(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. § 77a et seq.) and its subsequent amendments, the Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.) and its subsequent amendments, or The Securities Act (Title 12, Government Code);
(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 § 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.