Companies Act 1985

Part 3 U.K. Overseas regulatory bodies

15 A disclosure is made in accordance with this Part of this Schedule if—

(a) it is made to a body within paragraph 16, and

(b) it is made for the purpose of enabling or assisting that body to exercise the functions mentioned in that paragraph.

16 A body is within this paragraph if it exercises functions of a public nature under legislation in any country or territory outside the United Kingdom which appear to the authorised person to be similar to his functions under section 245B of this Act.

17 In determining whether to disclose information to a body in accordance with this Part of this Schedule, the authorised person must have regard to the following considerations—

(a) whether the use which the body is likely to make of the information is sufficiently important to justify making the disclosure; and

(b) whether the body has adequate arrangements to prevent the information from being used or further disclosed other than for the purposes of carrying out the functions mentioned in paragraph 16 or any other purposes substantially similar to those for which information disclosed to the authorised person could be used or further disclosed.