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NOTE: This bug report is for JIRA Server. Using JIRA Cloud? [See the corresponding bug report|http://jira.atlassian.com/browse/JRACLOUD-37117].
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If in your permission schema, you grant Browse Project permission to “User Custom Field Value”, the project is visible to all users. Regardless of whether that field is filled or not.
JRA-31720 fixed that for the current assignee - i had hoped this would work for custom fields too.