Part 8 Part 8 Confidential Information and Disclosure Thereof
Article (116) Definition of Confidential Information
In this Chapter, "Confidential Information" means any information on the private affairs of any of the Licensee's customers.
Article (117) Restriction on Disclosure of Confidential Information by Licensees
Confidential Information must not be disclosed by a Licensee unless such disclosure is done:1. Pursuant to an unequivocal approval of the person to whom the confidential information relates.2. In compliance with the provisions of the law or any international agreements to which the Kingdom is a signatory.3. In the process of executing an order issued by a Competent Court.4. For the purpose of implementing an instruction given by the Central Bank.
Article (118) Disclosure of Confidential Information by the Central Bank
The Central Bank may disclose under the following circumstances any Confidential Information received thereby directly or indirectly:(1) In any of the cases stated in Article (117) of this law.(2) In connection with any measures taken by the Central Bank to ensure stability and reinforce trustworthiness of banking and financial system of the Kingdom, if the said measures require such disclosure.(3) In cooperation with international financial organizations or competent administrative bodies or authorized committees.
Article (119) Restriction on Disclosure of Confidential Information by Third Parties
No person who receives, directly or indirectly, Confidential Information may disclose such information otherwise than as specified under Article 118 of this law.
Article (120) Confidential Information Obtained Prior to Enactment of this Law
Confidential Information include confidential information received prior to enactment of this law by the following institutions or persons:1. The Bahrain Monetary Agency or any of its officials or employees.2. The Ministry of Commerce or any of its officials or employees.3. Any auditor or expert appointed by the Bahrain Monetary Agency or by the Ministry of Commerce.4. The Bahrain Stock Exchange or any of its officials or employees.5. Any person who obtains the confidential information directly or indirectly from any of the persons or bodies referred to in the preceding items.