Okla. Admin. Code § 365:25-7-83

Current through Vol. 41, No. 19, June 17, 2024

Section 365:25-7-83 - Professional confidentiality

(a) The Commissioner, including the staff of the Department and any individual acting on its behalf (presently or in the past), are required, as a condition of employment or contract, respectively, to protect confidential information in the possession of the Commissioner or the Department, including confidential information received from other Regulators. Wrongful disclosure of confidential information is grounds for termination of employment or termination of contract, as applicable. In addition, any person failing to maintain confidentiality shall be guilty of a misdemeanor pursuant to 36 O.S. § 117.

(b) The Commissioner shall deny any request for confidential information, other than when required by law, or when requested by another Regulator who has a legitimate supervisory interest and the ability to uphold the confidentiality of the requested information.

(c) The exchange of confidential information shall serve no other purposes than those directly related to the fulfillment of a supervisory function.

(d) The Commissioner has a legitimate interest and a valid purpose related to the fulfillment of supervisory functions in seeking information from another Regulator.

(e) Valid purposes may include, but are not limited to:

(1) Licensing;

(2) Competence, experience, and integrity criteria;

(3) Ongoing supervision, including enforcement action and sanctions;

(4) Supervisory practices;

(5) Winding-up, liquidation, or bankruptcy;

(6) Anti-money laundering or combating the financing of terrorism ("AML/CFT").

(f) All Department personnel and contractors, gaining access to confidential information in the course of their duties, are bound by an obligation of professional confidentiality.

(g) The "obligation of professional confidentiality" means that, as a basic rule, confidential information received by the Department shall not be divulged to any person or authority whatsoever, except as provided by law.

(h) The professional confidentiality requirements apply to any person currently or previously employed by or acting on behalf of the Commissioner or the Department.

(i) Confidential information originating from another Regulator must remain subject to equivalent confidentiality protections provided by this Part. Before passing on confidential information to another Regulator, the Commissioner must ascertain that the person receiving the information is bound by professional confidentiality rules or laws substantially similar and equivalent to subsection "A" of Section 1640 of Title 36 of the Oklahoma Statutes and who have agreed in writing not to disclose such information.

Okla. Admin. Code § 365:25-7-83

Adopted by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/15/2017

Amended byOklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018