Kentucky Statutes 286.11-033 – Confidentiality of data submitted to commissioner
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(1) Documents, materials, reports, or other information in the possession or control of the commissioner that is provided according to this subtitle shall be confidential by law and privileged, and shall not be subject to the Kentucky Open Records Act, KRS § 61.870 to KRS § 61.884. These documents, materials, reports, or other information shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any civil action, unless, after notice to the commissioner and a hearing, a court of competent jurisdiction determines that the commissioner would not be prejudiced. However, the commissioner may use the documents, materials, reports, or other information in the furtherance of any regulatory or legal action brought as a part of the commissioner’s official duties.
(2) Neither the commissioner nor any person who received documents, materials, reports, or other information while acting under the authority of the commissioner shall be permitted or required to testify in any civil action concerning any confidential documents, materials, reports, or information subject to subsection (1) of this section.
(3) In order to assist in the performance of the commissioner’s duties, the commissioner:
(a) May share documents, materials, reports, or other information, including the confidential and privileged documents, materials, reports, or information subject to subsections (1) and (2) of this section, with other state, federal, and international regulatory agencies, with the Money Transmitter Regulators Association, its affiliates or subsidiaries, and with local, state, federal, and international law enforcement authorities, if the recipient agrees to maintain the confidentiality and privileged status of the documents, materials, reports, or other information;
(b) May receive documents, materials, reports, or other information, including otherwise confidential and privileged documents, materials, reports, or information from the Money Transmitter Regulators Association, its affiliates or subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential and privileged any documents, materials, reports, or information received with notice or the understanding that they are confidential and privileged under the laws of the jurisdiction that is the source of the documents, materials, reports, or information;
(c) May enter into agreements governing the sharing and use of information, including the furtherance of any regulatory or legal action brought as part of the recipient’s official duties;
(d) May disclose to the public a list of persons licensed under this subtitle or the aggregate financial data concerning those licensees; and,
(e) May disclose to the public any order issued under this subtitle that is the result of an administrative or legal action against a licensee, agent of a licensee, responsible individual, key shareholder, executive officer, or director.
(4) No waiver of any applicable privilege or claim of confidentiality in the documents, materials, reports, or information shall occur as a result of disclosure to the commissioner under this subsection or as a result of sharing as authorized in subsection (3) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 845, effective July 15, 2010. — Created
2006 Ky. Acts ch. 247, sec. 17, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the “Kentucky Financial Services Code.” Therefore, the Statute Reviser, acting under KRS § 7.136(1), has codified this section as a new section of KRS Chapter 286.
(2) Neither the commissioner nor any person who received documents, materials, reports, or other information while acting under the authority of the commissioner shall be permitted or required to testify in any civil action concerning any confidential documents, materials, reports, or information subject to subsection (1) of this section.
Terms Used In Kentucky Statutes 286.11-033
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Agent: means a person authorized by written agreement and designated by the licensee to act on behalf of a licensee under the provisions of this subtitle. See Kentucky Statutes 286.11-003
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Control: means :
(a) Ownership of, or the power to vote, directly or indirectly, twenty-five percent (25%) or more of a class of voting securities or voting interests of a licensee or applicant, or person in control of a licensee or applicant. See Kentucky Statutes 286.11-003 - Director: means a member of a licensee's or applicant's board of directors if the applicant or licensee is a corporation, or manager if the applicant or licensee is a limited liability company, or a partner if the applicant or licensee is a partnership. See Kentucky Statutes 286.11-003
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executive officer: means the president, chairperson of the executive committee, responsible individual, chief financial officer, and any other person who performs similar functions. See Kentucky Statutes 286.11-003
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Key shareholder: means any person, or group of persons acting in concert, who is the owner of twenty percent (20%) or more of any voting class of an applicant's or
licensee's stock. See Kentucky Statutes 286.11-003 - Licensee: means a person licensed under this subtitle. See Kentucky Statutes 286.11-003
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government or other recognized medium of exchange, including a monetary unit of account established by an intergovernmental organization or by agreement between two (2) governments. See Kentucky Statutes 286.11-003
- Money transmitter: means a person that is engaged in money transmission. See Kentucky Statutes 286.11-003
- Person: means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, organization, joint venture, government and any subdivision, agency or instrumentality thereof, or any other legal or commercial
entity. See Kentucky Statutes 286.11-003 - Responsible individual: means an individual who is employed by a licensee and has principal managerial authority over the provision of money transmission by the licensee in this state. See Kentucky Statutes 286.11-003
- State: means a state or commonwealth of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession that is subject to the jurisdiction of the United States. See Kentucky Statutes 286.11-003
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
- Testify: Answer questions in court.
(3) In order to assist in the performance of the commissioner’s duties, the commissioner:
(a) May share documents, materials, reports, or other information, including the confidential and privileged documents, materials, reports, or information subject to subsections (1) and (2) of this section, with other state, federal, and international regulatory agencies, with the Money Transmitter Regulators Association, its affiliates or subsidiaries, and with local, state, federal, and international law enforcement authorities, if the recipient agrees to maintain the confidentiality and privileged status of the documents, materials, reports, or other information;
(b) May receive documents, materials, reports, or other information, including otherwise confidential and privileged documents, materials, reports, or information from the Money Transmitter Regulators Association, its affiliates or subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential and privileged any documents, materials, reports, or information received with notice or the understanding that they are confidential and privileged under the laws of the jurisdiction that is the source of the documents, materials, reports, or information;
(c) May enter into agreements governing the sharing and use of information, including the furtherance of any regulatory or legal action brought as part of the recipient’s official duties;
(d) May disclose to the public a list of persons licensed under this subtitle or the aggregate financial data concerning those licensees; and,
(e) May disclose to the public any order issued under this subtitle that is the result of an administrative or legal action against a licensee, agent of a licensee, responsible individual, key shareholder, executive officer, or director.
(4) No waiver of any applicable privilege or claim of confidentiality in the documents, materials, reports, or information shall occur as a result of disclosure to the commissioner under this subsection or as a result of sharing as authorized in subsection (3) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 845, effective July 15, 2010. — Created
2006 Ky. Acts ch. 247, sec. 17, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A, and 368 be renumbered as sections of a single KRS chapter entitled the “Kentucky Financial Services Code.” Therefore, the Statute Reviser, acting under KRS § 7.136(1), has codified this section as a new section of KRS Chapter 286.