A Licensed Person shall adopt policies and procedures for maintaining confidentiality of available information or inside information it obtains in the course of practicing Securities Activities; more specifically, data and information related to its Clients and their investments, by taking all actions to ensure data and information remain confidential except in the following cases: 1. Disclosure requirements in accordance with the applicable law and especially, the Law and these Bylaws. 2. Disclosure based on judicial orders and judgments or investigation authorities. 3. If Clients approve such disclosure.