LMA market guidance – Duty of confidentiality
The LMA has produced with Clyde & Co market guidance on the duty of confidentiality:
We are publishing this guidance at the request of a number of LMA committees as a reminder about relevant law and regulation concerning confidentiality and the serious potential consequences of breach, both at a personal member-of-staff level and at corporate level.
The guidance gives a summary of the following:
- The common law duty of confidentiality and exposure to damages and/or injunctive relief for breach
- Data protection rules and exposure to substantial fines and other enforcement action for breach
- Protection of trade secrets
- Legal privilege and contempt of court
- Regulatory rules and potential for enforcement action if breached
- Contractual obligations under employment contracts, and
- Contractual obligations under non disclosure agreements (NDAs),
and potential consequences of breach;
- Individual personal liability under these heads in addition to corporate liability.
If you have any questions about this guidance, please contact: