The lawyer about the data protection in the stock market
We are trying to lay down a coherent picture of what is happening and look at the situation from all sides. As a lawyer look we propose to know the words of Leonid Belkin, a lawyer specializing in the stock market.
SW: How do you assess the security of information on transactions, customer data, etc. in such a context? And how much if we allow the dissemination of such information by the regulator, market participants can be affected by such a "leak"?
LB: The protection of the information about the transactions, customer data is practically zero. Firstly, this is due to the total irresponsibility and impunity of authorities.
Secondly, the law provides for disclosure of information on transactions of OTC-market. The Commission calls it "administrative data", constantly expanding their volume. However, there are no rules for the use of so-called "administrative data" in the laws. In the previous edition of the Law "On Information" was a requirement to use such information only in summary form. Now this requirement has disappeared.
Thirdly, the regulation of insider information is designed in such a way which allows for NSSMC to pass "between the jets". Thus, the information is considered as insider information which is must be published, but not is not published at the time of use. In this case, the information disclosure of transactions is not subject for publication, therefore by requiring its filing in circumvention of the law, the officials of the Commission guarantee themselves from liability for disclosure of insider information.
In principle, the incident can be considered as unsanctioned disclosure of confidential information. This case is under only administrative responsibility and then only indirectly.
Perhaps there is a reason to talk about the responsibility of art. 367 of the Criminal Code of Ukraine "Negligence", but it requires the application of the damage.
Remember that on SW it is continuing the polling on this topic. Take a part and show your position!
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