We do not believe that the federal privacy regulations would prevent you from sharing the management committee reports with the dual employee. With that said, unless the joint marketing agreement exception applies, you will have to follow the privacy regulations’ requirements as to any information disclosed to the investment company through the dual employee.

Under the Gramm-Leach Bliley Act and Regulation P, you are only restricted from sharing information with “nonaffiliated third parties.” If you jointly employ the broker with another company (even if it is not your affiliate), the employee is exempted from the definition of “nonaffiliated third party.” 12 CFR 1016.3(o)(1). However, the company itself would be considered a nonaffiliated third party if it is not your affiliate.

Sharing information with the dual employee will not trigger the privacy requirements until the employee shares customer information with his or her other employer. The restrictions on sharing customer information do not apply to the dual employee (see 12 CFR 1016.3(o)(1)), but the restrictions do apply if you or the dual employee shares information with the nonaffiliated investment company for marketing purposes. See FDIC FAQs for the Privacy Regulation, Question J.4 (December 2001) (“providing customer information to a dual employee for purposes of marketing the insurance company’s products and services to your customers is deemed to be providing the information directly to the insurance company”).