Cap. 403 Art. 55BCo-operation with third countries.

(1) The competent authority may enter into co-operation agreements with overseas regulatory authorities or with such authorities or bodies as defined in article 55(2), in countries that are not Member States or EEA States only if the information disclosed is subject to the guarantees of professional secrecy at least equivalent to those required under articles 55 and 59. Such exchange of information must be intended for the performance of the supervisory task of such overseas regulatory authorities, authorities or bodies.

(2) Where the information to be disclosed by the competent authority to the authorities or bodies referred to in sub-article (1), had originated from a European regulatory authority, it may only be disclosed to an overseas regulatory authority with the express agreement of such European regulatory authority which had transmitted it and, where appropriate, solely for the purposes for which that authority had given its agreement.