1.InstitutionsWith the exception of the disclosures laid down in point (c) of Article 435(2) and in Articles 437 and 450, institutions may omit one or more of the disclosures listed in TitleTitles II ifand III where the information provided by suchthose disclosures is not regarded as material, except for the disclosures laid down in Article 435(2)(c), Article 437 and Article 450.material.
Information in disclosures shall be regarded as material ifwhere its omission or misstatement could change or influence the assessment or decision of a user of that information relying on that informationit for the purpose of making economic decisions.
EBA shall,shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, issue guidelines by 31 December 2014 on how institutions have to apply materiality in relation to the disclosure requirements of TitleTitles II.II and III.
2.Institutions may also omit one or more items of information includedreferred in the disclosures listedto in Titles II and III ifwhere those items include information whichthat is regarded as proprietary or confidential in accordance with thethis second and third subparagraphs,paragraph, except for the disclosures laid down in Articles 437 and 450.
Information shall be regarded as proprietary to aninstitutions institution ifwhere disclosing it publicly would undermine itstheir competitive position. ItProprietary information may include information on products or systems which,that would render the investments of institutions therein less valuable, if shared with competitors, would render an institution's investments therein less valuable.competitors.
Information shall be regarded as confidential ifwhere therethe institutions are obligationsobliged toby customers or other counterparty relationships binding an institution to confidentiality.keep that information confidential.
EBA shall,shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, issue guidelines by 31 December 2014 on how institutions have to apply proprietary and confidentiality in relation to the disclosure requirements of Titles II and III.
3.In the exceptional cases referred to in paragraph 2, the institution concerned shall state in its disclosures the fact that the specific items of information are not disclosed, the reason for non-disclosure, and publish more general information about the subject matter of the disclosure requirement, except where these are to be classified as proprietary or confidential.
4.Paragraphs 1, 2 and 3 are without prejudice to the scope of liability for failure to disclose material information.