—(1) The Authority may provide the assistance referred to in section 49D to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled:
the request by the regulatory authority for assistance is received by the Authority on or after 8th January 2002;
the assistance is intended to enable the regulatory authority, or any other authority of the foreign country, to carry out supervision, investigation or enforcement;
the contravention of the law or regulatory requirement to which the request relates took place on or after 8th January 2002;
the regulatory authority has given a written undertaking that any material or copy thereof obtained pursuant to its request shall not be used for any purpose other than a purpose that is specified in the request and approved by the Authority;
the regulatory authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country in accordance with paragraph (f)) any material received pursuant to the request unless the regulatory authority is compelled to do so by the law or a court of the foreign country;
the regulatory authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority;
the material requested for is of sufficient importance to the carrying out of the supervision, investigation or enforcement to which the request relates and cannot reasonably be obtained by any other means;
the matter to which the request relates is of sufficient gravity; and
the rendering of assistance will not be contrary to the public interest or the interest of the policy owners.
(2) In subsection (1)(e) and (f), “designated third party”, in relation to a foreign country, means —
any person or body responsible for supervising the regulatory authority in question;
any authority of the foreign country responsible for carrying out the supervision, investigation or enforcement in question; or
any authority of the foreign country exercising a function that corresponds to a regulatory function of the Authority under this Act.