(1) A Reporting Entity of a Listed Fund need not, subject to (2), make disclosure of information pursuant to Rule 3.5.1, where, in the reasonable opinion of the Reporting Entity, the disclosure required by that Rule would:
(a) be unduly detrimental to the legitimate interests of the Reporting Entity or the Listed Fund as is applicable; or
(b) disclose commercially sensitive material.
(2) Where a Reporting Entity of a Listed Fund intends not to make the disclosure pursuant to (1), it must immediately file with the Regulator a confidential report which:
(a) contains all the information which it seeks not to disclose and the reasons for non-disclosure; and
(b) is in the English language and, where any documents accompanying the report are not in the English language, an English translation of such documents.
(3) The Regulator may:
(a) specify the period during which disclosure of the information included in the confidential report need not be disclosed to the markets; and
(b) extend the period referred to in (a) upon application by the Reporting Entity.
(4) Where a confidential report is filed with the Regulator under (2), the Reporting Entity need not comply with the requirements in Rule 3.5.1 during the period permitted by the Regulator pursuant to (3), unless or until one of the following occurs:
(a) the Regulator directs the Reporting Entity to comply with Rule 3.5.1;
(b) the Reporting Entity becomes aware that there is a material change of circumstances that renders the reason for non-disclosure of the information no longer valid; or
(c) the Reporting Entity becomes aware or has reasonable grounds to suspect that the relevant Inside Information has or may have come to the knowledge of any Person or Persons other than by way of selective disclosure made pursuant to Rule 3.5.3(4).
(5) The procedures in Part 17 of the FSMR apply to a decision of the Regulator under (3) or (4)(a).