S.L. 487.8 Art. 9Investigatory powers of the competent authority and cooperation with European regulatory authorities.

(1) The competent authority shall have all the investigatory powers that are necessary for the exercise of its functions.

(2) In the exercise of its powers to impose administrative penalties and other measures, the competent authority shall cooperate closely with overseas regulatory authorities to ensure that any such sanctions and measures produce the desired results pursuant to the Insurance Distribution Directive and to the Act and any regulations, Insurance Distribution Rules and Conduct of Business Rules issued thereunder. The competent authority shall also coordinate its actions with such authorities when dealing with cross-border cases, while ensuring that the conditions are met for legitimate data processing in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), as amended from time to time.