Cap. 371 Art. 26Communicationby auditors, etc., with the competent authority.

(1) The disclosure in good faith to the competent authority by -

(a) an auditor of a credit institution, financial holding company or mixed financial holding company, as the case may be; or

(b) a person appointed to make a report under article

20(3)(a) or article 22(1), of any fact or decision referred to in article 31(9) shall not constitute a breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision and shall not involve such persons in any liability. Such disclosure shall be made simultaneously to the board of directors or to the management body, as applicable, of the credit institution, financial holding company or mixed financial holding company, as the case may be, unless there are compelling reasons not to do so.

(2) In relation to a person appointed to make a report under article 20(3)(a), this article applies to any matter of which he becomes aware in his capacity as the person making the report and which -

(a) relates to the business or affairs of the credit institution in relation to which a report is made or any associated body of that credit institution; or

(b) if by virtue of article 20(7) the report relates to an associated body of a credit institution, to the business or affairs of that body.

(3) In relation to a person appointed to make a report under article 22(1), this article applies to any matter of which he becomes aware in his capacity as the person making the report and which -

(a) relates to the business or affairs of the credit institution in relation to which his report is made or any associated body of that credit institution, or

(b) if, by virtue of article 22(2), the report relates to an associated body of a credit institution, to the business or affairs of that body.

(4) In this article "associated body", in relation to an institution, means any such body as is mentioned in article 20(7) or in article 22(2).

(5) In relation to an auditor of a credit institution, financial holding company and mixed financial holding company, as the case may be, this article shall apply to any matter falling within article 31(9).

27. Repealed by Act XVII. 2002.182.