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  • MAE-2.7 Exceptions to Obligation to Maintain Confidentiality

    • MAE-2.7.1

      The obligation to maintain confidentiality shall not apply to the disclosure of user information by a licensed exchange or licensed market operator, 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 law for an offence alleged or suspected to have been committed under such 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 disclosure of user information is necessary for the execution by the licensed exchange or licensed market operator of a transaction in any securities or futures contracts or clearing or settlement of a transaction and such disclosure is made only to another user which is:
      (i) A party to the transaction; or
      (ii) A member of a licensed exchange or licensed market operator, or a designated clearing house through which that transaction is executed, cleared or settled;
      (d) The disclosure of user information is necessary:
      (i) In any disciplinary proceedings of the licensed exchange or licensed market operator, provided that 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
      (ii) For the publication, in any form or manner, of the disciplinary proceedings and the outcome thereof;
      (e) The user information disclosed is already in the public domain;
      (f) The disclosure of user information is made in connection with:
      (i) The outsourcing or proposed outsourcing of any function of the licensed exchange or licensed market operator to a third party;
      (ii) The engagement or potential engagement of a third party by the licensed exchange or licensed market operator to create, install or maintain systems of the licensed exchange or licensed market operator; or
      (iii) The appointment or engagement of an auditor, a lawyer, a consultant or other professional by the licensed exchange or licensed market operator under a contract for service;
      (g) 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 for this purpose by the relevant authority; or
      (h) 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.
      Amended: April 2013

    • MAE-2.7.2

      Where user information is disclosed under MAE-2.7.1 (f), the licensed exchange or licensed market operator shall:

      (a) Maintain a record of the circumstances relating to the disclosure of user information referred to in MAE-2.7.1 (f); and the particulars of:
      (i) In the case of the disclosure of information under MAE-2.7.1 (f), the outsourcing of the function of the licensed exchange;
      (ii) In the case of the disclosure of information under MAE-2.7.1 (f), the engagement of the third party; and
      (iii) In the case of the disclosure of information under MAE-2.7.1 (f), the appointment or engagement of the auditor, lawyer, consultant or other professional and make that record available for inspection by the CBB;
      (b) Disclose the user information only insofar as this is necessary for the relevant purpose; and
      (c) 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 that the user information is not disclosed by that person to any other person except with the consent of the licensed exchange or licensed market operator.
      Amended: April 2013

    • MAE-2.7.3

      Where disclosure of user information is permitted to be made for any purpose or in any circumstance under Paragraph MAE-2.7.1 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.

    • MAE-2.7.4

      In Paragraphs MAE-2.7.2 and MAE-2.7.3, "relevant purpose" means:

      (a) In the case of the disclosure of information under Paragraph MAE-2.7.1 (f), facilitating the outsourcing of the function of the licensed exchange or licensed market operator;
      (b) In the case of the disclosure of information under Paragraph MAE-2.7.1 (f), facilitating the engagement of the third party; and
      (c) In the case of the disclosure of information under Paragraph MAE-2.7.1 (f), facilitating the appointment or engagement of the auditor, lawyer, consultant or other professional.

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