A firm must regard information as proprietary information if sharing that information with the public would undermine its competitive position.
Proprietary information may include information on products or systems which, if shared with competitors, would render a firm's investments therein less valuable.
[Note: BCD Annex XII Part 1 point 2]
A firm must assess the need to publish some or all disclosures more frequently than annually in the light of the relevant characteristics of its business such as:
In making its assessment under (1) a firm must pay particular attention to the possible need for more frequent disclosure of:
information on risk exposure and other items prone to rapid change.
[Note: BCD Annex XII Part 1 point 4]