433. Restrictions On Disclosure Of Information Obtained Under Compulsory Powers

(1) This section applies to information (in whatever form) 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.
(2) No such information may, during the lifetime of that individual or so long as that business continues to be carried on, be disclosed without the consent of that individual or the person for the time being carrying on that business.
(3) This does not apply–
(a) to disclosure permitted by section 434 (permitted disclosure of information obtained under compulsory powers), or
(b) to the disclosure of information that is or has been available to the public from another source.
(4) A person who discloses information in contravention of this section commits a contravention of these Regulations, unless–
(a) he did not know, and had no reason to suspect, that the information had been disclosed under section 432 (power of authorised person to require documents, information and explanations), or
(b) he took all reasonable steps and exercised all due diligence to avoid the commission of the contravention.
(5) A person who commits the contravention referred to in subsection (4) shall be liable to a level 3 fine.
(6) Where a contravention under this section is committed by a body corporate, every officer of the body who is in default also commits the contravention. For this purpose–
(a) any person who purports to act as director, manager or secretary of the body is treated as an officer of the body, and
(b) if the body is a company, any shadow director is treated as an officer of the company.