(a) The information that the international financial services entity provides to the Board pursuant to this chapter and the regulations of the Board must be kept confidential, except:
(1) when disclosure of such information is required by law or judicial order; or
(2) through a formal petition of a domestic or foreign government agency in the course of the exercise of its supervisory function. In such case, the information must be delivered under a binding agreement with the concerned government entity to maintain the confidential nature of the information. However, the exception under this paragraph may under no circumstances be extended to information regarding clients of the international financial services entity unless the client is under investigation or has been convicted in another jurisdiction.