Companies Act 2006

Part 3 U.K. Overseas regulatory bodies

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

(a) it is made to a person or body within paragraph 72, and

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

72 The persons or bodies that are within this paragraph are those exercising functions of a public nature, under legislation in any country or territory outside the United Kingdom, that appear to the Panel to be similar to its own functions or those of the Financial Services Authority.

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

(a) whether the use that the person or body is likely to make of the information is sufficiently important to justify making the disclosure;

(b) whether the person or body has adequate arrangements to prevent the information from being used or further disclosed otherwise than for the purposes of carrying out the functions mentioned in paragraph 72 or any other purposes substantially similar to those for which information disclosed to the Panel could be used or further disclosed.