Sch 2 para 3
(1) For the purposes of paragraphs 1 and 2, “ confidential information ” means specified information to which sub-paragraph (3) applies and in relation to which it is an initial term of the contract that it should not be disclosed. (2) For the purposes of sub-paragraph (1)— (a) a term is an initial term if it is agreed at the time the investment contract is entered into or, in relation to a varied investment contract, at the time the variation is agreed; (b) “ specified ” means specified in the initial term. (3) This sub-paragraph applies to information if it is— (a) not the strike price or the reference price; (b) information which, in the opinion of the Secretary of State at the time the initial term is agreed, constitutes a trade secret; (c) information the disclosure of which, in the opinion of the Secretary of State at that time, would or would be likely to prejudice the commercial interests of any person; (d) information the disclosure of which would, in the opinion of the Secretary of State at that time, constitute a breach of confidence actionable by any person.