Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 50

Confidentiality

(1) Except in so far as is necessary for the performance of any function under
this Ordinance or for carrying into effect any provision of this Ordinance,
every person to whom this subsection applies—

   (a)  shall preserve and aid in preserving secrecy with regard to all
        matters relating to the affairs of any person that come to his
        knowledge in the performance of any function under this Ordinance;

   (b)  shall not communicate any such matter to any person other than the
        person to whom such matter relates; and

   (c)  shall not suffer or permit any person to have access to any records in
        his possession, custody or control.

(2) Subsection (1) applies to—

   (a)  the Monetary Authority and any person appointed by the Financial
        Secretary under section 5A(3) of the Exchange Fund Ordinance ( Cap 66)
        to assist the Monetary Authority; and

   (b)  any person appointed by the Monetary Authority under section  9 (3).

(3) Subsection (1) does not apply—

   (a)  to the disclosure of information in summary form that is so framed as
        to prevent particulars relating to the business of any particular
        system or person being ascertained from it;

   (b)  to the disclosure of information—

        (i)    with a view to the institution of, or otherwise for the purpose
               of, any criminal proceedings, whether under this Ordinance or
               otherwise; or

        (ii)   in connection with any other legal proceedings arising out of
               this Ordinance;

   (c)  to the disclosure of information to the police or the Independent
        Commission Against Corruption, at the request of the Secretary for
        Justice, relevant to the proper investigation of any criminal
        complaint;

   (d)  to the disclosure of information to the Chief Executive or the
        Financial Secretary for the purpose of enabling or assisting the
        Monetary Authority to perform his functions under this Ordinance;

   (e)  to the disclosure of information to any person within the category of
        persons specified in subsection (2), where the disclosure will enable
        or assist that person to assist the Monetary Authority in the
        performance of any of the functions referred to in section 5A(2) of
        the Exchange Fund Ordinance ( Cap 66);

   (f)  to the disclosure of information to the Tribunal;

   (g)  to the disclosure of information to any person or body who may be
        appointed or established by the Chief Executive to review processes or
        procedures adopted by the Monetary Authority in making decisions under
        this Ordinance in so far as those decisions relate to or affect the
        designated systems specified in Schedule 2 or designated systems in
        which the Monetary Authority has a legal or beneficial interest;

   (h)  to the disclosure of information with the consent of the person from
        whom the information was obtained or received or, where the
        information does not relate to such person, with the consent of the
        person to whom it relates; or

   (i)  to the disclosure of information which has been made available to the
        public by virtue of being disclosed in any circumstances in which, or
        for any purpose for which, disclosure is not precluded by this
        section.

(4) Subsection (1) does not apply to any disclosure of information, being a
disclosure that is not contrary to the public interest, of the following
description—

   (a)  disclosure of information to the Securities and Futures Commission
        referred to in section 3(1) of the Securities and Futures  Ordinance (
        Cap 571) if, in the opinion of the Monetary Authority, such disclosure
        will assist the Securities and Futures Commission in exercising its
        functions; or

   (b)  disclosure of information to an authority in a place outside Hong Kong
        exercising in that place functions similar to the functions of the
        Monetary Authority under this Ordinance, being an authority that is
        subject to secrecy provisions in that place that in the opinion of the
        Monetary Authority are adequate, if in the opinion of the Monetary
        Authority such disclosure will—

        (i)    assist that authority in exercising those functions; and

        (ii)   help maintain and promote safety and efficiency in the
               operation of designated systems.

(5) The Monetary Authority may attach to any disclosure of information to a
person made pursuant to subsection (3)(b), (c), (d), (e),

   (f)  or (g) or (4) a condition that neither the person to whom the
        information has been disclosed nor any person obtaining or receiving
        the information (whether directly or indirectly) from such person
        shall disclose that information to any other person without the
        consent of the Monetary Authority.