The Saeima supports a new Commercial Secret Protection Law

On Thursday, February 28, the Saeima supported the new Commercial Secret Protection Law and related amendments to the Civil Procedure Law, developed by the Ministry of Justice, in the third reading. The purpose of the Law is to ensure effective protection of the commercial secret, in particular against unlawful acquisition, use or disclosure thereof.

The Law defines that the commercial secret means a non- disclosable information of commercial nature, technological knowledge and scientific or other kind of information, corresponding with all such signs – it is secret, as it is not generally known or available to persons, who usually use such information, it has actual or potential commercial value, as well as the holder of the commercial secret has performed the relevant measures for preservation of confidentiality thereof.

The new Law stipulates that a holder of the commercial secret may be any natural or legal person, who has lawfully acquired the commercial secret and is being entitled to manage (control) it, including to use and disclose.

Also, the Law stipulates what shall and what shall not be considered as a commercial secret, as well as the forms in which the acquisition of the commercial secret is to be considered lawful and unlawful.

Below info graphic in Latvian from LV portāls: