Section 35: Obligation of confidentiality

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 sub­section (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 sub­section (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 sub­section (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 sub­section (6). (8) The disclosure of information to a body specified in sub­section (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 sub­section (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 sub­section. (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 sub­section (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 sub­section (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 sub­sections (6), (7), (8), (10) or (11) to a Commissioner or an employee. (13) Nothing in any of sub­sections (4), (5), (7) and (8) shall limit: (a) anything else in any of those sub­sections; or (b) what may otherwise constitute, for the purposes of sub­section (1), authorized use or disclosure of information.

Effective date: 1997-01-01

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