Section 28Part 4 — EXEMPTIONS
Corporate finance
←→ Navigate · Click subsection badges to collapse · Press ? for help
If personal data are processed for the purposes of, or in connection with, a corporate finance service provided by a relevant person —
the data are exempt from the subject information provisions to the extent to which either —
the application of those provisions to the data could affect the price of any instrument already in existence or that is to be or may be created; or
the data controller reasonably believes that the application of those provisions to the data could affect the price of any such instrument; and
to the extent that the data are not exempt from the subject information provisions by virtue of paragraph (a), they are exempt from those provisions if the exemption is required for the purpose of safeguarding an important economic or financial interest of the Islands.
For the purposes of subsection (1)(b) the Cabinet may by regulations specify —
matters to be taken into account in determining whether exemption from the subject information provisions is required for the purpose of safeguarding an important economic or financial interest of the Islands; or
circumstances in which exemption from those provisions is, or is not, to be taken to be required for that purpose.
In this section —
“corporate finance service” means a service consisting of —
underwriting in respect of issues of, or the placing of issues of, any instrument;
advice to undertakings on capital structure, industrial strategy and related matters and advice and service relating to mergers and the purchase of undertakings; or
services relating to such underwriting as mentioned in paragraph (a);
“instrument” means an instrument representing investment within the meaning of any Law in the Islands;
“price” includes value;
“relevant person” means —
a registered person within the meaning of any Law providing for investment business or a person who is exempted by the respective Law from the obligation to be registered in respect of an investment business;
a person who is an authorized person under any Law providing for investment business, or is an exempt person under that Law, in respect of the investment business;
a person who may be prescribed by regulations for the purposes of this section;
a person who, in the course of the person’s employment, provides to the employer a service falling within paragraph (b) or (c) of the definition of “corporate finance service”; or
a partner who provides to other partners in a partnership a service falling within the provisions of either paragraph (b) or (c) of the definition of “corporate finance service”.
Defined Terms
corporate finance serviceinstrumentpricerelevant person