AI Summary of 4. Exchange of information.
This provision allows the Board and the Financial Services and Pensions Ombudsman to transfer relevant information to the Revenue Commissioners, facilitating the oversight of occupational pension schemes, trust RACs, and PRSAs. Conversely, the Revenue Commissioners may share information with these authorities, underpinning a collaborative regulatory framework.
Moreover, the provision empowers the Board to disclose information to supervisory authorities outside the State, ensuring that global regulatory standards are upheld and that these external bodies can effectively fulfil their supervisory responsibilities corresponding to those of the Board.
4. Exchange of information.
(1) Notwithstanding anything contained in any enactment -
(a) information held by the Board or the Financial Services and Pensions Ombudsman for the purposes of this Act may be transferred by the Board or the Financial Services and Pensions Ombudsman, as the case may be, to the Revenue Commissioners, and
(b) information held by the Revenue Commissioners for the purposes of Chapters 1, 2 and 2A of Part 30 of the Taxes Consolidation Act 1997, relating to occupational pension schemes, trust RACs and PRSAs may be transferred by the Revenue Commissioners to the Board or to the Financial Services and Pensions Ombudsman.
(2) The Board and every other supervisory authority established in the State may exchange among themselves all information which is necessary to enable the Board and each such authority to perform effectively their respective functions of a supervisory nature.
(3) The Board may disclose information relating to occupational pension schemes, trust Retirement Annuity Contracts and Personal Retirement Savings Accounts to a supervisory authority established outside the State for the purpose of enabling or assisting the performance by that authority of functions corresponding to those of the Board under this Act.