12.2.1
A Trading Member and its Trading Representative must maintain confidentiality of a customer's information, unless:—
(1) the prior consent of the customer for the disclosure of the information is obtained;
(2) the disclosure is for the effective execution of the customer's order;
(3) the disclosure is necessary for the operations and risk management of the Trading Member if these functions have been outsourced by the Trading Member; or
(4) the disclosure is required under the law or under the Rules.
12.2.2
A Trading Member must ensure that a person to whom it discloses a customer's information under Rules 12.2.1(2) and (3) maintains confidentiality of such information.