Securities Services Act, 2004 (Act No. 36 of 2004)Chapter VIII : Market AbuseGeneral provisions86. Confidentiality and sharing of information |
| (1) | No person may, subject to subsections (3) and (4), disclose to any other person any information acquired in the performance of functions under this Chapter. |
| (2) | Any person who contravenes subsection (1) commits an offence and is liable on conviction to a fine or imprisonment for a period not exceeding two years or to both a fine and such imprisonment. |
| (3) | Disclosure of the information referred to in subsection (1) does not constitute a contravention of that subsection if made by— |
| (a) | a person for the purpose of performing functions in terms of this Chapter; |
| (b) | a person for the purpose of any legal proceedings under this Chapter; |
| (c) | a person when required to do so by a court or any other law; |
| (d) | the directorate or the board, if it is necessary to achieve one or more of the objects of this Act referred to in section 2; |
| (e) | the directorate, if it is in the public interest; or |
| (f) | the directorate by publishing the status and outcome of investigations under this Chapter. |
| (4) | The directorate may share information concerning any matter dealt with in terms of this Chapter with the institutions which have nominated persons to the directorate, the Securities Regulation Panel constituted in terms of section 440B of the Companies Act, the South African Reserve Bank, the Public Accountants’ and Auditors’ Board constituted in terms of the Public Accountants' and Auditors' Act, all self-regulatory organisations, the Financial Intelligence Centre established by the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001), the National Treasury, the Minister and with the persons, whether inside the Republic or elsewhere, responsible for regulating, investigating or prosecuting insider trading, prohibited trading practices and other market abuses. |