Cap. 345 Art. 38Confidentiality of information.

(1) Trading venues, central securities depositories, credit institutions issuing covered bonds, the competent authority, the competent authority, their respective members, officers, employees or agents, as well as auditors, inspectors and experts, as the case may be, engaged in terms and for the purposes of any of the provisions of this Act -

(a) shall deal with all documents and other information relating to the relevant trading venue or to dealings therewith or therein, or to the issue of covered bonds or to dealings thereof, or otherwise obtained for the purposes of, or pursuant to, any of the provisions of this Act or of any regulations made thereunder and not yet officially divulged, as confidential and protected by the duty of professional secrecy, and shall not disclose the same to any other person;

(b) are prohibited from using such documents and information and all other matters which are confidential and protected by the duty of professional secrecy and which come to their knowledge by virtue of their position, in order to secure any advantage for themselves or for any third parties whether such third parties are connected or not with the financial instruments market.

(2) Article 26 of the Investment Services Act shall apply to trading venues, credit institutions issuing covered mutatis mutandis bonds, the competent authority, their respective members, officers, employees or agents, as well as auditors, inspectors and experts engaged for the purposes of any of the provisions of this Act, bound by the obligation of confidentiality in terms of sub-article (1).

(3) Any person who acts in contravention of this article shall, without prejudice to the provisions of the Prevention of Financial Markets Abuse Act, be guilty of an offence against this Act, and shall on conviction be liable to a fine (multa) of twelve thousand euro (€12,000) or to a term of imprisonment not exceeding two years or to both such fine and imprisonment.

(4) Any person other than those mentioned in sub-articles (1) and (2) who acquires any documents or any other information to which the said sub-articles relate and who uses such documents or information, with intent to secure advantage either for himself or any other person, shall, without prejudice to the Prevention of

Financial Markets Abuse Act, be guilty of an offence against this Act and shall on conviction be liable to the same penalty established for an offence against the provisions of this article.