CSD-3.2.3

Rule CSD-3.2.1 shall not apply to the disclosure of user information by a licensed clearing house or licensed central depository, or its officers or employees, for the following purposes or in the following circumstances:

(a) The disclosure of user information is necessary for the making of a complaint or report under any law for an offence alleged or suspected to have been committed under such law;
(b) The disclosure of user information is permitted for such purpose specified in writing by the user or, where the user is deceased, by his appointed personal representative;
(c) The user information is disclosed to the approved holding company of the licensed clearing house or licensed central depository;
(d) The disclosure of user information is necessary for the execution by the licensed clearing house or licensed central depository of a transaction in any listed securities or futures contracts, or clearing or settlement of a transaction on a licensed exchange and such disclosure is made only to another user which is:
(i) A party to the transaction; or
(ii) A member of a licensed exchange or a licensed clearing house through which that transaction is executed, cleared or settled;
(e) The disclosure of user information is necessary:
(i) In any disciplinary proceedings of the licensed clearing house or licensed central depository, provided that reasonable steps are taken to ensure that user information disclosed to any third person is used strictly for the purpose for which the user information is disclosed; or
(ii) For the publication, in any form or manner, of the disciplinary proceedings and the outcome thereof;
(f) The user information disclosed is already in the public domain;
(g) The disclosure of user information is made in connection with an arrangement for protection against a default by a member or participant of the licensed clearing house or licensed central depository to another member or participant of the licensed clearing house or licensed central depository, who is identified by the licensed clearing house or licensed central depository for the purposes of carrying out or undertaking the obligations under the arrangement;
(h) The disclosure is required in accordance with international and multilateral arrangements including, but not limited to the IOSCO MMoU;
(i) The disclosure of user information is made to a member or depository participant of the licensed clearing house or licensed central depository in connection with an arrangement for the transfer to that member or depository participant of any contract or position from another member of the licensed clearing house or licensed central depository who is in default;
(j) The disclosure of user information is made in connection with:
(i) The outsourcing or proposed outsourcing of any function of the licensed clearing house or licensed central depository to a third party after obtaining the approval of the CBB;
(ii) The engagement or potential engagement of a third party by the licensed clearing house or licensed central depository to create, install or maintain systems of the licensed clearing house or licensed central depository; or
(iii) The appointment or engagement of an auditor, a lawyer, a consultant or other professional by the licensed clearing house or licensed central depository under a contract for service;
(k) The disclosure of user information is necessary in:
(i) An application for a grant of probate or letters of administration, or the resealing thereof in relation to the estate of a deceased user; or
(ii) The administration of the estate of a deceased user, including such disclosure as may be required by the applicable laws, rules and regulations; or
(l) The disclosure of user information is made in connection with:
(i) In the case where the user is an individual, the bankruptcy of a user; or
(ii) In the case where the user is a body corporate, the winding up or receivership of a user.
Amended: April 2016