(16)With regard to the level of protection of official secrecy, the Chief Executive of the HKMA and the employees of the HKMA must abide by section 120(1) of the BO to preserve, and aid in preserving, secrecy with regard to all matters relating to the affairs of any person that may come to their knowledge in the exercise of any function under the BO. Subject to permitted exceptions, they must not communicate any such matter to another person (other than the person to whom such matter relates) and must not suffer or permit another person to have access to any records in their possession, custody or control. A person who contravenes any of those requirements is liable to a fine and imprisonment. Section 120(1) of the BO thus provides for official secrecy, including the protection of confidential information shared by the HKMA (under applicable legal disclosure gateways) with third parties, that should be considered equivalent to those set out in Title VIII of Regulation (EU) No 648/2012.