AI Summary of 26AA. Conditions for exchange of information.
This document outlines the regulations concerning the exchange, transmission, and disclosure of information under sections 26X, 26Y, and 26Z. It mandates that information sharing must be specifically for oversight, supervision, and regulatory scrutiny, and any shared information must protect the identity of involved schemes or trusts.
Moreover, if information originates from another Member State, prior consent from the competent authority is necessary before disclosure, ensuring that it is used solely for the purposes agreed upon. The exchange between the Pensions Authority and the Director of Corporate Enforcement is explicitly endorsed, aiming at effective detection and investigation while maintaining confidentiality and professional secrecy.
26AA. Conditions for exchange of information.
(1) For the purposes of an exchange of information under section 26X(4), a transmission of information under section 26Y and a disclosure of information under section 26Z, the following conditions shall apply:
(a) the information shall be exchanged, transmitted or disclosed for the purpose of carrying out oversight or supervision;
(b) a person with, or to whom information is exchanged or disclosed pursuant to this section shall not divulge such information received by him or her to any person or authority except in summary or aggregate form ensuring that a scheme or trust RAC cannot be identified other than in accordance with this Part;
(c) where it originates from another Member State, it shall not be disclosed without the express agreement of the competent authority from which it originates and, where appropriate, solely for the purposes for which that authority gave its agreement.
(2) Section 26X(3) shall not operate to prevent the exchange of information between the Pensions Authority and Director of Corporate Enforcement referred to in section 945 of the Companies Act 2014 and for the purposes of such exchange -
(a) the information exchanged must be intended for the purpose of detection, investigation and scrutiny,