1. Notwithstanding Article 102(1) to (4), Member States may authorise exchanges of information between a competent authority and:

(a) authorities responsible for overseeing bodies involved in the liquidation and bankruptcy of UCITS or undertakings contributing towards their business activity, or bodies involved in similar procedures;

(b) authorities responsible for overseeing persons responsible for carrying out statutory audits of the accounts of insurance undertakings, credit institutions, investment firms or other financial institutions.

2. Member States which have recourse to the derogation provided for in paragraph 1 shall require that at least the following conditions are met:

(a) the information is used for the purpose of performing the task of overseeing referred to in paragraph 1;

(b) the information received is subject to the conditions of professional secrecy imposed in Article 102(1); and

(c) where the information originates in another Member State, it is not disclosed without the express consent of the competent authorities which have disclosed it and, where appropriate, solely for the purposes for which those authorities gave their consent.