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What confidentiality regime applies?

  • The information relating to reports on infringements, including the identity of the person accused of an infringement, falls under the rules governing professional secrecy. These rules mean that FSMA staff may not disclose the confidential information which they have received in the course of carrying out their tasks to any other persons or authorities, except in special cases that are specifically laid down by law[1].
  • The FSMA guarantees the confidentiality of the reporting person, even where it transmits an infringement to another person or authority (such as the Public Prosecutor's Office or another financial supervisory authority) in one of the exceptional cases laid down by law. In the latter case, the FSMA will do everything it reasonably can to ensure that the transmission of the data to another person or authority does not reveal, directly or indirectly, the identity of the reporting person. A derogation from this obligation is possible only if the reporting person agrees that the FSMA may reveal his or her identity to another person or authority or if the FSMA is legally required to do so.
  • The data relating to the report of an infringement, including the identity of the person whom the report accuses of the infringement, is disclosed within the FSMA only to persons for whom access to that data is necessary to perform their professional duties. An even stricter confidentiality regime is laid down as regards the identity of the reporting person: in principle, only the dedicated staff members are given this information, and they do everything they reasonably can to ensure that if they transmit the report of an infringement to persons inside the FSMA, the transmission does not reveal, directly or indirectly, the identity of the reporting person. Only with the reporting person's consent can his or her identity be disclosed to the other persons within the FSMA for whom that is necessary to perform their professional duties. In such a case - that is, only where the reporting person consents - the identity of the reporting person will also be included in the dossier drawn up on the basis of the report of the infringement.


[1] Article 74bis of the Law of 2 August 2002 on the supervision of the financial sector and on financial services