24. Disclosure exceptions
(1) Where in the reasonable opinion of a Reporting Entity the disclosure required by the Offered Securities Rules made pursuant to Article 23 would:
(a) be unduly detrimental to the interests of the Reporting Entity; or
(b) disclose commercially sensitive material,
the Reporting Entity need not make the disclosure but shall immediately file with the DFSA a confidential report together with written reasons for non-disclosure.
(2) The DFSA may direct disclosure of the information on such terms as it thinks fit.
(3) Where a confidential report is filed with the DFSA under Article 24(1), the Reporting Entity need not comply with the requirement of Article 23 unless or until one of the following occurs:
(a) the DFSA directs the Reporting Entity to comply with Article 23;
(b) there is a material change of circumstances such that the reason for the confidential report is no longer valid;
(c) the Reporting Entity becomes aware, or there are reasonable grounds to suspect, that persons with knowledge of the material change have made use of that knowledge in dealing in Securities;
(d) 5 business days have expired after the filing of the report and an extension has not been provided by the DFSA; or
(e) the Reporting Entity acts in accordance with any direction of the DFSA.