(a) A license holder or a partner, member, officer, shareholder, or employee of a license holder may not voluntarily disclose information communicated to the license holder or a partner, member, shareholder, or employee of the license holder by a client in connection with services provided to the client by the license holder or a partner, member, shareholder, or employee of the license holder, except with the permission of the client or the client's representative.
(b) This section does not prohibit a license holder from disclosing information that is required to be disclosed:
(1) by the professional standards for reporting on the examination of a financial statement;
(2) under a summons or subpoena under the provisions of the Internal Revenue Code of 1986 and its subsequent amendments, the Securities Act of 1933 ( 15 U.S.C. Section 77a et seq. ) and its subsequent amendments, the Securities Exchange Act of 1934 ( 15 U.S.C. Section 78a et seq. ) and its subsequent amendments, or The Securities Act ( Article 581-1 et seq., Vernon's Texas Civil Statutes );
(3) under a court order signed by a judge if the order:
(A) is addressed to the license holder;
(B) mentions the client by name; and
(C) requests specific information concerning the client;
(4) in an investigation or proceeding conducted by the board;
(5) in an ethical investigation conducted by a professional organization of certified public accountants;
(6) in the course of a peer review under Section 901.159 or in accordance with the requirements of the Public Company Accounting Oversight Board or its successor; or
(7) in the course of a practice review by another certified public accountant or certified public accountancy firm for a potential acquisition or merger of one firm with another, if both firms enter into a nondisclosure agreement with regard to all client information shared between the firms.
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