Article 89 - Disclosure of Information

(1) An Auditor or Actuary which is, or has been, appointed by an Authorised Firm under Article 88(1) (or any other Law or Regulation) or has knowledge of an Authorised Firm by virtue of its appointment as an Auditor or Actuary to any Person with whom an Authorised Firm has Close Links and any director, officer, employee, agent or contractor of an Auditor or Accountant so appointed:
(A) must disclose to the Regulatory Authority anything that suggests that the Authorised Firm has or may have contravened, or may be about to contravene, any Law, Regulations or Rules; or
(B) may inform the Regulatory Authority (whether or not in response to a request from the Regulatory Authority) of any matter concerning the Authorised Firm and give his opinion in respect of any such matter (provided that he is acting in good faith and he reasonably believes that the information is relevant to any functions of the Regulatory Authority and the proper functioning of the Authorised Firm);
and will not contravene any duty to which he is subject merely by giving the Regulatory Authority such information.
(2) Article 89(1) shall not apply to the extent that making such a disclosure or providing such information or opinion would result in disclosure of a Protected Item.
(3) No Person shall be subject to detriment, loss or damage purely by reason of his acting in such a way that causes or assists an Auditor or Actuary:
(A) to comply with its obligation to make a disclosure to the Regulatory Authority under Article 89(1)(A); or
(B) to exercise its rights to inform the Regulatory Authority of or give an opinion in respect of any matter as provided in Article 89(1)(B).
Amended by QFC Reg 2010-2 (as from 9th December 2010)