —(a)maintain a record of —(i)the circumstances relating to the disclosure of user information referred to in that sub-paragraph; and(ii)the particulars of —(A)in the case of the disclosure of information under sub-paragraph (d)(i), the outsourcing of the function of the approved holding company;(B)in the case of the disclosure of information under sub-paragraph (d)(ii), the engagement of the third party; and(C)in the case of the disclosure of information under sub-paragraph (d)(iii), the appointment or engagement of the auditor, lawyer, consultant or other professional,and make that record available for inspection by the Authority;(b)disclose the user information only insofar as this is necessary for the relevant purpose; and(c)take reasonable steps to ensure that user information disclosed is used by the person to whom the disclosure is made strictly for the relevant purpose, and that the user information is not disclosed by that person to any other person except with the consent of the approved holding company.(3) Where disclosure of user information is permitted to be made for any purpose or in any circumstance under paragraph (1) to a body corporate, the user information may be disclosed only to those officers of the body corporate to whom the disclosure is necessary for the relevant purpose.(4) In paragraphs (2) and (3), “relevant purpose” means —(a)in the case of the disclosure of information under paragraph (1)(d)(i), facilitating the outsourcing of the function of the approved holding company;(b)in the case of the disclosure of information under paragraph (1)(d)(ii), facilitating the engagement of the third party; and(c)in the case of the disclosure of information under paragraph (1)(d)(iii), facilitating the appointment or engagement of the auditor, lawyer, consultant or other professional.

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