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Co-operation with other authorities outside the State.
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116.—(1) This section applies where a relevant authority of a recognised stock exchange receives a request for information from a similar authority in another Member State of the European Communities in relation to the exercise by the second-named authority of its functions under any enactment of the European Communities relating to unlawful dealing within the meaning of this Part, whether in the State or elsewhere.
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(2) The relevant authority concerned shall, in so far as it is reasonably able to do so, and making use of its powers under this Part where appropriate, obtain the information requested and shall, subject to the following provisions of this section, provide such information accordingly.
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(3) Where a relevant authority of a recognised stock exchange receives a request under subsection (1), it shall advise the Minister who, on being satisfied as to any of the matters referred to in subsection(4), may direct the authority to refuse to provide all or part of the information requested.
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(4) The matters referred to in subsection (3) are that—
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(a) communication of the information requested might adversely affect the sovereignty, security or public policy of the State;
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(b) civil or criminal proceedings in the State have already been commenced against a person in respect of any acts in relation to which a request for information has been received under subsection (1);
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(c) any person has been convicted in the State of a criminal offence in respect of any such acts.
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