434. Permitted disclosure of information obtained under compulsory powers
Past version: effective from 14/06/2015 - 13/06/2015
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(1) The prohibition in section 433 (restrictions on disclosure of information obtained under compulsory powers) of the disclosure of information obtained in pursuance of a requirement or order under section 432 (power of authorised person to require documents etc.) that relates to the private affairs of an individual or to any particular business has effect subject to the following exceptions.
(2) It does not apply to the disclosure of information for the purpose of facilitating the carrying out by the authorised person of his functions under section 430 (application to Court in respect of defective accounts or reports).
(3) It does not apply to disclosure to—
(a) the Board,
(b) the Registrar, or
(c) the Financial Services Regulator.
(4) It does not apply to disclosure—
(a) for the purpose of assisting a body designated by rules to monitor auditors,
(b) with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an accountant or auditor of his professional duties,
(c) for the purpose of enabling or assisting the Board to exercise its functions under any law or regulation applicable to the Abu Dhabi Global Market.
(5) It does not apply to disclosure to a body exercising functions of a public nature under legislation in any jurisdiction outside the Abu Dhabi Global Market that appear to the authorised person to be similar to his functions under section 430 (application to Court in respect of defective accounts or reports) for the purpose of enabling or assisting that body to exercise those functions.
(6) In determining whether to disclose information to a body in accordance with subsection (5), the authorised person must have regard to the following considerations—
(a) whether the use which the body is likely to make of the information is sufficiently important to justify making the disclosure,
(b) whether the body has adequate arrangements to prevent the information from being used or further disclosed other than—
(i) for the purposes of carrying out the functions mentioned in that subsection, or
(ii) for other purposes substantially similar to those for which information disclosed to the authorised person could be used or further disclosed.