W. Va. Code R. § 117-3-10

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 117-3-10 - Confidentiality

10.1. General Rule. -- All information submitted to the Authority is confidential and not subject to public disclosure when filed with the Authority, except as otherwise provided in this Section and in the Act.

10.2. Application Information. -- All information submitted to the Authority or the applicable Governing Entity pursuant to (i) an application for designation as a Fund Manager and (ii) an application for designation as an investor, and documents related to the applications, are confidential and not subject to public disclosure when filed with the Authority, except the following:

1. The full legal name of the Entity making the application;

2. The mailing and office addresses and telephone number of the applicant; and

3. The name of a person to contact for the applicant.

10.3. Investment Information. -- All information regarding the investments made by Fund Managers in West Virginia Businesses is confidential and not subject to public disclosure, except the following:

1. The name of the Fund or Fund Share from which the investment was made;

2. The name, address and telephone number of each West Virginia Business receiving an investment, specified as to the investing Fund or Fund Share;

3. Whether the investment was a debt investment, equity investment, or combination of those investments, specified as to the West Virginia Business invested in; and

4. Whether the amount of each investment in a West Virginia Business is:

(i) not more than $50,000.00;

(ii) more than $50,000.00, but not more than $100,000.00;

(iii) more than $100,000.00, but not more than $250,000.00;

(iv) more than $250,000.00, but not more than $500,000.00;

(v) more than $500,000.00, but not more than $1,000,000.00; or

(vi) more than $1,000,000.00, specified as to the West Virginia Business invested in.

10.4. Performance of Fund or Fund Share. -- All information pertaining to the performance of the Fund or a Fund Share is confidential and not subject to public disclosure unless permitted by the applicable Governing Entity.

10.5. Ruling Request Information. -- All information submitted to the Authority regarding a ruling request pursuant to Section 12 of this Rule is confidential and not subject to public disclosure when filed with the Authority, except that the Authority may publish or make available to the public a summary of the ruling request provided that all names and other identifying facts are omitted.

10.6. General Correspondence. -- All general correspondence of or to the Authority is confidential and not subject to public disclosure.

10.7. Examination & Audit Information. -- All information obtained by or submitted to the Authority in regard to the examination or audit including audits performed by independent certified public accountants of a Fund or Fund Share is confidential and not subject to public disclosure, except where the public disclosure results from proceedings contemplated by Section 11 of this Rule.

10.8. Internal Information. -- Unless otherwise provided, all information generated internally by the Authority including but not limited to internal memoranda and reports is confidential and not subject to public disclosure.

10.9. Tax Information. -- All tax returns and tax return information subject to the non-disclosure restrictions of W. Va. Code § 11-10-5d is confidential, except for the information subject to disclosures authorized, mandated or permitted pursuant to W. Va. Code §§ 5E-2-4(g) or 11-10-5s.

10.10. Authority Determination. -- In addition to the information described in this section and classified as non-confidential, the Authority may from time to time consider as non-confidential and disclose to the public any information by the execution of a resolution or policy statement that the information is non-confidential.

10.11. Request for Confidentiality. -- Any person submitting information to the Authority which is classified as non-confidential by this Rule or the Act shall be treated as non-confidential and subject to disclosure unless the person submitting the information makes a showing, satisfactory to the Authority at the time the information is submitted, that the information should be treated as confidential. Any person desiring to make a submission shall indicate in writing what information is requested to be treated in a confidential manner and the basis upon which the treatment is justified. A person making a request may submit the information desired to be treated as confidential separately from other information submitted. If the Authority concurs with the request then the information shall be treated as confidential. If the Authority disagrees with the requested treatment then the Authority shall notify the person submitting the information and give the person a reasonable opportunity to withdraw the information.

10.12. Disclosure to State Personnel. -- Notwithstanding any provisions of the Act or this Rule, any record, report, document or information may be disclosed to any officers, employees or authorized representatives of the State of West Virginia charged with administering the provisions of the Act and this Rule and may be disclosed pursuant to proceedings under Section 11 of this Rule. The provisions of the West Virginia Code regarding confidentiality and the disclosure of tax returns and tax information, including without limitation W. Va. Code § 11-10-5d, apply to the Authority, its agents and employees and to information submitted to the Authority under the Act and this Rule.

W. Va. Code R. § 117-3-10