54. Substitution of section 148

The principal Act is amended by substituting for section 148 the following section:

148.

“Obligation of secrecy

Subject to section 124 of the Evidence Act 1950, persons specified in subsection (2) shall not disclose any information which has been obtained by him in the course of his functions and which is not published in accordance with the securities laws, except—

where the disclosure is authorized under a provision of the securities laws;

for the purposes of assisting or enabling the Commission in the discharge of its functions under the securities laws or any other written law;

in any criminal or civil proceedings by or against the

where the disclosure is authorized by the

Subsection (1) shall apply to the following persons:

a member of—

the Commission;

the Shariah Advisory Council;

the Audit Oversight Board; or

the Capital Market Development Fund

a member of any committee of the Commission, the

an officer or agent of the Commission; or

a person attending any meeting of—

the Commission;

any committee of the Commission;

the Shariah Advisory Council;

the Audit Oversight Board;

the Capital Market Development Fund

Any person who contravenes subsection (1) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding five years or to both.”.