Financial Markets Act (Cap. 345), article 37C

37C. (1) Co-operation agreements with overseas regulatory authorities or other authorities, bodies and natural or legal p ersons in a country that is not a Member State or EEA State may be entered into only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those required under article 38. Such exchange of information must be intended for the performance of the functions of those overseas regulatory authorities or other authorities, bodies and natural or legal persons: Provided that the transfer of personal data to countries that are not Member States or EEA States shall be in accordance with the provisions of Chapter IV of Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protect ion of individuals with regard to the processing of personal data a nd on the free movement of such data. Cap. 370. (2) In the conclusion of co-operation agreements providing for the exchange of information with overseas regulatory authoritie s, other authorities or with bodies and natural or legal persons i n countries that are not Member States or EEA States, the provisi ons of article 17D(2) of the Investment Services Act shall apply mutatis mutandis . (3) Where the information in the possession of the competent authority had originated from a European regulatory authority o r an overseas regulatory authority, it may not be disclosed to an overseas regulatory authority or to any other third party witho ut the express agreement of the European regulatory authority or the overseas regulatory authority which had transmitted it and, where appropriate, solely for the purposes for which that authority h ad given its agreement. Cap. 370. (4) Without prejudice to the foregoing provisions of this article, at the request of, or for the purposes of assisting an overseas regulatory authority, the competent authority may exer cise the powers listed in article 17(11) of the Investment Services Act , and for the purposes of this sub -article the words "European regulatory authority" shall be read as "overseas regulatory authority". Added by: XXXI. 2017.38. (5) The competent authority may also conclude cooperation agreements providing for the exchange of information with overseas regulatory authorities, bodies and natural or legal pe rsons responsible for one or more of the following: (a) the supervision of credit institutions, other financial FINANCIAL MARKETS [CAP. 345. 57 institutions, insurance undertakings and the supervision of financial markets; (b) the liquidation and bankruptcy of investment firms and other similar procedures; (c) the carrying out of statutory audits of the accounts of investment firms and other financial institutions, credit institutions and insurance undertakings, in the performance of their super visory functions, or which administer compensation schemes, in the performance of their functions; (d) oversight of the bodies involved in the liquidation and bankruptcy of investment firms and other similar procedures; (e) oversight of persons charged with carrying out statutory audits of the accounts of insurance undertakings, credit institutions, investment firms and other financial institutions; (f) oversight of persons active on emission allowance markets for the purpose of ensuring a consolidated overview of financial and spot markets; (g) oversight of persons active on agricultural commodity derivatives markets for the purpose of ensuring a consolidated overview of f inancial and spot markets. Binding mediation. Added by: XXXI. 2017.39.