32-8-516. Authorized disclosures of financial records. (1) This part does not prohibit:
     (a) disclosure by a foreign capital depository of a financial record that is not identified with or identifiable as being derived from a financial record of a particular customer by name;
     (b) disclosure by a foreign capital depository to a department, agency, office, bureau, or commission of the United States of a financial record when required by federal statute or regulation or when required pursuant to the terms of a treaty or other agreement between the United States and the government of a foreign country;
     (c) disclosure of a financial record by a foreign capital depository to a supervisory agency when the disclosure is conducted in response to an exercise of the agency's supervisory function. The scope of an agency's supervisory function must be determined by reference to statutes granting authority to examine, audit, or require reports concerning a financial record or foreign capital depository.
     (2) Whenever the request, order, demand, or other requirement for disclosure of a financial record prohibits the release to a customer of the facts of a disclosure, a foreign capital depository may not disclose either the fact or nature of the request, order, demand, or other requirement for disclosure or the depository's response to a customer or to any other person, except the officers and employees of the depository who are involved in responding to the request and to attorneys, auditors, and regulatory authorities who have a need to know in order to perform their duties and except as disclosure may be required by legal process.

     History: En. Sec. 40, Ch. 382, L. 1997.