Cap. 514 Art. 52DConditions for the exchange of information.

(1) For exchanges of information under articles (1) to (3)

of article 52B of the Act, transmission of information under sub-

articles (4), (5) and (6) of article 52B and the disclosure of information under article 52C, the following conditions shall be satisfied:

(a) the information shall be exchanged, transmitted or disclosed for the purpose of carrying out oversight or supervision;

(b) the information received shall be subject to the duty of professional secrecy;

(c) where the information originates from another Member State, it shall not be disclosed without the express agreement of the overseas regulatory authority from which it originates and where appropriate, solely for the purposes for which that authority gave its agreement.

(2) Notwithstanding the provisions of article 52A, the competent authority may exchange information with authorities or bodies responsible for the detection and investigation of breaches of company law applicable to sponsoring undertakings, for the purposes of strengthening the stability and integrity of the financial system, provided that:

(a) the information is intended for the purpose of detection, investigation and scrutiny as referred to in article 52C(3)(a);

(b) the information received shall be subject to the duty of professional secrecy;

(c) where the information originates from another Member State, it shall not be disclosed without the express agreement of the overseas regulatory authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.

(3) Where the authorities or bodies referred to in sub-article (2) perform their tasks of detection or investigation with the assistance of persons appointed in view of their specific competence and for that purpose, and who are not employed in the public sector, the possibility of exchanging information provided for in article 52C(3), shall apply. retirement schemes.

(2) The competent authority shall provide EIOPA with all information necessary to carry out its duties under the Occupational Pensions Directive and Regulation (EU) No. 1094/2010, in accordance with Article 35 of Regulation (EU) No. 1094/2010.

(3) The competent authority shall inform EIOPA and the European Commission of any major difficulties which the application of the Occupational Pensions Directive gives rise to and the European Commission, EIOPA and the competent authority shall examine such difficulties as quickly as possible in order to find an appropriate solution.