131. Confidential information

For the purposes of these Regulations, information is confidential if:

1. (1)      it is received by the AFSA or an officer, Employee, or delegate of the AFSA in the exercise of a function under these Rules or any other AIFC Regulations or Rules; and
2. (2)      it has not been made available to the public in circumstances in which disclosure is not prohibited under these Rules or any other AIFC Regulations or Rules.

132. General prohibition on disclosure

(1) Subject to subsection (2), confidential information must not be disclosed to a third party by the AFSA or by an officer, Employee, or delegate of the AFSA, or by any Person coming into possession of the information, without the consent of the Person to whom the duty of confidentiality is owed.

(2) The AFSA may disclose confidential information if such disclosure:

1. (a) is permitted or required under these Regulations or any other AIFC Regulations or Rules;
2. (b) is made to any of the authorities listed in CO-OP for the purpose of assisting the exercise by any such authority of its regulatory functions; or
3. (c) is made in good faith for the purposes of the exercise of the functions and powers of the AFSA.

(3) A Contravention in bad faith of subsection (1) by an officer, Employee, delegate or agent of the AFSA, or by any other Person coming into possession of the information is punishable by a fine of such amount as it considers appropriate in respect of the Contravention up to a maximum fine of $10,000 and/or disciplinary proceedings. The AFSA may also seek injunctive relief if appropriate.

(4) The AFSA may make Rules for the purpose of ensuring the confidentiality of information received in the exercise of a regulatory function.

132-1. Prohibition on disclosure for Person

A Person who receives from the AFSA notice, decision, direction, order, request or warning, which is marked as confidential, must not disclose the existence and content of such notice, decision, direction, order, request or warning to any third party except for obtaining necessary professional advice in relation to the Person’s rights and obligations.