To whom may the SFC disclose confidential information?

• A. Police department
• B. Overseas authority subject to secrecy provisions
• C. Both Police department and overseas authority
• D. None of the above

Answer: (C)

Confidential information held by the SFC can be shared when there is a lawful basis to do so, especially to aid law enforcement and cross-border regulatory cooperation. The SFC may disclose to the Police department to assist with criminal investigations or enforcement actions involving securities or futures matters. It can also disclose to overseas authorities, provided those authorities are themselves bound by secrecy provisions or confidentiality obligations, and usually under formal cooperation arrangements. In both cases, disclosures are tightly controlled: only information necessary for the purpose is shared, and the recipient must keep it confidential. Because both domestic enforcement and international cooperation are legitimate channels for safeguarding markets, both types of recipients may receive confidential information.