(1) The Commission may, with the approval of the Minister, enter into an arrangement with a foreign statutory body whereby each party to the arrangement may -

(a) furnish to the other party information in its possession that is required by that other party for the purposes of the performance by it of any of its functions, and

(b) provide such other assistance to the party as will facilitate the performance by that other party of any of its functions.

(2) The Commission shall not furnish any information to a foreign statutory body pursuant to an arrangement to which this section applies unless it requires of, and obtains from, that body an undertaking in writing by the body that the body will comply with the terms specified in that requirement, being terms that correspond to the provisions of any enactment concerning the disclosure of that information by the Commission.

(3) The Commission may give an undertaking to a foreign statutory body that it will comply with any terms specified in a requirement made of the Commission by the body to give such an undertaking where -

(a) those terms correspond to the provisions of any law in force in the state in which the body is established, being provisions which concern the disclosure by the body of the information referred to in paragraph (b), and