Credit Union and Co-operation with Overseas Regulators Act 2012

50.

Non-disclosure of information.

50.— (1) This section applies to the following persons:

( a) every member of the Board of ReBo and every former member of that Board;

( b) the Chief Executive and every former Chief Executive;

( c) every member of the staff of ReBo and every former member of the staff of ReBo;

( d) the auditor of ReBo and every former auditor of ReBo;

( e) every person who is or was an agent, consultant or adviser of ReBo or appointed in any other capacity by ReBo;

( f) every employee or former employee of an auditor, an agent, consultant or adviser appointed by ReBo.

(2) A person referred to in subsection (1) shall not disclose confidential information concerning—

( a) the business of any person or body whether corporate or incorporate that has come to the person’s knowledge through the person’s office or employment or other role with ReBo, or

( b) any matter arising in connection with the performance of the functions of ReBo or the exercise of ReBo’s powers.

(3) ReBo may disclose information, including confidential information—

( a) to the Minister,

( b) to the Bank, and

( c) generally or to a specified person or persons, with the consent of—

(i) the person to whom the information relates, and

(ii) if the information was obtained from another person, that other person.

(4) ReBo shall co-operate with the Bank with a view to ensuring that the provisions of this Part operate in a way that contributes to promoting the best interests of credit unions generally. This may include the sharing of such information required by the Bank relevant to the performance of its functions.

(5) As soon as practicable after the commencement of this section, ReBo and the Bank shall enter into a memorandum of understanding setting out the terms under which they agree to give effect to this section.

(6) Nothing in this section prevents the disclosure—

( a) of information when required to be disclosed by law, or

( b) in a report or otherwise by ReBo of information relating to a person where the information is presented in a manner (either by the aggregation of information relating to more than one person or otherwise) that maintains the anonymity of each person concerned.

(7) A person who contravenes subsection (2) is guilty of an offence and liable on summary conviction to a class A fine.