Section 47
of Securities Markets Order, 2013
Section 47
(1)
Subject to section 49, confidential information shall not be disclosed by a primary recipient or any person obtaining the information directly or indirectly from a primary recipient without the consent of
{a)
the person from whom the primary recipient obtained the information; and
(b)
if different, the person to whom the information relates.
\2)
Subject to subsection (4), "confidential information" means information which-
(a)
relates to the business or other affairs of any person; or
(b)
was obtained by the primary recipient for the purposes of, or in the discharge of his functions, under this Order or any regulations made under this Order.
(3)
For the purposes of this section, the following is a primary recipient
{a)
the Authority;
{b) any body administering an investor compensation scheme;
{c)
any member of the Panel;
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fd} any person appointed or authorised to exercise any powers of investigation;
fe} any officer or employee of any such person as is mentioned in paragraphs fa} to (d).
14)
Information shall not be treated as confidential information for the purposes of this section if it has been made available to the public by virtue of being disclosed in any circumstances that are not precluded by this section.
(5)
This section shall not preclude the disclosure of information for the purpose of enabling or assisting any public or other body to discharge its functions as may be further specified by the Authority in regulations.
16)
Any person who knowingly discloses restricted information under this
Order is guilty of an offence and liable on conviction to a fine not exceeding
$200,000, imprisonment for a term not exceeding 2 years or both.
Exemption for disclosure of confidential information.