s.26Confidentiality
26
Section 26Part 0 —

Confidentiality

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Subject to subsection (2), all documents and other information prepared for, received by or prepared by the Authority in the exercise of its functions under this Law and all deliberations of the Authority, a director, an officer, an employee, an agent or a representative of the Authority, or a person to whom any of the functions of the Authority have been delegated under section 16, are confidential and shall not be disclosed.
Subsection (1) shall not apply to a disclosure — (a) lawfully required or permitted by any court of competent jurisdiction within the Islands; (b) for the purpose of assisting the Authority to exercise any functions conferred on the Authority by this Law, by any other law or by the Regulations; (c) where the recognised auditor who provided the information or documents referred to in subsection (1) or the relevant underlying clients have given their consent; (d) for the purpose of enabling or assisting the Cabinet to exercise any functions conferred on it under this Law or the Regulations or in connection with the dealings between the Cabinet and the Authority when the Authority exercises its functions under this or any other law; (e) if the information disclosed is or has been available to the public from any other source; (f) where the information disclosed is in a summary or in statistics expressed in a manner that does not enable the identity of any person to which the information relates to be ascertained; (g) lawfully made — (i) to the Attorney General, the Director of Public Prosecutions or a law enforcement agency in the Islands, with a view to the institution of or for the purpose of criminal proceedings; or (ii) to a person pursuant to the anti-money laundering regulations made under the Proceeds of Crime Law (2020 Revision); (h) for the purposes of any legal proceedings in connection with the cancellation or suspension of registration of a recognised auditor, the winding-up or dissolution of a recognised auditor, or the appointment or duties of a receiver of a recognised auditor; (i) for the purpose of enabling the Authority to satisfy a request for assistance from an overseas auditor oversight body; or (j) made pursuant to a memorandum of understanding entered into by the Authority pursuant to section 32A.
lawfully required or permitted by any court of competent jurisdiction within the Islands;
for the purpose of assisting the Authority to exercise any functions conferred on the Authority by this Law, by any other law or by the Regulations;
where the recognised auditor who provided the information or documents referred to in subsection (1) or the relevant underlying clients have given their consent;
for the purpose of enabling or assisting the Cabinet to exercise any functions conferred on it under this Law or the Regulations or in connection with the dealings between the Cabinet and the Authority when the Authority exercises its functions under this or any other law;
if the information disclosed is or has been available to the public from any other source;
where the information disclosed is in a summary or in statistics expressed in a manner that does not enable the identity of any person to which the information relates to be ascertained;
lawfully made — (i) to the Attorney General, the Director of Public Prosecutions or a law enforcement agency in the Islands, with a view to the institution of or for the purpose of criminal proceedings; or (ii) to a person pursuant to the anti-money laundering regulations made under the Proceeds of Crime Law (2020 Revision);
to the Attorney General, the Director of Public Prosecutions or a law enforcement agency in the Islands, with a view to the institution of or for the purpose of criminal proceedings; or
to a person pursuant to the anti-money laundering regulations made under the Proceeds of Crime Law (2020 Revision);
for the purposes of any legal proceedings in connection with the cancellation or suspension of registration of a recognised auditor, the winding-up or dissolution of a recognised auditor, or the appointment or duties of a receiver of a recognised auditor;
for the purpose of enabling the Authority to satisfy a request for assistance from an overseas auditor oversight body; or
made pursuant to a memorandum of understanding entered into by the Authority pursuant to section 32A.
The Authority, a director, an officer, an employee, an agent or a representative of the Authority, or any person to whom any of the functions of the Authority have been delegated under section 16, shall not be required in any proceeding, except a proceeding under this Law, to give testimony or produce any document with respect to documents or information that the person is prohibited from disclosing under this section.
Subject to subsections (1) and (3), the Authority may agree such provisions relating to confidentiality with any person to whom it has delegated its functions under section 16 as the Board considers necessary.
Notwithstanding any law in force in the Islands to the contrary, the Authority may, subject to subsection (6), require the provision of information or the production of documents referred to in subsection (1) by a recognised auditor that are the subject of legal professional privilege if access to the information or documents is absolutely necessary for the purpose of review of the audit.
The disclosure of information or documents pursuant to subsection (5) does not negate, or constitute a waiver of, any legal professional privilege and the legal professional privilege continues for all other purposes.
Where a recognised auditor fails to comply with a requirement of the Authority pursuant to subsection (5) within three days of the requirement or such longer period as the Authority may permit, the Authority may apply to the court for an order requiring that recognised auditor to comply with the requirement.
Where the provision of information or the production of documents is required by the Authority pursuant to subsection (5), a recognised auditor shall satisfy such obligation by permitting the Authority or any person to whom it has delegated functions under section 16 to inspect such information or documents at the recognised auditor’s premises in the Islands or such other location in the Islands as the recognised auditor shall determine; and unless the underlying client shall have given its consent, neither the Authority nor such person shall be permitted to take a copy of or make any note or record in any form of such information or documents.
The Freedom of Information Law (2020 Revision) shall not apply to any document, information or deliberation referred to in subsection (1).

Cross References