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PART IX
CONFIDENTIALITY
OF INFORMATION
35. Obligation
of confidentiality.-
(1) Subject to this section, any person who is or was at any time -
(a) acting
as a Member of the Board, or
(b) engaged
as a Commissioner or employee of the Commission, or
(c)
authorized to perform or exercise any function or power of the
Commission or any function or power on behalf of the Commission or to
render services to the Commission in the capacity of a consultant or adviser;
shall
not, except to the extent necessary to perform his official duties, or
in performance or exercise of such a function or power, either directly
or indirectly, make a record of, or disclose to any person, any information
that is or was acquired by him because of having been so appointed, engaged
or authorized, or make use of any such information, for any purpose other
than the performance of his official duties or the performance or exercise
of that function or power.
(2) Any
person who contravenes sub-section (1) shall be guilty of an offence and
shall be liable on conviction to a fine not exceeding one million rupees
or to imprisonment for a term not exceeding one year or, to both.
(3) The
Commission shall take all reasonable measures to protect from unauthorized
use or disclosure the information given to it in confidence in or in connection
with the performance of its functions or the exercise of its powers.
(4) For
the purpose of sub-section (1) the disclosure of information as required
or permitted by any law for the time being in force in Pakistan or any
other jurisdiction shall be taken to be authorized use and disclosure
of the information.
(5) For
the purposes of sub-section (1), the disclosure of information by a person
for the purposes of -
(a) performing
his functions as -
(i)
a Commissioner or employee of the Commission, or
(ii) a
person who is acting as a Commissioner or employee or who is authorized
to perform or exercise a function or power of, or on behalf of, the Commission,
or
(b) the
performance of functions or service by the person by way of assisting
a Commissioner or a delegate of the Commission, shall
be taken to be authorized use and disclosure of the information.
(6) Where
the Chairman is satisfied that particular information -
(a) will
enable or assist the Board to perform or exercise any of its functions
or powers;
(b) will
enable or assist the government, or an agency of the government to perform
a function or exercise a power; or
(c) will
enable or assist the government, or an agency of the government, of a
foreign country to perform a function, or exercise a power, conferred
by a law in force in that foreign country;
the
disclosure of the information to such persons by a person whom the Chairman
authorizes for the purpose shall be taken to be authorized use and disclosure
of the information.
(7) The
Chairman may impose conditions to be complied with in relation to information
disclosed under sub-section (6).
(8) The
disclosure of information to a body specified in sub-section (9) is authorized
use and disclosure of the information if :
(a) the
Chairman is satisfied that the information will enable or assist the body
to monitor compliance with, enforce, or perform functions or exercise
powers under -
(i) any
law for the time being in force;
(ii) the
rules and regulations (including the listing rules if any), of the body;
and
(b) the
disclosure is made by a person authorized by the Chairman for the purpose.
(9) A
body to whom disclosure of information under sub-section (8) may be authorized
is -
(a)
a Stock Exchange; or
(b) a
clearing house; or
(c) a
central depository; or
(d) such
other body corporate as the Federal Government may by notification in
the official Gazette specify for the purposes of this sub-section.
(10)
The Chairman may impose conditions to be complied with by the body
and its officers, employees and agents in relation to the information
disclosed to it under sub-section (8) and persons in respect of whom conditions
are imposed shall be bound to comply with them.
(11)
If information is disclosed to a body under sub-section (8) the
body, or any officer, employee or agent of the body shall not, without
the written consent of the Chairman:
(a) disclose
the information to a person who is not an officer, employee, professional
adviser or agent of the body corporate; or
(b) use
the information otherwise than for the purpose of monitoring compliance
with, enforcing, or performing functions or exercising powers under:
(i) the
Ordinance and any other law for the time being in force; or
(ii) the
rules and regulations (including the listing rules, if any), of the body
corporate.
(12)
The Chairman may delegate all or any of his functions and powers
under sub-sections (6), (7), (8), (10), or (11) to a Commissioner or an
employee.
(13) Nothing
in any of sub-sections (4), (5), (7) and (8) shall limit:
(a) anything
else in any of those sub-sections; or
(b) what
may otherwise constitute, for the purposes of sub-section (1), authorized
use or disclosure of information.
36. Permitted
disclosure.-
Nothing in section 35 shall preclude a person from:
(a)
producing a document to a court in the course of criminal proceedings
or in the course of any proceedings under this Act, the Ordinance or any
other law for the time being in force.
(b) disclosing
to a court in the course of any proceedings referred to in clause (a)
any matter or thing, that came under his notice in the performance of
official duties or in the performance of a function or the exercise of
a power referred to in that section; or
(c) producing
a document or disclosing information to a person to whom, in the opinion
of the Commission, it is in the public interest that the document be produced
or the information be disclosed; or
(d) producing
a document or disclosing information that is required or permitted by
any law for the time being in force in Pakistan or any other jurisdiction
to be produced or disclosed, as the case may be; or
(e)
producing a document or disclosing information to the Commission.
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